ADMIN

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, August 31, 2026. — ReutersTanker was one of two hit off Oman late on Monday.Bahri vessels have previously been hit off Oman and in Red Sea.Releads with Saudi Arabia saying Iran attacked the vessel.Saudi... Source: Geo News

Former pop star Gary Glitter to stand trial over child abuse allegations in 2027Gary Glitter, a former pop star of the early 70s, has pleaded not guilty to the child sexual abuse charges at a London court on Wednesday, September 2, 2026. The 82-year-old rock... Source: Geo News

OpenAI Sam Altman slams Meta smart glasses as ‘very uncomfortable’In a recent interview, OpenAI’s CEO Sam Altman bluntly stated his discomfort with Meta smart glasses. While talking on tech journalist Alex Heath’s “Sources Podcast,” Altman said:... Source: Geo News

Who’s Pamela Cisneros? Full details about woman who killed Bank of America’s VP Erin PiacentiThe suspect in the fatal stabbing of a Bank of America executive has been identified as 49-year-old Pamela Cisneros of Queens, New York. She was shot dead on the spot by police... Source: Geo News

Splinters of ice peel off from one of the sides of the Perito Moreno glacier near the city of El Calafate in the Patagonian province of Santa Cruz, southern Argentina. — Reuters/FileClimate change is accelerating the loss of glaciers and increasing the risk of devastating... Source: Geo News

Justice, 33, opens up about 'one of the most terrifying experiences of my life'Victoria Justice has a newfound appreciation for life as her mother, Serene Reed, recovers from a “serious health scare.” In an emotional Instagram statement published on Tuesday, August 1,... Source: Geo News

King Charles set for massive payday after secret 27m switch-upKing Charles has just received a major update on his annual earnings following a £27 million boost and major switch-up to his duties. The 77-year-old receives annual core funding from the Sovereign Grant, and... Source: Geo News

Travis Kelce gushes over wedding day with Taylor Swift: 'Married man!'Travis Kelce's first ever podcast episode after the Taylor Swift wedding just came out, and much to fans' happiness it began with a debrief of their big day. Jason Kelce left the introductory... Source: Geo News

Complete step-by-step guidance for SMEs in Pakistan on NTN registration, IRIS return filing, financial records, tax calculation, Wealth Statement, payment and timely income tax compliance. Income Tax Return Filing Process in Pakistan – Complete Step-by-Step Guide for SMEs Introduction Filing an Income Tax Return is an important part of running a compliant business in Pakistan. Small and Medium Enterprises (SMEs), traders, manufacturers, service providers, freelancers and other businesses should maintain proper financial records and fulfill their applicable tax filing obligations. The Federal Board of Revenue (FBR) uses the IRIS online system for income tax registration and online return filing. FBR states that e-enrollment provides the taxpayer with an NTN or registration number and access credentials for IRIS. (Federal Board of Revenue) This guide explains the income tax return filing process for SMEs in Pakistan step by step, including registration, required documents, preparation of financial information, filing through IRIS, tax payment, record keeping and common mistakes. 1. Understand Your Business Tax Status Before filing your return, first identify how your business is legally structured. An SME may operate as: Sole Proprietorship / Individual Business Partnership / Association of Persons (AOP) Private Limited Company Single Member Company Other company structures The filing requirements and applicable return forms can differ according to the taxpayer's legal status and type of income. 2. Obtain NTN / Register with FBR The first major step is ensuring that your business or taxpayer is properly registered with FBR. For individuals, the CNIC is used as the NTN/registration number after e-enrollment. For AOPs and companies, FBR issues a separate registration/NTN number. (Federal Board of Revenue) Basic information generally required For an individual/business owner, FBR registration may require: CNIC Mobile number registered against CNIC Email address Bank account information Business address Evidence of ownership or tenancy of business premises Recent paid utility bill of business premises, where applicable FBR's current registration guidance specifically lists bank-account evidence, business premises evidence and a recent utility bill among the documents required for individual online registration. (Federal Board of Revenue) For AOP / Partnership Additional documents can include: Partnership deed Registration certificate from Registrar of Firms, where applicable CNICs of partners AOP authorization letter AOP bank account information Business premises information For a Company Documents can include: Certificate of incorporation CNICs of directors Company authorization letter Company email Company bank account information Business premises information Recent utility bill 3. Create or Access Your IRIS Account Income tax returns are filed electronically through the FBR IRIS system. After registration, taxpayers can log into IRIS using their NTN/registration number and password. If an NTN already exists but IRIS credentials have not been obtained, FBR provides an "E-enrollment for Registered Person" facility. (Federal Board of Revenue) Important Keep your: IRIS username/NTN Password Registered mobile number Registered email address secure. Do not share your IRIS password or OTP with unauthorized persons. 4. Collect All Business Documents Before Filing Do not start preparing the return without first collecting your financial records. For an SME, prepare the following information where applicable: Sales and Revenue Sales invoices Cash sales Credit sales Online sales Service income Commission income Other business income Business Expenses Collect records for: Purchase of goods/raw materials Salaries and wages Rent Electricity Gas Telephone and internet Transportation Freight Repairs and maintenance Marketing and advertising Professional fees Bank charges Office expenses Other allowable business expenses Banking Records Keep: Business bank statements Deposit records Payment records Cheque information Online transaction records Assets Prepare details of business assets such as: Machinery Furniture Computers Vehicles Equipment Property Other fixed assets Liabilities Record applicable: Business loans Bank financing Supplier payables Other outstanding liabilities 5. Prepare Your Financial Information Before entering information into IRIS, prepare a simple financial summary. For example: Total Sales / Revenue Minus: Allowable Business Expenses Equals: Business Profit / Loss The taxpayer should ensure that the figures entered into the return are supported by proper records. For companies and larger SMEs, professionally prepared financial statements may be necessary depending on the entity, applicable law and filing requirements. 6. Review Your Bank Transactions Bank statements should be reviewed before filing. Check: Total deposits Business receipts Personal transactions Loan proceeds Transfers Supplier payments Major purchases Tax payments Other significant transactions Do not automatically treat every bank deposit as business sales. Each significant transaction should be properly identified and accounted for according to its actual nature. 7. Prepare Income Tax Return Log into IRIS and select the appropriate income tax return for the relevant tax year. FBR's IRIS guidance states that taxpayers complete the Return of Income and, where applicable, the Wealth Statement / statement of assets and liabilities. (FBR Urdu) The information entered may include: Business income Salary income, where applicable Property income Other income Business expenses Tax deductions Tax credits Tax already deducted/paid Assets Liabilities Other required information The exact fields depend on the taxpayer's category and the applicable tax year's return form. 8. Complete the Wealth Statement Where Applicable For individuals who are required to submit a Wealth Statement, this is an important part of the filing process. The statement may include: Assets Cash Bank balances Property Vehicles Investments Business assets Other personal assets Liabilities Loans Borrowings Other liabilities Personal / Household Information Relevant expenses and other information may also be required. Wealth Reconciliation One of the most important checks is reconciliation between the current and previous year's wealth. FBR explains that the Wealth Statement must reconcile the increase or decrease in wealth with income and expenses; failure to reconcile can prevent successful submission. (FBR Urdu) Do not simply enter estimated figures to force reconciliation. Investigate the difference and correct the underlying information. 9. Enter Tax Already Deducted or Paid An SME may have already paid or suffered tax during the year. Depending on the circumstances, records may include: Withholding tax Advance tax Tax deducted by customers Tax collected by banks Tax deducted on certain transactions Tax paid through challan/PSID Other applicable tax payments Keep evidence of these amounts and enter them correctly in the applicable section of the return. 10. Calculate Tax Liability After entering income, expenses and applicable adjustments, IRIS will calculate the relevant tax position based on the information entered and applicable rules. The result may show: Tax payable Tax already paid Refund position Zero tax liability Important Do not assume that "no tax payable" means that no return is required. A taxpayer can have filing obligations even when the final tax payable is zero, depending on the circumstances. 11. Review the Complete Return Before clicking submit, carefully review the return. Check: CNIC/NTN Tax year Business name Business activity Sales Expenses Profit/loss Bank information Assets Liabilities Withholding tax Tax payments Tax credits Wealth statement Reconciliation A small typing error can create problems later. 12. Submit the Return Through IRIS Once all required information has been completed and verified, submit the return electronically through IRIS. FBR states that successful submission is confirmed when the relevant Return of Income and Wealth Statement tasks move from the Draft folder to Completed Task. (FBR Urdu) Always save evidence of filing Keep: Filed return Acknowledgement Submission confirmation Tax payment receipt PSID/CPR where applicable Supporting financial records 13. Pay Tax If Tax Is Payable If the return shows tax payable, make the applicable payment through the prescribed FBR payment process. Keep the payment evidence with your tax records. The taxpayer should verify that the payment has been correctly reflected in the relevant tax account/record. 14. Check Your Active Taxpayer Status After filing, taxpayers should check their status on the applicable Active Taxpayer List (ATL) where relevant. Being an active taxpayer can be important for businesses because tax rates and withholding requirements may differ depending on taxpayer status under applicable law. 15. Keep Proper Business Records SMEs should not consider tax filing complete simply because the return has been submitted. Maintain organized records of: Sales invoices Purchase invoices Expense receipts Bank statements Payroll records Tax deductions Tax payment receipts Assets Loans Agreements Filed tax returns Wealth statements Supporting documents Proper record keeping makes future returns, audits and financial planning much easier. Important Income Tax Filing Deadlines FBR's current published due dates state: Taxpayer General Due Date Individual On or before 30 September AOP On or before 30 September Company On or before 31 December Company with special tax year On or before 30 September These are the general dates published by FBR; taxpayers should always check the applicable tax year's official notification for any changes or extension. (Federal Board of Revenue) What Happens If You File Late? Late filing can have consequences under applicable tax law, including penalties and possible changes in taxpayer status. FBR has also stated that failure to file by the due date can result in late-filer status and penalties under the law. (Federal Board of Revenue) If a return is filed after the deadline, FBR provides a process for filing the return after the due date. (Federal Board of Revenue) Best practice: Do not wait until the final days. Start preparing your accounts and documents well before the deadline. Common Mistakes SMEs Should Avoid 1. Mixing Personal and Business Transactions Using one bank account for everything can make financial reconciliation difficult. 2. Not Keeping Sales Records Every business should maintain proper evidence of its sales and revenue. 3. Claiming Unsupported Expenses Business expenses should be properly documented and should meet the applicable requirements. 4. Ignoring Bank Statements Bank transactions can be important supporting evidence for tax records. 5. Incorrect Wealth Statement An unreconciled Wealth Statement can prevent successful filing. 6. Entering Random Figures Never enter figures simply to complete a form. Financial information should be based on actual records. 7. Filing Without Checking Withholding Tax Review applicable tax deductions and available records before submitting. 8. Waiting Until the Deadline Last-minute filing increases the risk of errors and technical problems. 9. Sharing IRIS Credentials Never give your password or verification codes to unauthorized people. 10. Not Saving the Filed Return Always keep a copy of the final return and acknowledgement. SME Tax Filing Checklist Before submitting your return, use this checklist: ☐ CNIC / NTN available ☐ IRIS account working ☐ Business information updated ☐ Sales/revenue calculated ☐ Purchase records prepared ☐ Business expenses calculated ☐ Bank statements reviewed ☐ Assets prepared ☐ Liabilities prepared ☐ Withholding tax information checked ☐ Tax payments checked ☐ Income Tax Return completed ☐ Wealth Statement completed, where applicable ☐ Wealth reconciliation completed ☐ All information reviewed ☐ Tax payable checked ☐ Tax paid, where applicable ☐ Return successfully submitted ☐ Acknowledgement saved ☐ Supporting documents safely stored Why Income Tax Filing Is Important for SMEs Proper tax compliance can help an SME: Maintain a better financial record Demonstrate tax compliance Build credibility with banks and financial institutions Support business financing applications Maintain an organized business profile Avoid unnecessary penalties Manage business finances more effectively Prepare for future expansion Support documentation for business transactions Maintain a transparent financial history When Should an SME Hire a Tax Professional? Professional assistance can be useful when an SME has: Multiple sources of income Large business turnover Complex expenses Significant assets Business loans Import/export transactions Multiple business partners Employees and payroll Withholding tax obligations Tax credits or complex adjustments Previous unfiled returns Tax notices from FBR Audit-related matters A tax professional can also review the business records before filing and help identify errors or missing information. Final Advice for SME Owners Income tax filing should not be treated as a once-a-year form-filling exercise. SMEs should maintain their accounts and supporting documents throughout the year. The best approach is: Maintain Records → Calculate Income → Record Expenses → Reconcile Banks → Prepare Assets & Liabilities → Review Tax → File Through IRIS → Pay Applicable Tax → Save Evidence FBR provides official guidance for registration and income tax return filing, and taxpayers should use the applicable rules and forms for their particular tax year and business structure. (Federal Board of Revenue) Disclaimer: This article is intended for general educational guidance for SMEs in Pakistan. Tax treatment can vary according to business structure, income type, tax year and applicable law. For complex cases, taxpayers should consult a qualified tax practitioner and verify the latest requirements directly with FBR.

The Mayor of London, Sadiq Khan, switches on the first ever Ramadan lights installation at Piccadilly Circus on the eve of the first day of Ramadan, in London, Britain March 21, 2023. — Reuters DVLA letters were sent to Gordon Ramsay’s restaurant.Khan was convicted... Source: Geo News

GTA 6 weapon system overhaul limits guns, adds car trunk and smarter NPCs: details insideGrand Theft Auto VI 'Extended Look' has sparked buzz on social media since its premiere on Netflix on August 27. Rockstar Games has made one thing clear with the showcase release, and... Source: Geo News

A captured stingray fish. — AFP/FileKARACHI: Large numbers of stingrays are being hunted along Karachi’s coast, raising concerns among experts over a potential threat to their population. Locally known as pittan, the stingrays are being caught in large numbers as... Source: Geo News

Sean and Charlotte have been together since 2007 John Lennon and Yoko Ono’s only son has become a father. On Tuesday, August 1, Sean Ono-Lenon, 50, and his longtime partner Charlotte Kemp Muhl, 39, announced the birth of their son, Aurelius, though they did not reveal... Source: Geo News

Taylor Swift, Travis Kelce's unseen wedding picture wins internetTaylor Swift and Travis Kelce's wedding pictures is surely one of the major curiosities of the internet in 2026, and when some unseen pictures of them emerged, Swifties were caught off guard. The... Source: Geo News

Giovanni clashed with Craig, insisting that his aim wasn't to dredge up the scandal by writing his memoir.Giovanni Pernice was caught in a heated argument with Craig Doyle and Christine Lampard on This Morning on Tuesday. The professional dancer appeared on the show to promote his... Source: Geo News

Taylor Swift sets alarms off with new interview announcementTaylor Swift has sparked a new, and intense than ever buzz for the Debut re-release with a new announcement. The 36-year-old pop superstar will be appearing for a new interview on iHeart Country Radio to... Source: Geo News

Olivia Rodrigo debuts ‘The Cure’ Exhibit with special performanceOlivia Rodrigo brought The Cure to life in more ways than one. On Tuesday night, September 1, the 23-year-old pop star launched her new Grammy Museum exhibit with an intimate performance and a candid... Source: Geo News

Katie has been divorced three times previouslyKatie Price's fourth marriage to Lee Andrews has also come to an end, leaving her mentally and financially drained. The former glamour model, 48, shocked her fans and family after tying the knot with the self-proclaimed businessman from... Source: Geo News

Prince Harry, Meghan trigger debate with new shocking demands in UKPrince Harry and Meghan Markle's lavish house-hunting demands have sparked backlash as the couple's alleged wish list includes a nine-bedroom estate, a film studio and extensive private land. Royal... Source: Geo News

Alexander Zverev survives five-set thriller to avoid US Open first-round exitAlexander Zverev, the German tennis star, mounted back at the eleventh hour to escape a first-round exit at the U.S. Open on Wednesday, September 3, 2026. The top seed, Zverev, turned the match around... Source: Geo News

Slain digital media executive Hina Javed. — Facebook/@Amala_khanzayAsghar, Zeeshan sent to jail on judicial remand.Domestic worker confessed to strangling Hina: sources.Hina's body found tied to bathroom shower.RAWALPINDI: A district and sessions court in Rawalpindi on... Source: Geo News

Pakistan's Imam-ul-Haq reacts after sustaining an injury on the opening day of the first Test against England at Headingley Cricket Ground in Leeds, northern England, on August 19, 2026. — AFPLONDON: Pakistan batter Imam-ul-Haq could potentially face a ban of up to two years over... Source: Geo News

Princess Kate and Wales children extend peace offer for Archie, LilibetPrince Archie and Princess Lilibet could be able to meet their cousins very soon and one royal can make it happen. Prince William and Prince Harry are estranged and haven’t had any contact since years and... Source: Geo News

Robert Pattinson reveals how he nailed Chris Hansen’s voice Robert Pattinson apparently spent so much time practicing Chris Hansen’s voice that strangers had no idea what was happening. The Twilight alum revealed how he prepared to play the To Catch a Predator host... Source: Geo News

Queen rushed to hospital after health deterioratesQueen Mette-Marit was taken to the National Hospital in Oslo on Tuesday night by her husband King Haakon. The 53-year-old Queen Consort, who pulled out of her husband's swearing-in ceremony at the last minute, was driven to the... Source: Geo News