Income Tax Refunds

Introduction:

A taxpayer who has paid tax in excess of the amount which the taxpayer is properly chargeable under this Ordinance may apply to the Commissioner for a refund of that excess amount.

Process of Income Tax Refund:

(i) An application for a refund under sub-section (1) of section 170 of ITO, 2001 shall be

(a) made in the prescribed form;

(b) verified in the prescribed manner; and

(c) made within `{`three`}` years of the later of –

(i) the date on which the Commissioner has issued the assessment order to the taxpayer for the tax year to which the refund application relates; or

(ii) the date on which the tax was paid.

(2) Where the Commissioner is satisfied that tax has been overpaid, the Commissioner shall —

(a) apply the excess in reduction of any other tax due from the taxpayer under this Ordinance;

(b) apply the balance of the excess, if any, in reduction of any outstanding liability of the taxpayer to pay other taxes; and

(c) refund the remainder, if any, to the taxpayer.

(4) The Commissioner shall, within `{`sixty`}` days of receipt of a refund application under sub-section (1), serve on the person applying for the refund an order in writing of the decision `{`after providing the taxpayer an opportunity of being heard

How can Pakistan Business Consultants help you?

Pakistan Business Consultants brings years of experience and expertise in facilitating of tax matters, compliance and other issues. We have already made tax refunds for numerous companies and individuals according to the rules and regulations. With a deep understanding of the complexities involved, we are equipped to navigate the details of the process efficiently. Our extensive knowledge allows us to make informed decisions that optimise the working process for our clients.
Trust Pakistan Business Consultants for comprehensive assistance throughout the compliance.
Contact us now! For free advisory and get a quote for your up to date compliance.

Process of Income Tax Refund