Return Files.

What is Return File:

A tax return files is a form(s) filed with a taxing authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.

Benefit of  Return Files.

Personal Activities

Even common tasks which do not relate to any company or organization are now charged taxes and non-filers are especially asked to pay WHT even when there’s no similar tax on filers.

Here’s the breakdown:

  • On Winning a Prize Bond, Quiz Bond or Crossword Puzzle: Filer – 15%, Non-filer – 20%
  • Transfer of property: Filer – 1%; Non-filer – 2%
  • Advance Tax on purchase of property:
    • Immoveable property worth upto Rs. 4 million: No tax
    • Immoveable property worth over Rs. 4 million Filer – 2%; Non-filer 4%
  • Tax on General Insurance Premium and Life Insurance Premium:
    • General Insurance Premium: Non-filers – 4%
    • Life Insurance Premium (Over 0.2 million annual): Non-filers 1%

Banking Transactions

Every bank transaction you perform is also taxed based on the amount you send or cash out. The tax amounts are listed below:

  • On cash withdrawal (Over Rs. 50,000): Filer – 0.3%, Non-filer – 0.6%
  • On Demand Draft, Payment Order, CDR, STDR, RTC or similar instrument (Over 25,000): Filer – 0.3%, Non-filer – 0.6%
  • On Online money transfer or other electronic mail (Over 25,000): Filer – 0.3%, Non-filer – 0.6%
  • Advance tax on sale of demand draft, pay order etc.: Filer – 0%; Non-filer 0.6%
  • All bank transactions: Filer – 0%; Non-filer 0.6%

Motor Vehicles

Most activities related to motor vehicles also include withholding tax (WHT) based on a person’s status as a filer or non-filer, where the latter are taxed higher:

Tax return Fee is  15,000/-  Time Duration 4-6 Working Days