Income Tax Return 2011 - Printable Version

Income Tax Return 2011 - Printable Version

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Income Tax Return 2011 - olympia - 07-04-2011

In Budget 11-12 income threshold for the requirement of filing of wealth statement has been increased from rupees 500,000 to rupees 1,000,000. Employee whose income is Rs 500,000 for the year 2011 are required to upload their income tax return or not?

- bashi - 07-04-2011

when we will be able to efile our 2011 Income tax return. till now its not open.

- awtunio - 07-10-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by olympia
 In Budget 11-12 income threshold for the requirement of filing of wealth statement has been increased from rupees 500,000 to rupees 1,000,000. Employee whose income is Rs 500,000 for the year 2011 are required to upload their income tax return or not?
<hr height="1" noshade id="quote"></blockquote id="quote">Employee whose income is Rs 500,000 or more for the tax year 2011 required to upload their income tax return and also for tax tax 2012 whose income is below 1 million and more than 0.5 million is required to upload the return of income without wealth statement.

- student_of_law - 07-11-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by awtunio

<hr height="1" noshade id="quote"></blockquote id="quote">Employee whose income is Rs 500,000 or more for the tax year 2011 required to upload their income tax return and also for tax tax 2012 whose income is below 1 million and more than 0.5 million is required to upload the return of income without wealth statement.
[/quote]

How can you say this about tax year 2012

- Kasim - 07-12-2011

For Tax Year 2011
Employee with 500K salary is required to submit
Online Return along with wealth statement
Regards

- Kasim - 07-12-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by bashi
 
when we will be able to efile our 2011 Income tax return. till now its not open.
<hr height="1" noshade id="quote"></blockquote id="quote">
from 1st sep if not earlier

- student_of_law - 07-12-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Kasim
 For Tax Year 2011
Employee with 500K salary is required to submit
Online Return along with wealth statement
Regards
<hr height="1" noshade id="quote"></blockquote id="quote">

With due respect, I am unable to agree with your answer. In my opinion, Employee with salary of more than 500,000 is required to electronically file return for tax year 2011. But employee having salary income exceeding 5 lac but less than 10 lac is not required to submit wealth statement.

- Kasim - 07-13-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by olympia
 In Budget 11-12 income threshold for the requirement of filing of wealth statement has been increased from rupees 500,000 to rupees 1,000,000. Employee whose income is Rs 500,000 for the year 2011 are required to upload their income tax return or not?
<hr height="1" noshade id="quote"></blockquote id="quote">

its in budget 2011-12
that wealth statement is required for income of or above 1M
however for tax year 2010-2011
we are to file wealth statement and online return for income of and above .5M
hope so i'm right to say so
Regards

- student_of_law - 07-13-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Kasim
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by olympia
 In Budget 11-12 income threshold for the requirement of filing of wealth statement has been increased from rupees 500,000 to rupees 1,000,000. Employee whose income is Rs 500,000 for the year 2011 are required to upload their income tax return or not?
<hr height="1" noshade id="quote"></blockquote id="quote">

its in budget 2011-12
that wealth statement is required for income of or above 1M
however for tax year 2010-2011
we are to file wealth statement and online return for income of and above .5M
hope so i'm right to say so
Regards
<hr height="1" noshade id="quote"></blockquote id="quote">

It is incorporated through Finance Act 2011 that wealth statement is required for income exceeding 1 million.

Finance Act 2011 is enforced with effect from 01.07.2011.

Any act that is to be done after July 2011 should be according to Finance Act 2011.

In this regard I cite an example from the last year. Through Finance Act, 2010 s.118(3) was amended whereby the last date of filing of return of salaried persons through e-portal was changed to 31st August
instead of 30th September. This change was brought about by Finance Act 2010 (budge 2010 -11). Finance Act, 2010 came into force on July 2010 and we were bound to file return of tax year 2010 accordingly. Later this date was extended by FBR through its circular dated 31.08.2010. You may see the circular at the following link (http//www.fbr.gov.pk/sros/IncomeTaxSROS/2010/SROFinalDATEReturn.pdf)

Similarly, the proviso to s.115 that required filing of return electronically by salaried persons having income exceeding 5 lac was introduced by Finance Act, 2009 (budget 2009-10). Finance Act, 2009 came into force in July 2009 and such salaried persons had to file return for tax year 2009 accordingly in September 2009.

I think you are confusing the provisions of filing of wealth statement with the rates of tax. The basic concept is to determine that what law is in force at the time of its application. While filing return for tax year 2011, certainly we will apply rates of tax and minimum threshhold of income of the Finance Act, 2010 and not of Finance Act, 2011 because we earned that income before July 2011, i.e. before coming into force of Finance Act, 2011. Tax is charged when we earn income (appreciate the difference between charging of tax and payment of tax. With return we only pay tax while that tax liability had already been arisen at the time of earning. Just as we become liable to KESE, WAPDA when we consume electricity though we have to pay the bill next month by the due date). When we earn income between July 2010 to June 2011, we become liable to pay tax simultaneously. As Finance Act, 2010 was applicable during this time so we charge tax at the rates prescribed in Finance Act, 2010 not in Finance Act, 2011.

However, we have to file return and wealth statement after June 2011 and at that time Finance Act, 2011 is applicable and we have to follow it.

So according to Finance Act, 2011 that is in force now, in my opinion, the salaried persons having income less than 1 million do not need to file wealth statement with income tax return for tax year 2011.
However, the salaried persons having income more than 5 lac need to file return of tax year 2011 electronically according to proviso to s.115

- Kasim - 07-13-2011

hmmmmmmmmm
k i will come back to it if u r right
regards

- Sajjad R1 - 07-30-2011

yes you have to file the return 2011 according to finance bill 2010 to 2011 with wealth statement
in next year 2012 you have to file return when salary is 1000k with wealth statement if salary below 1000k only file return
thanks

- olympia - 08-01-2011

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Sajjad R1
 yes you have to file the return 2011 according to finance bill 2010 to 2011 with wealth statement?????
in next year 2012 you have to file return when salary is 1000k with wealth statement if salary below 1000k only file return
thanks
<hr height="1" noshade id="quote"></blockquote id="quote">

either finance bill 10-11 or 11-12?????

@ student of law
thnks for clarification