NTN stands for National Tax Number, NTN is a basic registration with FBR, after getting NTN you are enable to login and can file your tax returns. Holding just NTN does not provide you any benefits & your status as active tax filer remain inactive. After NTN registration you become legally bound to file your tax returns. If you don’t filer tax return after NTN registration, a penalty of 40000 shall be imposed on you.
Who is an active income tax filer?
After NTN registration, the person who submit his/her income tax returns then pay ATL surcharge of respective year & finally become an active income tax filer.
A income tax return is a form filed with a FBR that reports income, expenses, assets and other pertinent financial information for purpose to calculate your tax liability.
Who is legally bound to file Income Tax Return?
You must require to file tax return if you are a certain category of person or have income up to certain threshold for instance if you are salaried or business person & your salary or business income is more than 300000 yearly, or you owned movable/immovable assets like plot, car, you are required to file your tax return
What is penalty on purchase of property for non filer person?
If a non filer person purchase property, a penalty of 33% of total value of that property shall be imposed by FBR.
How to become a FBR income tax filer?
First of all you have to get your NTN then submit your return of respective year after it you have to pay your ATL surcharge in any bank of Pakistan, you will become an income tax filer.
Is it possible for a Person who is living in foreign or abroad can become a tax filer?
Yes, a person who is not present in Pakistan and living in foreign can become a filer as non resident person. He is eligible to get all benefits of filer.
Is FBR have access to our bank accounts and properties?
FBR have a complete access to our bank accounts and properties that are registered on our name. When we purchase any property & got register it on our name, FBR gets immediate knowledge of our purchased property. FBR’s system is integrated with all other departments of GOVT including revenue & excise and taxation etc.
Is it possible to become active tax filer in just one day?
Yes, we are providing you urgent services & we can register you as an active filer in just one hour.
Is every tax filer liable to pay tax?
No, every tax filer is not liable to pay tax to FBR. Only certain types of individuals are liable to pay income tax on their income.
Refund is an amount of tax that we pay in excess like payment of withholding on purchase of property & we can claim this amount from FBR. FBR is liable to credit this amount into our bank account.
Are we liable to pay income tax on foreign remittance?
Foreign remittance is completely exempted from income tax but there are certain condition to fulfill to avail this exemption.
How to recover FBR IRIS password?
You can recover your password on the number given by you at the time of your NTN registration by logging into Malomat portal FBR.
What is income limit on which income tax shall apply?
There is no income tax, if you are salaried person and your salary is 600000 or less & if your are business person its 400000 or less. Above this limit FBR will charge you income tax.
What is Single Member Company SMC?
SMC is sole proprietorship, single person own company that is registered with SECP for liability & other purposes. SMC enjoys great financial benefit of being registered with SECP.
How to register SMC with SECP?
First of all concern person have to fulfil certain conditions for registration of SMC. After meet all legal formalities, SECP issues registration certificate.
How much time we will take to register a SMC?
We take normally just 1 day inn most cases to register your company with SECP.
What is difference between SMC & Private Limited Company?
SMC is owned by single person, on other hand private limited company have two owners or shareholders minimum. Both companies enjoy same privileges & benefits.
