NTN Registration
Income Tax Filing - Salaried & retired Person
Income Tax Filing - Sole Proprietor
Income Tax Filing - Partnership/PVT Company
Income Tax Filing- NPO/Charitable Trusts
Private Limited Company Registration
Single Member Company Registration
Limited Liability Partnership Registration (LLP)
Partnership or AOP Registration
NPO Registration with SECP
Trademark Registration
Copyright Registration
Patent Registration
IRIS Profile Update
Income Tax Filing Sole Proprietor
Income Tax Filing Sole Proprietor
Income tax filing for sole proprietors requires reporting business income, expenses, and profits on a personal tax return. Accurate record-keeping and understanding allowable deductions are crucial for minimizing tax liability.
Requirements
For Income Tax Filing as a Sole Proprietor, you will need:
- Business Registration: Your business should be properly registered (e.g., sole proprietorship certificate).
- National Tax Number (NTN): You must have a valid NTN registered in the FBR (Federal Board of Revenue) database.
- Bank Statements: Complete bank statements for the entire financial year.
- Financial Statements: Profit and Loss Statement and Balance Sheet detailing your income and expenses.
- Invoices and Receipts: Sales invoices, purchase receipts, and receipts for any deductible expenses.
- Previous Year’s Tax Returns: A copy of the tax return filed for the previous year, if applicable.
- Business Expense Records: Proper records of business-related expenses, such as rent, utilities, salaries, etc.
How Taxwork help you
How TaxWork.pk will assist you with Income Tax Filing:
- Documentation Review: We will review all your documentation, such as financial statements, bank statements, and invoices, to ensure everything is accurate and compliant.
- Tax Calculation: We will accurately calculate your taxes based on your income and expenses, ensuring all applicable tax deductions are considered.
- Filing the Return: TaxWork.pk will file your tax return on the FBR portal on your behalf and provide you with proof of filing.
- Tax Advisory: If you have any tax-related issues or questions, we offer expert advice and guidance.
- Ongoing Support: Even after filing, if you need any clarification or if an audit is required, we will assist you throughout the process.
FAQ's
FAQ's
If my income is below the taxable limit, do I still need to file a tax return?
Yes, even if your income is below the taxable limit, it is important to file a tax return for compliance and it can be beneficial for future loan or visa applications.
Is it necessary to separate personal and business expenses as a sole proprietor
Yes, it is essential to keep personal and business expenses separate to ensure accurate tax calculation and avoid complications.
If my income is irregular, do I still need to file every year?
Yes, you are required to file your tax return every financial year, even if your income is irregular.
Does TaxWork.pk help during an audit?
Yes, TaxWork.pk will fully support you during an audit, ensuring that your documents are properly submitted and any issues are quickly resolved.
Discover our video content
We would love to show you, how simple and friendly TaxWork we have made it for you with the help of industry’s best experts, as they know everything about taxes.
Add Your Heading Text Here
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Add Your Heading Text Here
Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Add Your Heading Text Here
Lorem ipsum dolor sit amet, consectetur adipiscing elit.