NTN – Salaried Person

NTN is necessary for both salaried and business individuals. National Tax Number is required for filing of income tax. As Non Filer you have to pay high/increased withholding tax rate on banking transactions, unable to purchase vehicles and property having worth of more than 5 Million. If salary of a person is taxable then NTN must be obtained to become filer and to file tax return. Employee NTN is also considered essential identity for corporate Executives.

Filing of Tax Return 

Mostly salaried persons presumes that  as tax is deducted on the payment of salary to them so they are not liable to file tax return. But one can face too worst legal consequences if return is not filed, specially if one enters in a sale or purchase transaction  of property or vehicles. We provide tax return filing services to the salaried individuals.

Filing of Wealth Statement

Filing of wealth statement along with tax return is mandatory for all. Wealth statement describes personal expenses, personal assets & liabilities, receipt of funds from other sources and reconciliation of wealth.

Note: From 2018 and onward, FBR introduced a separate return for those who have just salaried income. Now its not mandatory to file wealth statement separately for those who have more than 50% salary income.

Tax Rate for Tax Year 2019

01. Where the taxable income tax does not exceed Rs400,000: zero percent

02. Where the taxable income exceeds Rs400,000 but does not exceed Rs800,000: Rs1,000

03. Where the taxable income exceeds Rs800,000 but does not exceed Rs1.2 million: Rs2,000

04. Where the taxable income exceeds Rs1.2 million but does not exceed Rs2.5 million: 5 percent of the amount exceeding Rs2,000

05. Where the taxable income exceeds Rs2.5 million but does not exceed Rs4 million: Rs65,000 + 15 percent of the amount exceeding Rs2.5 million

06. Where the taxable income exceeds Rs4 million but does not exceed Rs8 million: Rs290,000 + 20 percent of the amount exceeding Rs4 million

07. Where the taxable income exceeds Rs8 million: Rs1.09 million + 25 percent of the amount exceeding Rs8 million

Tax Rate for Tax Year 2018