How To Become Income Tax Filer In FBR
This post is about How To Become Income Tax Filer In FBR. If you are facing any difficulty in filing your income tax returns then read the complete blog.
LOGGING INTO IRIS Is The First Step To Learn How To Become Income Tax Filer In FBR
Filing online income tax returns through the Iris portal. Iris is an online portal through which income tax returns are filed.
If you’re a first-time Income Tax filer, registration will be required before you are able to submit your Income Tax Return.
How to get Income Tax Return copy online Pakistan
After registration, you are able to access Iris and submit an Income Tax return. Anyone who has received the National Tax Number (NTN) or Registration Number, but does not have the right credentials to log in to Iris are able to access the system by clicking the ‘E-enrollment option for Registered Persons’.
HOW TO SET IRIS LOGIN PASSWORD
E-enrollment through the Federal Board of Revenue (FBR) gives you an NTN, Registration Number, and password. You can log in to Iris using your Registration Number or NTN and password.
HOW TO RESET IRIS PASSWORD
If you require to change your password in order to be able to access Iris You can do this by clicking “Forgot Password” at the Iris login screen. Fill in all of the information in the fields that are required.
Codes will be emailed via email to the address you provide as well as your mobile number. Fill in the fields provided. The new screen will pop up where you’ll have the choice to reset your password.
HOW TO MODIFY THE PASSWORD FOR IRIS
Change your password by accessing Iris and then clicking “Change Password” at the right-hand side part of the page. Fill in the information required in the dialog box that appears.
HOW TO COMPLETING INCOME TAX RETURNS
To fill out the online Income Tax Return, one must fill out the Form for Return of Income as well as the Wealth Statement (statement of assets and liabilities) form.
To assist taxpayers, videos tutorials on the filing of income tax returns are offered. In addition, the knowledge Base portal offers step-by-step written and video tutorials on filing an the Income Tax Return and the Wealth Statement.
The successful submission of the Income Tax Return and Wealth Statements on Iris is confirmed once both forms have been changed out into the Draft folder to the Task Completed folder.
HOW TO Reconciliation of WEALTH STATEMENT
The Wealth Statement can only be validly submitted when your wealth for the current year has increased or decreased from the previous year’s total in the same amount that your income is greater than or less than in comparison to your expenditures. Failure to reconcile the wealth statement won’t permit you to file your income tax return.
HOW TO SUBMIT SALARIED PERSON Income Tax Return
To assist employees to file their income tax returns the Declaration form 114(I) is available. A salaried employee must fill out this Declaration of 114(I) for them to be able to file the Income Tax return.
People who earn income solely from salary or other sources, in which the salary is greater that 50% the income are eligible to use this form.
HOW TO CHANGE PIN FOR IRIS
The pin can be modified by logging in to Iris and then clicking “Change Pin near to the upper right corner of the display. Input the necessary information into the dialog box that appears.
HOW TO REVISE INCOME TAX RETURNS
The Income Tax Return may be amended in the space of the five (5) years after it was originally filed in order to correct any error or omission that is later discovered.
To revise the Income Tax Return that was filed the taxpayer must file an application for revision with Iris. After the approval of your application, you are allowed to submit a revised Revenue Tax Return for the year in Iris.
HOW TO REVISING the WEALTH STATEMENT
An Iris Financial Statement (statement of liabilities and assets) can be updated in Iris before the date of receipt of the notice in subsection (9) of Section 122 of the Revenue Tax Ordinance, 2001 without the requirement to submit an application to get approval for revision.
HOW Incoming tax return to be filed after DEADLINE
In order to file your income tax return online after when it is due, you’ll need to complete the Income Tax Return in the manner described above.
HOW TO DO Record KEEPING FOR INCOME TAX RETURN
People who earn taxable income must keep income tax return records for the duration of six (6) years.
PERSONS who are required to file an income TAX RETURN
You may be legally required to file an income tax return when you fall into an individual belonging to a particular category or have earnings that exceed an amount that is above a certain threshold.
EXEMPTIONS, CREDITS, AND REBATES FOR INCOME TX RETURN
You can take advantage of Tax Credits, Rebates, and exempts only if you’re an active taxpayer.
Privacy of PERSONAL information
In the event that you do not file an Income Tax Return, despite having an income that is tax-deductible You will be subject to prosecution and penalties in accordance with the provisions of the Income Tax Ordinance 2001. Personal information about you is not divulged to anyone other than the tax authorities.