Income Tax is a type of tax applied by the government of any country on individuals or taxpayers which may vary according to the income or taxable income. Most of the authorities impose the income tax on business individuals and on the sharing items of partners rather than imposing on the partnerships. Fundable organizations are free from paying taxes according to many authorities. Taxes applied on nonresidents are different from the natives. Tax rates are different for individuals than for different companies. When the taxable income increases, tax rate increases and according to the features or type of a taxpayer, the tax rate may vary.
In the beginning, Government of Pakistan adopted the same British Raj Income Tax Act of 1922 as its Income Tax law. In the year of 1979, the Government declared Income Tax Ordinance, 1979 as its first Income Tax law. In the year of 2001, the Government of Pakistan took an initiative to enhance the law according to international standards and made it effective from July 2002.
In order to determine the tax payable, tax rates are applied to the taxpayer’s taxable income for the year. Tax rates for salaried persons vary according to the taxable income. If the per year salary is below than Rs. 400,000, tax rate is 0%. Tax rates are from 5% to 30% depending upon the taxable income per year. Tax rates for non-salaried persons vary from 0% to 25% depending upon their taxable income. The corporate tax rate is 35% of the net taxable income of different organizations.
Income Tax forms are available online which include: Return Forms, Declaration by Salaried Persons, Refund Application Forms and CVT1 Forms. You can download these forms easily from the links available below. Fill all the fields properly in different forms without making any mistake and submit.
Income Tax Forms
Downloadable Return Forms for Tax Year 2018
For e-Filing Click here
For NTN verification visit http://www.pakcustoms.org/online_ntn_verification/index.htm