Gujrat returns often involve manufacturing profit, export proceeds, property and money from relatives abroad. This page explains what to include.
Manufacturers
Show sales, purchases of raw materials, wages, power, rent and depreciation of machinery, with stock counted at 30 June. Match figures to sales tax returns.
Exporters
List export proceeds received and tax collected by banks. Depending on the regime, this tax may be final, in which case export income is not taxed again.
Professionals
Doctors, lawyers and teachers show salary and private practice income separately.
Remittances
Money from family members abroad, received through banks, is shown as receipts in the wealth statement.
Property
List all property owned, with cost. Sales during the year are reported with the gain and the advance tax paid.
Wealth Statement
Every asset and liability on 30 June, with the year's increase explained.
Getting the Return Right
Many Gujrat families hold property in the name of one person but paid for by another. The records should reflect who actually owns and paid for each asset.
Fan Dealers and Distributors
Distributors who buy fans from Gujrat manufacturers and sell to retailers across Pakistan show purchases, sales, freight and warehouse costs, and their input tax records support the purchase side.
Retired Overseas Workers
People who have returned from Europe with savings and pensions declare foreign pensions under the rules on foreign income, and list their property.
Also see tax consultant in Gujrat and NTN registration in Gujrat.
Frequently Asked Questions
Is export income taxed again in the return?
If the final tax regime applies, the tax collected on proceeds is the final liability.
How are remittances shown?
As receipts in the wealth statement.
Do I report property sold during the year?
Yes, with the gain and advance tax paid.