All individuals drawing taxable salary to file income tax returns: FBR
KARACHI: The Federal Board of Revenue (FBR) has made it mandatory for all individuals withdrawing taxable salary to file their income tax returns electronically from tax year 2015 onwards.
According to SRO 791(I)/2015, the Board has directed that all individuals earning taxable salary income shall be liable to file their income tax returns.
Earlier, individuals drawing annual salary of Rs500,000 or more were liable to file their returns electronically.
The returns need to be accompanied by the proof of deduction or payment of tax and wealth statement.
The Finance Act 2015-16 has revised the income tax rates and slabs on salaried taxpayers.
The minimum income tax rate on the salaried persons has been reduced to 2.0 percent as against 5.0 percent earlier. This rate is applicable on persons drawing annual salaries ranging Rs 400,000 to Rs 500,000 per year.
Individuals drawing annual salary less than Rs400,000 are exempt from income tax hence filing returns.