What is Tax Return.?
Tax Return Standard form provided by the tax authorities on which a taxpayer reports taxable income with permitted deductions and exemptions, and computes his or her tax liability.
Benefit Of Tax Return ..
1) It is not only the government who owe to public to provide basic facilities, it is also the General public who owes to Government for discharging their legal obligations of paying taxes and filling with FBR. So first advantage is you are discharging your obligations and you are not in fault. This may save you on many occassions.
2) You will save half taxes on your bank transactions as compared to those who are non fillers.
3) You will save minimum PKR 20,000/ which you could be liable if you don’t file tax returns.
4) You will save half of the token tax as compared to non fillers.
5) You will save on registration and transfer of vehicles.
6) You will have to pay less taxes on sale/purchase of Property.
7) If you are in business, With holding taxes will be deducted on your invoices will be less as compared to non fillers.
8) Tax deducted at source by Banks (On profits) will be 10% if you file the return otherwise it will be 17.5%. So you will save 7.5% Taxes on profit earned from bank deposits.