Annual Income Tax Return

&
Wealth Statement
Tax year 2017
Salaried Individuals

Basic exemption limit Rs . 400,000/- P.a.

The salaried individuals are required to file annual

Income Tax Return along with Wealth Statement &
Wealth Reconciliation where the taxable amount
exceeds basic threshold.
Mandatory filing of Annual Income Tax Return

The following persons are required to file annual Income Tax Return
 A person who has been charged to tax in respect of any of the two
preceding tax years;

 A person who owns immoveable property with a land area of five

hundred square yards or more

 A person who owns a flat having covered area of two thousand

square feet or more

 A person who owns a motor vehicle having engine capacity above

1000 CC

 A person who has obtained National Tax Number [‘NTN’]

Requisite information for filing of annual Income Tax
Return:

- Copy of employer certificate for taxable salary and tax deducted

thereon

- Copy of provident fund balance as at June 30, 2017

- NTN/CNIC number

- FBR Login/password/PIN in case already enrolled persons

- Any other information (may vary on case to case basis)

Detail of following different types of income tax withholdings;

 Tax deducted against cash withdrawals [Section 231A]

 Motor Vehicle Registration [Section 231B]
 Vehicle token tax [Section 234]
 Electricity Bills [Section 235]
 PTCL/Mobile Bills/Internet Bills [Section 236]
 Sale of Immoveable Property [Section 236C]
 Educational Fees [Section 236I]
 Purchase of Immoveable Property [Section 236K]
 Tax deducted against banking transactions [Section 236P]
Tax rebates for reduction in gross tax liability i.e.;

 Charitable donations [Section 61 / Clause 61 of 2nd Schedule]

 Tax credit for investment in shares and insurance [Section 62]

 Profit/interest on debt (straight deduction from taxable income

subject to certain terms and conditions) – [Section 60C]
Requisite information for filing of Wealth Statement:

- Additions/disposals in already reported assets/properties/bank

balances/loans & liabilities
- in case of first wealth statement – opening wealth to be re-work
requiring;
- Details of properties (showing property type (residential/commercial)
plot/house/area/location) and cost of property
- Bank Statement for the period from July 1, 2016 to June 30, 2017
- Detail of any Precious Items (e.g. jewelry/ornaments)
- House Hold Effects (e.g. furniture)
- Motor Vehicles (model/registration no., engine capacity & cost)
- Details of investments (e.g. shares, mutual funds, bonds)
- Details of loans received/given
- Any other details
Tax Rates comparison for Filers/Non- filers
Individuals
Section Description
Filer Non Filer
Dividend - Power Projects 7.5% 7.5%
150
Dividend 12.5% 20.0%
151 Profit on Debt 10.0% 17.5%
231A Advance tax on Cash Withdrawal (>50,000) 0.3% 0.6%
231AA Advance tax on transaction in Bank (>50,000) 0.3% 0.6%
236C Advance tax on Sales of Immovable Property 1.0% 2.0%
236K Advance tax on Purchase of Immovable Property (> 4 M) 2.0% 4.0%
General insurance premium 0.0% 4.0%
236U
Life insurance premium if exceeding Rs. 0.2M per annum 0.0% 1.0%
Tax on Motor Vehicle U/s 234
In case of other private motor vehicles

S. No. Engine capacity for filers for non-filer

1. Up to 1000cc Rs. 800 Rs. 1,200
2. 1001cc to 1199cc Rs. 1,500 Rs. 4,000
3. 1200cc to 1299cc Rs. 1,750 Rs. 5,000
4. 1300cc to 1499cc Rs. 2,500 Rs. 7,500
5. 1500cc to 1599cc Rs. 3,750 Rs. 12,000
6. 1600cc to 1999cc Rs. 4,500 Rs. 15,000
7. 2000cc & above Rs. 10,000 Rs. 30,000
In case of motor vehicle tax is collected in lump sum
S. No. Engine capacity for filers for non-filer
1. Up to 1000cc Rs. 10,000 Rs. 10,000
2. 1001cc to 1199cc Rs. 18,000 Rs. 36,000
3. 1200cc to 1299cc Rs. 20,000 Rs. 40,000
4. 1300cc to 1499cc Rs. 30,000 Rs. 60,000
5. 1500cc to 1599cc Rs. 45,000 Rs. 90,000
6. 1600cc to 1999cc Rs. 60,000 Rs. 120,000
7. 2000cc & above Rs. 120,000 Rs. 240,000
Advance Tax on Purchase, Registration and Transfer of
Motor Vehicles U/s 231B
In case of motor vehicles registration

S. No. Engine capacity for filers for non-filer

1. Up to 850cc Rs. 10,000 Rs. 10,000
2. 851cc to 1000cc Rs. 20,000 Rs. 25,000
3. 1001cc to 1300cc Rs. 30,000 Rs. 40,000
4. 1301cc to 1600cc Rs. 50,000 Rs. 100,000
5. 1601cc to 1800cc Rs. 75,000 Rs. 150,000
6. 1801cc to 2000cc Rs. 100,000 Rs. 200,000
7. 2001cc to 2500cc Rs. 150,000 Rs. 300,000
Advance Tax on Purchase, Registration and Transfer of
Motor Vehicles U/s 231B
In case of motor vehicles transfer of ownership

S. No. Engine capacity for filers for non-filer

1. Up to 850cc - 5000

2. 851cc to 1000cc 5,000 15,000

3. 1001cc to 1300cc 7,500 25,000

4. 1301cc to 1600cc 12,500 65,000

5. 1601cc to 1800cc 18,750 100,000

6. 1801cc to 2000cc 25,000 135,000

 Thank You for Listening

In case you have any questions,

feel free to ask.