Business individual return
Return for shopkeepers, traders and professionals, with profit and loss and wealth reconciliation.
Overview
Annual return for sole proprietors, shopkeepers, traders and professionals, with a profit and loss account, balance sheet details where needed, and a wealth statement that reconciles with your business.
Why it matters
For shopkeepers, traders and professionals, the return is where income, expenses and withholding tax all come together. A well-prepared return claims every credit you are entitled to, keeps your wealth statement in line with your business, and avoids the audit selection that follows unexplained increases in assets.
Who needs this
- Shop owners and traders
- Doctors, lawyers, engineers and other professionals in private practice
- Freelancers not opting for the export final regime
- Individuals with both salary and business income
How it works
Who does each step, and how long it usually takes once documents are complete.
- 1Scoping callTAXWORK
We understand your business, turnover and records, and fix the fee.
Same day - 2RecordsYou
Sales and purchase summaries, bank statements and expense records.
2–5 days - 3AccountsTAXWORK
Profit and loss prepared; withholding taxes and advance tax mapped for adjustment.
2–4 working days - 4Tax planning checkTAXWORK
We review minimum tax, the 75% salary test and allowable expenses.
Same step - 5Wealth reconciliationTAXWORK
Business capital, drawings and personal assets reconciled.
1 day - 6Approval and filingYou / TAXWORK
You approve; we file on IRIS and pay any balance by e-challan.
1 day
Documents we need
Tick what you already have, then send the list to us.
What you receive
- Filed return and wealth statement
- Profit and loss statement
- Tax computation and challan
- Advice on records for next year
Deadlines, risks and penalties
- Same ATL consequences as other late filers, with a Rs 25,000 surcharge for individuals
- Unreconciled wealth can trigger notices under section 122 or 111
Mistakes we fix, and what our fee covers
Common mistakes we fix
- Salary, bank profit and property not matched with the withholding shown on IRIS
- Wealth statement that does not reconcile, which invites a s.116 / s.122 notice
- Missing adjustable tax credits, so you pay twice
- Filing after the due date, which keeps you off the Active Taxpayers List
Included in our fee
- Review of last year's return and your IRIS records
- Preparation and e-filing on IRIS, with your approval first
- Wealth reconciliation and withholding credit check
- Copy of the filed return and acknowledgement on WhatsApp
Law and references
The sections and rules this service is based on.
- Section 114 and 116
- Sections 18–20 – income from business
- Section 113 – minimum tax on turnover where applicable
- First Schedule, Division I – non-salaried slabs
- Section 4AB – 10% surcharge above Rs 10 million
Questions
How long does it take?
5–10 working days after complete records. Step by step: Scoping call (Same day), Records (2–5 days), Accounts (2–4 working days), Tax planning check (Same step), Wealth reconciliation (1 day), Approval and filing (1 day).
What does it cost?
Our service fee is from Rs 5,000. Government fees are extra where they apply.
What happens if I miss a deadline?
Same ATL consequences as other late filers, with a Rs 25,000 surcharge for individuals. Unreconciled wealth can trigger notices under section 122 or 111.
I don't keep proper books. Can you still file?
Yes. We build the accounts from bank statements and summaries, and suggest simple records for next year.
Will the 10% surcharge apply to me?
Only if taxable income exceeds Rs 10 million and you are not a salaried individual.
Is there a step-by-step procedure?
Notice to file a return: FBR has asked you to file a return you didn't file. Open the procedure →
Is there a step-by-step procedure?
Revising a filed return: Correcting an omission or wrong statement in a return you already filed. Open the procedure →
I don't keep proper books. Can you still file?
Yes. We build the figures from your bank statements, sales records and expenses, and we keep a working file in case FBR asks questions later.
Is turnover tax or minimum tax relevant to me?
It can be, depending on your business and turnover. We check which regime applies before filing so you don't pay more than the law requires.
Why clients choose TAXWORK
Individuals, businesses and companies across Pakistan and overseas.
Rawalpindi/Islamabad, Sialkot and Karachi (with Raza Siddiqui & Co., Chartered Accountants).
You get the scope and a fixed fee in writing before any work starts.
Progress updates, and a copy of everything we file or submit for you.
Keep reading
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View service →Ready to get business individual return done?
Send your documents on WhatsApp or book a meeting. A consultant confirms the scope and a fixed fee before any work starts.