Transfer Your Loss If you file a return within a reasonable time, you will be able to continue the loss until the following years, which can be used to save on the next. In terms of income tax law, people are not allowed to perpetuate the loss of income and set aside income if the tax revenue is not paid by the due date. Therefore, it is important to file your income tax return during the claim for lost income in the coming years.
Simple tax returns, will help people, when they have to apply for a car loan or Home Loan. All major banks can request a copy of the taxes.
Tax Refund If you have a valid return from the Treasury, you will need to submit the files, otherwise you will have to stop the return.
The income and any tax return address that can be used is proof of your income and address.
Immediate Visa Request An international and international agency is requesting copies of your previous tax returns to process your visa application.
Avoid Penalty If you are asked to submit your Tax Form but do not do so, the officer is eligible for a fine of up to Rs.10,000.
In addition, taxpayers are obliged to pay half of the withholding tax compared to the tax paid by those who do not. A person without a file is barred from owning a property worth more than PKR 50 lakh and people who usually file tax returns can buy any property. Importer of raw material will have to pay 8% of the total value of importation and taxpayers pay 5.5% of the raw material sales. Paying 9% in imports is the responsibility of non-file exporters in Pakistan. On the other hand, payers should pay only 6% of the work they sell. A 20% tax deduction is payable on the dividend (business profit) of those who cannot file compared to the 15% tax rate imposed on tax files. With the introduction of tax deductible for banks and savings programs, the non-filer should pay 15% tax compared to the 10% tax paid by taxpayers working in Pakistan. File operators pay only 15% tax on earnings of the prize with a bond bond compared to the 25% tax paid by non-filers. People who usually file a tax return should only have 1% of the property transfer tax compared to the 2% tax paid by landowners who did not file. Whether it is a government auction or other private entity, the tax files pay only 10% tax compared to the 15% tax paid by non-Pakistani companies.
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