Holding a TIN is the trigger point to file tax return.
According to the Income Tax Ordinance (ITO) 1984, the following income are subject to tax:
Interest on securities
Income from house property (annex Schedule 24B)
Income from business or profession
Income from other sources
Share of income from firm or AOP (where applicable)
Income of minor or spouse under section 43(4)
It depends on your tax residential status.
For Personal tax file: House rent, Medical, Conveyance, Rent exemption, Related expenses for other income.
For company: u/s 29 and by considering section 30 of the ITO 1984 eg, business expenses.
Tax credit is an incentive to the tax payer for investment and for certain tax conducive deeds.
Tax deduction is to determine taxable income.
For Person, Firm and AOP: 15th September each year
For Company after 06 months of the year end date (either 15th July or 15th January).
Advance Tax on Installment to be paid on the 15th of April, June, September and December each year.
Time extension is allowed by application for valid reasons.
Deductions are allowed u/s 21, 23, 25, 27, 29, 30, 32, 34 of the ITO 1984.
Credits are given under Part B of the sixth schedule of the ITO.
For tax free income please refer to Part A of the Sixth Schedule of ITO.
Items for Personal Tax Credit
A dependent is a person you’re responsible for supporting. If you can claim a dependent, you can become eligible for certain tax breaks, including the child tax credit and more living expenses.