Tax Return Filing: What Are The 7 Reason To File Taxes Quickly?

We know that tax return filing and how to file the return are not everyone’s cup of tea. Most of the time, individuals and firms hire experts to do the job. The question is: why is it so vital to file the return now?

Last year, 90 percent of Pakistanis would prefer to get flu shots than taxes. Why are you avoiding it? Taxes are vital. Here in this blog, we will learn how and why it is vital to file an income tax return.

7 Reasons For Tax Return Filing On Time

Here we have gathered the most vital seven reasons that make us file our tax return on time. Let us have a look at them.

1.    Avoid Penalties

So the first item on our list is to avoid penalties. If you miss the deadline for any reason, you still owe the tax. For this, you need to pay penalties and interest. So, why don’t you avoid it by filing taxes and returns?

So, here is one thing to remember about the charges of penalty. The FBR will charge about 1% of the tax deducted owing each day as the late-tax filing penalty, up to a maximum of 50% of the payable tax.

This interest might be doubled if you were late filling in any of the last three years.

2.    Withholding Tax

The next point on our list is the withholding tax. If someone has an excessive amount of withholding tax from their cash withdrawal. They are qualified for a refund. The withholding tax in Pakistan is to assure that workers can comfortably pay whatever their income tax is.

Let us now proceed to the next reason for filing a tax return. 

3.    GSM Services

So, here’s another reason to file your taxes on time. If you use GSM services like the following, you are qualified for a tax credit

• Ufone
• Zong
• Warid
• Mobilink

Any other prepaid or postpaid

Here is the point, a person will not get credit unless they file the return.

4.    Educational Fees

The fourth item on our list is the educational fees. So here’s the thing: if you pay for yourself, your kids, your spouse, or any of the family members’ educational fees, you are eligible for the tax deduction. Hence, the government collects that tax on the return each year.

Now move towards the next set of points.

5.    Full-Time Teacher or Senior Citizen

If you are 60 or older or a full-time teacher, you will have a tax exemption of about 25 percent if the tax is deducted. So it is very simple to claim tax refund.

There are also many other reasons to file your tax return on time. Now let’s take a look at them.

6. Hold any Insurance or Open-ended Funds 

So here is the key point for Roy: Do you have any open-ended investments, such as the following? If you answered yes, you can claim a portion of the tax credit.

• Takaful
• Mutual Funds
• Others

7.    Planning TO Buy a Motor Car Or House

Do you know FBR offers a notable rebate in tax you pay when buying a house or a car? Further, you can ask for a tax deduction on the final tax return.

Learn To File Income Tax Return

Effective planning and preparation are year-round activities. So, while doing the income tax return filing, specifically how to file your tax return, it may look like a huge walk. It is worth taking your time.

After gathering all the necessary documents and data, filling out the forms sooner rather than later means you can enjoy the entire year guilt-free.

The main question is: how do I file my income tax return? Most people miss telling you about it. Here, we advise you to seek professional help when it comes to taxation and issues related to it.

Tax Advisory 

AMY Consulting offers a notable range of tax services. These three tax advisory services are highly helpful for businesses and firms. Their service is for everyone. Either you are running a firm, a brand, a business, or an employer, and everyone comes between them.

The following is a list of our corporate services:

•  ADVISORY
• ACCOUNTING & BOOK-KEEPING
• MANAGEMENT CONSULTANCY
• CORPORATE & SECRETARIAL ADVISORY

Do you want our experts to fill out your income tax return for you? Do you want us to prepare your taxes? Whatever the job, we are here to help you with the best possible services. Here at Amy Consulting, we have solutions for all of your financial and tax-related issues.

For free advice or a consultation, you can contact us via:

WhatsApp: +92 300 0575922.

Email us at: kiran@amybusinessconsulting.com

If you would like to learn more about our services and the jobs we offer, visit our social media handles.