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For a salaried person, no cons are there but only pros. U just need to fill forms and a weekly cron at iris will declare u a filer in their records. Pros list is big especially for tax exemptions.
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Pros are that you are free to buy sell anything legally n have no issues to be followed by FBR. You get benefit of having NTN while purchasing anything above 100,000 like any CAR or House. Only con I feel is to file return on regular basis which at times gets hard when you are stuck with number of commitments
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S.i. Chauhdary Advocate High court senior consultant for Tax in More than 17 firmz in pakistan
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Cash withdrawal and cash transfer fee for tax filler is 0.03%, for non filler, it is 0.06%. Similarly while purchasing plot and car registration, the active tax filler pays less money.
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Additionally you can reimburse withholding tax. If your employer deducted RS-80k tax from your salary. You can get back the additional taxes(only withholding) that you paid. We pay withholding tax on PTCL Bill, on every mobile balance recharge, plane tickets,mutual fund investment, stock dividend.
With better knowledge of taxing rules, a salaried class person can reduce his/her taxes to 50% of his annual deductible tax.
Asfandyar Peerzada have any one reimbursed any tax ever you know??
I share documents of my withholding tax with my company's Finance department. Then they adjust my tax accordingly. This is the most simple way. Otherwise, you will submit your claim to FBR for processing, which takes time; but I know people especially real state businessmen who reimburses taxes in millions from FBR.
Asfandyar Peerzada thanks can you please a bit further elaborate what is whitholding tax (as you said only this is refundable) and what % of it we get back?? Does it include sales tax also??
Sales tax isn't refundable. Withholding tax can be refunded. It's percentage varies. PTCL Bill has 10% WHT, mobile providers have around 14-15%. WHT is also applied on property, car registration,plane tickets, cash withdrawals and transfer of more than 50k.
Asfandyar Peerzada hmm ok. Any registered private company can adjust your monthly tax deduction according to this if you submit the documents or just govt institutes??
Both will work.
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I think cons hi hain no pros :D
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Pla back it up with arguments
Bhai, hamari salary ma sa regular tax deduct hota hai against our company NTN ... and we get no quality hospital, education or transportaion facility at Govt. level or from Govt. Institution. An avergae man pays tax on almost everything of basic need he buys or sells in the market but what benefit we get from it ... only mere thousand rupees ... yet we have to visit expensive hospitals for good treatment , expensive tests, quality education is now seems to be in the private sector only, if u do not own a car you will be zaleel o khawaar on public transport ... no electricity ... a common citizen has to pay extra every year in terms of new battries and ups every year aur us k baad b ham maghaz maar k tax file karien jis k baadlay pooray saal ma shayad hi kuch thousand ka benefit ho ... jab k govt already salary aur har chez pa tax la rahi hai to itna khapnay ka faida aur thori si koi chez ooper neechay ho jaie to fbr k gadhay koi new khap daal dien ga ... air iris ka portal intihaie ghatya ... i have not been able to login it since i had created my account there.
Damn bro!
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Thanks, I guess it is better to be a filer
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