Frequently Ask Questions (FAQ's)
We're here to help, from getting you started, to long after you file. Let us help you with all your tax filing needs.
Frequently Ask Questions (FAQ's)
We're here to help, from getting you started, to long after you file. Let us help you with all your tax filing needs.
1. How does "TaxWork" work?
TaxWork is a powerful, user-friendly tool designed to simplify the tax filing process in Pakistan. By answering straightforward ‘yes’ or ‘no’ questions and providing basic information such as your salary income, taxes paid, and investments made, our system calculates your final tax refund or obligation. This calculation takes into account any taxes already paid or withheld.
We have implemented thorough checks and balances to ensure that all necessary information for submitting your tax return is collected. If any discrepancies arise, you will be notified promptly.
After completing the process, you can relax as our integrated system, overseen by tax experts, files your return. You will receive a notification once the process is finalized.
2. Why should I use TaxWork when my current tax consultant handles my taxes?
One of the core principles we adhered to while developing TaxWork was to educate individuals about their finances and help them understand where their money is going.
Tax consultants typically handle your tax return independently, with little to no involvement from you. This leaves you reliant on their expertise and out of control of your own tax affairs.
By using TaxWork to file your income tax return, you’ll gain insights into important details about your finances and discover ways to save on taxes. TaxWork follows a step-by-step process, ensuring you file your return accurately and with the correct information. Additionally, as you prepare your tax return, the system guides you on various tax credits available, helping you maximize your tax savings. You won’t need to worry about keeping track of past years’ information, as our system securely stores this data for future reference.
Feel free to contact us if you want to learn more about how to apply for taxes in Pakistan.
3. What do I need to get started?
- Personal Information: Your CNIC, contact details, and basic personal information.
- Income Details: Information about your salary income, any additional sources of income, and relevant documents.
- Tax Records: Details of taxes already paid or withheld, including tax certificates and receipts.
- Investment Information: Records of investments made during the tax year, such as savings, property, or shares.
- Expense Documentation: Receipts or documentation for any deductible expenses.
4. What information do I need to provide to complete the process?
The information required to complete the process is straightforward and depends mainly on your income sources and types of financial transactions and assets. Some useful documents include:
- Salary Certificate: Provided by your employer.
- Bank Statement or Certificate: Showing profit paid and taxes deducted by the bank, if any.
- Utility Bills: For expenses incurred and advance tax paid.
- Capital Gains Certificate: Issued by NCCPL for stock trading activities, if any.
- Mutual Funds Statement: If you have investments in mutual funds.
- Air Travel Invoice: Copy of air ticket or invoice for business class travel, indicating the amount of tax deducted.
- Cellular Network Tax Certificate: Provided by your cellular network company for postpaid connections.
- Educational Institution Invoices: Indicating tax paid, if applicable.
- Vehicle Purchase Documents: Copy of the registration book or documents issued by the Excise department for any vehicle purchased during the year.
- Property Documents: For any transactions (purchase or sale) during the year.
5. My employer already deducts tax from my salary, and I don't have any additional sources of income. Do I still need to file a tax return?
Yes, your employer might have deducted the applicable tax from your salary. However, you should still file your tax return to avoid penalties for non-filing and to prevent paying additional taxes on various transactions that are imposed on non-filers. Filing your tax return ensures compliance with tax laws and can help you avoid unnecessary costs.
6. Is there any benefit to becoming a filer besides compliance?
Tax filers can benefit from various deductions and credits on taxes paid for transactions such as utility bills, cash transactions, educational fees, business class air tickets, and the purchase of motor vehicles and properties. Additionally, filers can claim tax credits for investments in mutual funds, insurance premiums, and donations or zakat paid to approved charitable organizations.
Non-filers, on the other hand, face higher withholding tax rates on transactions including bank transfers, motor vehicle taxes, capital gains, and dividend income.
7. I don't have any property or valuables in my name. Do I still need to file a wealth statement along with my income tax return?
Yes, you still need to file a wealth statement even if you don’t own any property or valuables. The wealth statement is a mandatory requirement for all taxpayers and provides a complete picture of your financial status. It helps in ensuring transparency and compliance with tax regulations. If you don’t have any significant assets, you can simply indicate this in your wealth statement, but submission is still necessary.
8. Are there any penalties if I don't file my tax return?
Yes, if you fail to file your tax return, you could face a minimum penalty of Rs 20,000.
9. What about customer support?
TaxWork is supported by leading tax experts, ensuring you receive the best services from professionals in the field. You can reach us anytime using the following contact methods:
- Phone: 051 5153004-5 (Available from 9:00 a.m. to 5:30 p.m., Monday to Saturday)
- Email: info@taxwork.pk
10. TaxWork is asking me to enter sensitive information. Will my information remain secure and confidential?
Yes! Your tax information is secured using top security standards and transmitted over a secure computer network to ensure the confidentiality and safety of your data.
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.
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