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The Federal Board of Revenue (FBR) has announced the tax filing requirements for the 2024 financial year, which covers the period from July 1, 2023, to June 30, 2024. The last date for submission of tax returns is September 30, 2024, and will not be extended.
Required Documents for Income Tax Return
To file your tax return, you will need to provide the following documents:
1. Statement of Bank Accounts:
A comprehensive statement of all your bank accounts.
2. Source of Income:
Details of your income sources, including salary, business, rental property, and agricultural income (if applicable).
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3. Utility Bills:
Copies of your utility bills, including electricity, phone, and gas bills, for July and August 2024.
4. Purchase Certificates:
Annual Purchase Certificates (Sale Certificates) and proof of tax paid in advance or certificates for goods purchased from registered companies.
5. Proof of Tax Paid:
Certificates and documents proving tax paid in advance.
6. Asset Details:
Details of assets bought and sold during the year, including land, property, vehicles, bonds, and company shares.
7. Investments:
National savings certificates, fixed deposits, life insurance, and other investments.
8. Loan Details:
Loan amounts and markup paid to banks.
9. Import/Export Details:
Details of any import or export activities.
10. Personal Expenses:
Annual household expenses, including electricity bills, mobile phone bills, gas bills, house rent, children’s school expenses, travel expenses, club/association memberships, salaries of domestic servants, and incidentals.
11. Wealth Statement:
Full details of all assets (domestic and foreign) for the wealth statement. If you have previously submitted a wealth statement, only report any changes (purchases and sales).
Note: The FBR has emphasized that the last date for submission of tax returns will not be extended, so it is essential to ensure timely compliance.