With the current high tax environment, one should always seek ways to save up on taxes in Pakistan. Fortunately, there are many ways in which we can accomplish that. Investing in financial products helps us in creating wealth for our future and enables us to save money in taxes. In this article, we aim to walk you through the process.
By investing in Mutual Funds and Life Insurance we can avail a tax credit of up to 20% that can be adjusted directly from our payslips or at the end of the year.
Individuals are required to file their income tax return, if their annual income is Rs400,000 (or above), if they own land of 500 square yards (or more), if they own a vehicle of 1000cc (or above) or if they have a National Tax Number (NTN). However, being a non-filer can lead to harsh penalties and fines starting at Rs20,000.
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