The Iris account is your complete personal tax management system on FBR’s website.
This is how you can file your tax returns in Pakistan. As we obey our religious duties with all our faith. Taxes are one of the duties need to be submitted with faith and honesty. As we know, income tax file returns are the set of documents that includes the reports of all the expenses and all the financial information you have according to which you have to submit or you can make the request of refunds for over payments of required taxes. But the question arises that how to file your tax returns, what is the procedure or guide for the methodology. Let’s find out the answer to this.
The FBR (federal board of revenue) is a government authority that is looking for all the taxes. It’s a revenue division that is run by the government to collect the annual revenue. The tax filing, returns and all the aspects that are somehow related to it are recorded by this organization. Let’s see the contents for filing a tax return.
Logging into Iris
Iris is an advance filing method introduced by the FBR. For filing your tax by online registration. It is an e-filling (electronic-filing) system that allows you to register yourself first into the portal after which you can login and check the updates and features.
This e-filling system requires an NTN (national tax number) or registration number or password to login. It is provided by the organization; you can change or rest the password as well.
Income Tax Return
For the completion of the return filling there are certain forms that are required to be filled by the tax payer the main are income form and wealth statement form which is required policy. The successful submission is ensured when the forms file is moved from drafts. The wealth form is submitted on the condition that follows the ration chart that is wealth is directly proportional to the income and expense. If the ration matches then your file is submitted otherwise it might get rejected. Also, salaried person can also file tax according to the terms and conditions.
Tax can be revised within the time period of 5 years. For that an application form is required which has to be approved by the iris. Wealth statement can also be revise under the sub-section (9) of section 122 of income tax without any application.
Filling after the due date:
You can file your tax file, but the terms and conditions will remain same as mentioned earlier.
Keeping records of the tax file:
Taxable income people are restricted to keep the records for maximum 6 years.
Eligibility criteria to file the tax:
If your income has reached the required threshold, you are eligible for the tax dues. The criteria are defined by the FBR department with terms and condition applied to it very clearly.
Credits, Rebates and Exemptions
The persons who are regular tax payers can avail this feature only under certain terms and conditions. This is available only for active payers.
Privacy of Personal Information
The personal information is secured with proper data privacy. It is not disclosed to anyone else expect the officials. Whereas, if you are eligible to pay tax and you didn’t file it then you have to pay heavy penalty and also have to face the prosecutions under the provision of income tax ordinance 2001.