Income Tax in Pakistan - An Overview - Pakistan Taxpayer Facilitation

Law relating to taxation of income in Pakistan is affirmed in the Income Tax Ordinance, 2001 (the Ordinance) and the rules frame there under viz. Income Tax Rules, 2002 (the Rules). The Ordinance is a Central order and is; therefore, applicable to the whole of Pakistan. Under section 4 of the Ordinance, income tax is compulsory for each tax year at specific rates on every person who has taxable income for the year. The tax payable is calculated by apply the rate(s) of tax to the taxable income of the taxpayer for the year and any tax credit permitted to the taxpayer for that year is deduct from that amount.

The following tax credits are acceptable under Chapter 3 Part 10 of the Ordinance:
Charitable donations, investment in shares, retirement annuity scheme and profit on debt.

Download IT-5 Form

View GuidelinesIncome Tax Return Forms Section
Income Tax Return Forms For Tax Year 2012 (New)

1- Income Tax Return (IT-2) for Individuals & AOPs for Tax Year 2012 with Calculation Formula

2- Retailer's Statement u/s 115 (4) (IT-4) for Tax Year 2012 with Calculation Formula

3- IT-5 Form

4- Income Tax Return for Individuals/AOPs (IT-2) for TY-2012 (in PDF)

5- For retailers (Individuals & AOPs) having annual turnover upto 5 million Rupees but not having any other taxable source of income (in PDF)

6- Wealth Statement

Income Tax Return Forms For Tax Year 2011

1 Income Tax Return for Company (IT-1) for TY-2011

2- Income Tax Return for Individuals/AOPs (IT-2) for TY-2011 with Formula/Computational Help
3 Income Tax Return for Individuals/AOPs (IT-2) for TY-2011 without Formula/Computational Help
4 Wealth Statement

Income Tax Return Forms For Tax Year 2010

Declaration by Salaried Persons (Click here to download form)

Refund Application Form (Click here to download form)

CVT1 Forms
1- CVT1- Application To The Registration Authority for the purchase of immovable property

2- Refund Application Form

For NTN verification visit

1 comment:

UnknownApril 28, 2016 at 10:43 PM
Dear Sir,

Please tell us what should be closing entries at the time of winding up of a company.
for example: fixed Assets are 2 million, receivables 5 million, equity 9 million (Capital, surplus, retained earning), and other payables is 0.1 million.

thanks