00:00In the name of Allah, the most Gracious, the most Merciful
00:02Peace be upon you
00:04Today's topic is
00:06How to file the tax return of property income
00:10Those who have income
00:12Whose source of income comes from property
00:15How to file their income
00:17We will learn in today's video
00:19Before starting the video
00:21Subscribe to the channel, like, share
00:23Click on the bell icon
00:25So that every new video of ours
00:27Can reach you first
00:29So let's start the video
00:31We will come to Google
00:33Here we will write FBR
00:35IRS
00:39See here, IRS 2.0
00:41Click here
00:49In this way, the website is open
00:51And here we will write ID and Password
00:55And click on Login
00:58In this way, the portal will open
01:00And here you are looking at the top
01:02We have a declaration
01:04Click here
01:06And this original
01:08Returns and statements
01:10Click here
01:11And this
01:12Normal return
01:14Individual, AOP and Company
01:16This normal return is written
01:18Here we can also click directly
01:20And open the return
01:21So here
01:22One way you can go to the declaration
01:24And select
01:25Second way
01:26You will click directly here
01:28As soon as you click
01:30This text period will be asked from us
01:32So this text period
01:33We will write
01:34We will write present
01:36Because it is 2024
01:38We will write here
01:39This text period is telling
01:41July 1, 2023 to June 30, 2024
01:44Click on this
01:46And continue
01:50After continuing
01:51We have this
01:52Income tax return
01:53The form of 2024 has been opened
01:55You will see on the left
01:57We have some options
01:59If your salary is increasing
02:01You will click on this tab
02:03If your property
02:05Which is today's topic
02:06You will write everything here
02:08Business needs
02:10Capital gain
02:11Other source
02:12Foreign source
02:13Or agricultural income
02:14So far
02:15Source of income
02:16Whatever it is
02:17Will be declared in these tabs
02:19So today's topic
02:21We will learn about property
02:22So here
02:23You will click on property
02:24And this
02:25Receipts and deductions
02:26You will click on it
02:30After coming here
02:32We
02:33First of all
02:34You will see this
02:35Received and receivable
02:36This is the rent
02:38You have written the whole year
02:39Whatever rent
02:40You have written
02:41The whole year
02:42Whatever rent
02:43Received
02:44You will write here
02:45This
02:46The time period
02:47Will be
02:48July 1, 2023 to
02:50June 30, 2024
02:52During this period
02:54You have
02:55Whatever rent you have received
02:57We will declare it here
02:59So we will click here
03:01For example
03:02I have taken the whole year's rent
03:05That is 15 lakh rupees
03:08So this
03:0915 lakh rupees
03:10I entered here
03:12And calculated it together
03:16As soon as
03:17Rent 15 lakh rupees
03:18I wrote
03:19This system
03:20Automatically
03:211 by 5th
03:22Building for repairs
03:24You will get the deductions
03:261 by 5th
03:27Whatever rent
03:281 by 5th
03:29You will get the deductions
03:31Because in this
03:32Building repair
03:33Maintenance
03:34That's why
03:35You will get the deductions
03:3715 lakh rupees
03:38I have taken
03:39The whole year
03:40Property
03:41Property income
03:42And from that
03:433 lakh rupees
03:44You will get the deductions
03:46Through repair and maintenance
03:48So you have
03:49What is the net income?
03:51Which is 12 lakh rupees
03:54We will go here
03:55Tax chargable
03:56And payments
03:58We will come here
03:59And you will click on this competition
04:03Now you see
04:0412 lakh rupees is written here
04:07How much did I declare?
04:0815 lakh rupees
04:10And here
04:1112 lakh is coming
04:12It means
04:15The difference is
04:163 lakh rupees
04:17We will get the deductions
04:19In which month
04:20Repair and maintenance
04:22So the net income
04:23Is 12 lakh rupees
04:24Now
04:25Now this 12 lakh rupees
04:27Will be seen
04:28In which slab rate
04:29Which slab rate
04:30Will come
04:31That will be taxed
04:33Not 15 lakh
04:34Will not be considered
04:35This 12 lakh
04:36Will be considered
04:39So
04:40We will scroll
04:41See here
04:42The tax chargable
04:43For the whole year
04:44Is 75 thousand rupees
04:45Then
04:46You have given the building
04:47To someone on rent
04:48And
04:49He is also deducting
04:50Withholding
04:51Income tax
04:52Then
04:53He is collecting
04:54Your tax
04:55By himself
04:56Then
04:57You don't need to
04:58Collect tax
04:59At the end of the year
05:00If you
05:01Didn't pay
05:02Tax
05:04Then
05:05When the year
05:06Will end
05:07Then this
05:08Will become your liability
05:09So the charge
05:10For this
05:11You
05:12As soon as
05:13You click on
05:14This
05:15You will get
05:16The charge
05:17You can
05:18Print out
05:19The charge
05:20And
05:21You can deposit
05:22In the bank
05:23The second way
05:24Through online
05:25Banking
05:26As you like
05:27Withholding
05:28Is done
05:29Along with
05:30Tax
05:31So
05:32You have to
05:33Take the evidence
05:34Which withhold
05:35Your tax
05:36And
05:37The one
05:38Which you have to
05:39Declare
05:40You will come
05:41Here
05:42In adjustable
05:43You will come
05:44In adjustable
05:45You will scroll
05:46A little
05:47Here
05:48You are seeing
05:49The property
05:50Rent of
05:51Immovable property
05:52Under section
05:53155
05:54This is the
05:55Plus button
05:56You will click
05:57Here
05:58Here
05:59The address
06:00Of the property
06:01Will come
06:02For example
06:03I will write
06:04ABC
06:05That this
06:06Is the
06:07Property
06:08Here
06:09You have to
06:10See
06:11Is it residential
06:12Is not
06:13Hotel
06:14The
06:15Is it
06:16Is it
06:17Is it
06:18Good
06:19Is it
06:20Is it
06:21Is it
06:22Is it
06:23There
06:24Is it
06:25Here
06:26You will
06:27Click
06:28Is it
06:29Good
06:30Is it
06:31Good
06:32And
06:33The
06:34This
06:35Is
06:36The
06:37So
06:38This
06:39Is the
06:40Perfect
06:41We will come back to the competition
06:48You can see that there is no admitted income tax here
06:52In fact, it is in the withholding income tax column
06:56Because this tax was deducted by my withholding agent
07:00Now you must have understood that if you have not deducted the tax from your withholding agent
07:08Then you will have to pay the liability at the end of the year
07:13If the withholding agent is deducting at the same time
07:17Then you do not have to pay the tax at the end of the year
07:22In my case, the tax was deducted
07:26I claimed 75,000 rupees total tax was withheld
07:32What other taxes can we claim that are deducted throughout the year?
07:39We will click on adjustable tax
07:43First of all, if your status is inactive
07:47Then the bank will deduct your tax on your advance tax on cash withdrawal
07:55We will write here that until your status is inactive for the whole year
08:01The amount of tax deducted by the bank on your transactions
08:06They will claim the amount of tax here
08:09Similarly, we will click on this plus and submit the information
08:13And the amount will be claimed in the same way as I have claimed 75,000
08:20The second tax that we claim is the private vehicle tax
08:28We pay the token taxes of the vehicles every year
08:32Normally, you get a lifetime token
08:35If you have paid one time, then you can claim it here
08:40If you are paying a little every year, then you can claim it
08:46Next is the telephone tax
08:48We will claim the tax here
08:50Cell phones that you easily load
08:52Net packages that you install
08:54The tax deducted by loading them
08:58You will claim it here
09:00Now the question in your mind will be
09:02How will we know how much tax has been deducted?
09:05First of all, you should know which network you are using
09:11For example, Bujjaz or Zong
09:14You can go to their apps
09:18There are options for tax deduction certificate
09:23You can take it from there
09:24You can call their helpline and ask for tax deduction
09:29After that, if you have installed Neatel or Pixel as an example
09:35Every month their tax is deducted
09:38We can claim it here
09:40There is a very easy way to do it
09:42We will click on the plus sign
09:43We will write the reference number and consumer number
09:46The address will be displayed below
09:49Similarly, the tax deducted by us is 236
09:54We can claim it here
09:59After that, we will come back to the computation
10:02We will click here
10:04You will see a form with a summary
10:08After coming back to the computation
10:11We will see a summary
10:15For example, my source of income is from property
10:19How much income did I get?
10:22I had declared 15 lakhs
10:25But I got a deduction of 3 lakhs
10:28My net income is 12 lakhs
10:31The slab rate of the property will also be 12 lakhs
10:38Not 15 lakhs
10:39According to 12 lakhs, my tax will be Rs. 76,000
10:45Rs. 76,000 is deducted by my withholding agent
10:51I have claimed it here
10:53If this tax was not deducted
10:56If this tax was my liability
10:59Which you were seeing here
11:01Admitted income tax
11:03I have to pay it at the end of the year
11:06The second thing we have is the wealth statement
11:12We will click here
11:14After clicking on the wealth statement
11:16First comes personal expenses
11:19After personal expenses
11:22You will see that we are getting different fads
11:25For example, if you have a house on rent
11:28You will write the rent that you have paid for the whole year
11:34After that, the taxes that have been deducted or paid for the whole year
11:40You will write the expenses here
11:44Here you are seeing vehicle maintenance
11:47You will write the expenses
11:49Traveling, Electricity, Water, Gas, Telephone
11:53Assets, Insurance and Security, Medical, Educational, Club
11:58Now you can write all these expenses separately
12:04Or you can write it in lump sum amount
12:07For example, my whole year spent
12:10In which God will tell all the expenses
12:14And apart from this, there is also the expense of the kitchen at home
12:17For example, I write the lump sum amount as 1.1 million rupees
12:25Now this is my whole year's expenses
12:29So we will keep calculating
12:31My net income was 1.2 million rupees
12:36And we will write that our expense is 1.1 million rupees
12:44After this, you will come to the left side and see again
12:47Personal Assets and Liabilities
12:49You will click here
12:51Similarly, when you purchase any agricultural land
12:54Or you get inheritance or gift
12:57You will click on the plus here
12:59You will write all the details of it
13:01And you will write the cost here
13:07Similarly, if you have any commercial, industrial, residential property
13:11Which is other than business
13:14So all the properties in which plot, flat, etc. come
13:20You will click on the plus like this
13:23You will write the address above
13:25You will write the area and dimensions below
13:28And in which city you will write
13:30After writing, you will submit
13:32After submitting, you will have an option here
13:36You will write the cost at which you have purchased
13:42After this, you will see this
13:44You have come to the investment
13:46If you have any bank accounts in this room
13:49You will write the closing balance of 30 June
13:55You will go to the plus button
13:57You will write the IBM number here
13:59And you will give some details
14:01And you will click on submit
14:03And similarly, the closing balance of 30 June
14:06Of any account
14:08You will write it here
14:10After this, you have come to the debit
14:12If you have given a loan to someone
14:15Or if you have receivables
14:17Or if you have rented a house
14:20Then you must have paid some security
14:22So that is your assets
14:24That's why you will write it here
14:26You will see this
14:28It is written here
14:30If you have a car or a motorcycle
14:33Then you will write it here
14:35Similarly, as I told you before
14:37You will click on the plus button
14:39You will write the registration number
14:41And below, you will tell which model it is
14:44After writing, you will submit
14:46After submitting, you will write the cost
14:50At which you have purchased
14:52You will write it here
14:54If you have a precious possession
14:56Then you will write it here
14:58If you have a household
15:01Then you will write it here
15:05And you will write its amount
15:07After this, if you have a personal item
15:11Then you will write its cost here
15:15You will see cash at the end
15:17After that, there is any other assets
15:21Except all the above things
15:24If there is anything in your name
15:27Then you will click here
15:29You will give its details
15:31You will submit
15:32And you will write its cost
15:35If you purchase any asset in someone else's name
15:39Then you will click on the plus button
15:41You will write its details
15:43You will click on submit
15:45And you will write the cost
15:48At which you purchased
15:51You will write it here
15:53In this way, your total assets will be made
15:58Within Pakistan
16:00If you have any property outside of Pakistan
16:04Then you will click on the plus button
16:06And you will give its details
16:08If you have any house, flat, land outside of Pakistan
16:13If you have any commercial building
16:16If you have any offices
16:17Then you will declare it here
16:20If you have any capital or voting rights in a foreign company
16:25If you have any voting rights in a foreign company
16:28If you have any capital investment
16:30Then you will declare it here
16:33In this way, your total assets are made within Pakistan
16:38If you have any asset outside of Pakistan
16:42If you have a house or shares of a company
16:46If you have any assets outside of Pakistan
16:48Then you will click on the plus button
16:50And your total assets will be made here
16:56After this, you will see the liability section
17:00In this row, you will write
17:02If you have taken a loan from someone
17:05Then you have to pay it
17:09And similarly, if you have rented a property
17:13If you have taken a security from someone
17:16Then you have to declare it here
17:18Click on the plus button
17:19And after writing all these things
17:21You will write its amount here
17:27Let's go to the reconciliation of net assets
17:31After coming here, you can see
17:33The current net assets are coming here
17:36The previous closing balance will be coming here
17:42The closing of the previous tax year will be shown here
17:51After that, we talked about our property income
17:55Which comes under the normal tax regime
17:57Here we will see that
17:5912 lakh rupees income
18:01I want my property
18:03We will declare it here
18:05Apart from this, if there is any income
18:08Apart from this, if there is any income
18:11Which is exempt
18:12You will declare it here
18:15And if there is any income
18:17Which is fixed and final
18:19The final tax regime comes
18:21That income will be declared here
18:24Remittance etc.
18:26If you are getting it in your account
18:28By itself or relative
18:30Then the whole year's remittance
18:32The tax period is 2024
18:35Its time is from July 1, 2023 to June 3, 2024
18:39During this period, if there is any foreign remittance in your account
18:43In legal way
18:45Then you will declare it here
18:47If you have got something in inheritance
18:50And if you have got it in cash
18:53Or if you have got some land or some amount
18:55Then you will declare it here
18:58Next is gift etc.
19:00You will write all the things like this
19:03This upper column is the inflow
19:07The money that comes to you
19:11Whether it is an asset or anything
19:15It becomes your inflow
19:17Outflow is your expenses etc.
19:20As I said, these are my household expenses
19:23All expenses are included in this
19:25Like electricity, gas
19:28Education, medical
19:31Means all the expenses
19:33Including kitchen expenses
19:35You are seeing in the outflow
19:37These are all expenses
19:42After this, if you have given a gift to someone
19:47To your relatives
19:49You have to declare that amount here
19:53Rest you are seeing
19:55Loss on disposal and assets will come here
19:58Adjustment in outflow will come here
20:03After this, you are seeing
20:05This is unreconciled amount
20:07Which is shown here
20:09If it is coming in minus
20:12Then you have to copy and paste it in cash
20:15In personal assets and liabilities
20:23Because it is a balancing figure
20:24If it is a plus
20:26Then it is your shortfall
20:28So you have to see this return again
20:30Because it is coming in minus
20:32So we will copy it here
20:34Will go to personal assets and liabilities
20:37And at the end I told you that you have to deal with cash
20:40So we will deal with cash till the end
20:43Will paste here and calculate
20:46Similarly, when we come back to reconciliation
20:50You will see that the unreconciled amount will be 0
20:55As long as there is any amount greater than 0
21:00Your return will not be correct
21:04After checking everything
21:09You have to click on save and submit
21:13Similarly, if you click on the submit button
21:16It will ask you for a 4-digit pin
21:19It will ask you for a 4-digit pin
21:21And click on submit
21:23This way your return will be submitted
21:25I hope you liked today's video
21:28See you in the next video
21:30Allah Hafiz
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