A lot of people aren’t sure why they should file their tax returns. Well, most are not even aware what’s meant by tax filing, and what’s the difference between being a tax payer and a tax filer! So lets give a look at this stuff!
Difference between Tax payer and Tax filer
Tax payer is anyone who pays tax. In fact we all pay tax in some extend by buying different things for regular and daily use like grocery items, mobile phone cards, etc. As all these items have tax included in their price, this automatically makes us tax payers.
But this doesn’t mean that we’re recognised as a legal tax filer and are also not eligible for any benefits from the Government (or Pakistan), unless we file those tax returns.
Filing is the process in which we submit our income, tax paid and expenses to the government. You can file tax online or by going to FBR office to become a tax filer.
Benefits of Tax filing
People who file tax get regular discounts on various stuff like:
- When purchasing something like car, they get exemption on the tax paid on it
- Reduction in the fees on bank transactions
- Return of paid tax up to certain percentage when you submit the receipts and tax returns to the government
- Your money is filed and makes it harder to do corruption, as you’ve paid tax already
So the thing is, most people are either not-eligible for tax, or else are already paying tax on their income. Your tax might already get deducted by your employer from your regular pay. Then why not submit your tax returns and become a legal tax filer?
Tax filing is really important. Government has extended the date for filing tax returns for this year till 15th december 2016. So avail the chance and submit your tax returns!