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What You Need to Know When Submitting Tax Return

Dealing with tax is a challenging task. For some people who didn’t understand tax at all, it could make them stress. In the past, the average person did not have to file their tax return if their only real income source was their salary and their income was less than the standard. However, with an impact on taxes in 2013, every employee earning taxable income will have to file a tax return. I think that employees who do not file their tax returns are making a mistake. If you’re unsure about the process works, you can easily find tips to submit your tax return on the Internet.

They could risk prosecution because the allowed tax is higher than their tax liability in most royalty cases. After all, they do not file a second, recurring tax return. If they file a return, they can claim the excess tax deduction as a refund. However, if the tax return for the fiscal year 2018 is submitted before that date, the person will be an active citizen for the entire year 2019. This manual is a modest attempt to guide taxpayers who wish to file their tax returns without a lawyer or tax professional’s assistance.

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Learn the Fundamentals

If your income is significantly more than the average, your employer must deduct the tax from your payroll. It has not always been the case. Without an asset declaration, you will not be able to document your income. Asset declarations contain details of a person’s strengths and responsibilities. It means that you must list your assets, land, houses, and vehicles in your name, along with details of real estate and personal assets in the name of your partner, for example, your partner and your children. Taxpayers must also provide details of personal expenses, such as reimbursed house rent, travel expenses, electricity, education, and other personal expenses. Personal expenses are a separate part of your budget.

Prepare the Required Documents

prepare documentsIf your income is probably more than the national salary average and you have decided to submit the return, you must register with the FBR. To register with the FBR, you can visit another address and provide your details correctly. You can also attach the following files, which must be scanned. The files include both sides of your identity card, a copy of your residence’s electricity bill,  a copy of your company’s payment slip or certificate, a document proving ownership of the apartment or rental contract. After that, you need to sign and submit it.

Verify the Online Application

Before applying, you can check whether you have been assigned an NTN in the FBR. You can check on the following FBR website whether you have already been given an NTN in the FBR or not. If the NTN is evident from the name, you do not need to register with the FBR. Just skip the registration step and go to the link “Electronic registration of documented persons”. To submit your tax return for 2014 and 2015 via the Iris portal by e-mail, you need to register with the Federal Tax Commission.

Once you have registered with all FBRs, take a look at the portal’s online registration page. Enter the codes with the perfect columns and click on “Send”. You will receive your password and pin via e-mail and on your cell phone in less than five minutes. After that, you should check if there is any notice or error. If there are no issues, it means you have already submitted your tax return.