Umair A R Mughal

Why Sales Tax Returns Have So Many Annexures A Sales Tax Return is typically not just one form in IRIS but consists of the main return + set of annexures, each pertaining to particular operations and/or sales tax transactions. The annexures are not mandatory, depending on what a taxpayer does – which sales tax transactions … Read more

Where Sales Tax Return Filing Happens in IRIS Sales Tax registered taxpayers file their monthly Sales Tax and Federal Excise Return directly through IRIS. Go to the “Declaration” option from the IRIS mega menu, and click “26(1) (Sales Tax and Federal Excise Return filed voluntarily).” This replaces the year-wise sales tax return option in the … Read more

Frequently Asked Questions About The New IRIS Income Tax Return The frequently asked questions below are based on the commonly asked questions of taxpayers about the newly launched modular Income Tax Return, organized by section. If you are new to the new IRIS interface, please check out our step-by-step guide to filing your income tax … Read more

What Return Filing on Notice Means If FBR’s tax office has issued you a notice asking you to file an Income Tax Return or submit a required declaration, this needs to be responded to via IRIS, rather than your regular standalone Voluntary Return filing procedure. This is distinct from the process of filing your regular … Read more

When You Need a Revised Return A Revised Return is used to correct or update a return that has been submitted already. This is separate to your Voluntary Return, which is your initial return for a tax period that you are filing for the first time. If you notice an error after submitting your return … Read more

What the Unreconciled Amount is for If you are submitting a Wealth Statement as part of your IRIS return, you may notice an “Unreconciled Amount” field on the Reconciliation of Net Assets screen. This field appears when your declared inflows, outflows, assets, and liabilities for the year do not reconcile with each other. You may … Read more

Reporting Agricultural Income in the New Return Income derived from cultivating crops, agricultural produce, orchards, or other farming-related activities on agricultural land must be reported in the Agriculture section of the return. Select it as an income source in the Return Prerequisites screen if applicable. For a full walk-through of the return from login to … Read more

Reporting Foreign Income in the New IRIS Return If you have received salaries from foreign employers, payments from overseas clients, profits from foreign businesses, rental income from overseas properties, dividends, bank interest, royalties, or capital gains from foreign assets, you are likely to report these under the Foreign Sources section. Select the Foreign Sources option … Read more

Reporting Other Sources Income in the New IRIS Return Not all forms of income can be classified as Employment, Property, Business or Capital Gains. Dividends, profit on debt, royalties, prizes, winnings, annuities or any other income that cannot be classified as Employment, Property, Business or Capital Gains will fall under Other Sources. Select Other Sources … Read more

Reporting Capital Gains in the New IRIS Return If you sold or disposed of shares, securities, immovable property, mutual funds, or other investments during the tax year, that profit goes in the Capital Gain part of the return. You should select that as an income source on the Return Prerequisites screen if you haven’t done … Read more