Q1. Is every NTN Holder should file Income tax return?
Ans. Yes , every NTN holder is oblige to submit annual income tax return before due date prescribe by the board. For Reference: Section 114(1) (b) (vii)
Q2. Can we revise income tax return after submission?
Ans. Yes, there are certain provisions which allow tax payer to revise income tax return after submission. i) Tax payer can revise return within sixty days of first submission. ii) If taxpayer declare more taxable income in revise return, he may revise it anytime before any notice opened against that tax year. iii) By giving an application to commissioner and request for revision of return on solid ground. For Reference: Section 114(6)
Q3. If person ignore 114(4) notice, what consequence tax payer can face?
Ans. As per section 114(5), commissioner may demand income tax return of last five completed years of any tax payer. And if person ignore it, then commissioner empowered to issue notice for last ten completed years.
Q4. I am doing business and earned three hundred fifty thousand rupees per annum. Is it mandatory for me to file income tax return?
Ans. Yes, as per subsection 1A of Section 114 of income tax ordinance, 2001. This section restrict businessman to file income tax return if income exceeds from three hundred thousands rupees in a tax year.
Q5. I am student but owner of 1300cc car, should i file income tax return?
Ans. Yes, As per sub clause (vi) of clause (b) of sub-section 1 of section 114. It’s mandatory to file income tax return who owns motor vehicle having engine capacity above 1000CC.