is business individual required to file income tax return
Is Business Individual Required to file Income Tax Return in Pakistan ?
Legal Reference : Section 114(1A) - ITO, 2001
What is Business Individual ?
If a person not a company earns money by:
- Running a shop or store
- Providing services (consultant, freelancer, doctor, lawyer, trader)
- Buying and selling goods
- Operating an online business or e-commerce
- Doing contract work
that person is treated as a Business Individual for tax purposes.
Income Threshold:
Every individual whose income under the head Income from Business exceeds PKR 300,000 but does not exceed PKR 400,000 in a tax year shall also be required to furnish a return of income for that tax year.
