Income Tax Return for Pensioners | How to file Income Tax Return 2024 Online | Retired Person Return
Income Tax Return for Pensioners | How to file Income Tax Return 2024 Online | Retired Person Return
In this Video, you will learn how to file Income Tax Return 2024 for a Pension holder. You will also know about the tax exemption for pension holder person in FBR. So, follow this video step-by-step to learn to fill tax returns in 2024 for pension holders.
In this Video, you will learn how to file Income Tax Return 2024 for a Pension holder. You will also know about the tax exemption for pension holder person in FBR. So, follow this video step-by-step to learn to fill tax returns in 2024 for pension holders.
Transcript
00:00Assalam-o-Alaikum
00:03Today's topic is
00:05How to declare pension in income tax return
00:09If source of income is only pension
00:12and how to declare it in income tax return
00:14We will learn that today
00:16First of all, you will come here
00:18and write FBR
00:20space iris
00:22Click on it
00:24Here you can see iris 2.0
00:27Click on it
00:29FBR's website is open
00:34Here you will come
00:36First of all, you will write your login
00:38After entering your password
00:40Click on login
00:42After coming to FBR's portal
00:45Here you can see
00:47Declaration is written
00:49Click on declaration
00:51On the left you can see
00:53Click on return statement origin
00:55Here you can see
00:57Normal return
00:59Click on it
01:01After clicking on it
01:03It is asking about tax period
01:05Here you can see current time
01:072024
01:09We will write 2024 here
01:11It is showing
01:131st July 2023 to
01:1530th June 2024
01:17We will select it here
01:19and continue
01:21Income tax return form is open
01:23for 2024
01:25Today we will learn
01:27about
01:29pension income
01:31If it is source of income
01:33How to declare it in income tax return
01:35On the left side
01:37Here you can see
01:39Other source
01:41Click on it
01:43Here you can see
01:45Receipts and deductions
01:47Click on it
01:49After coming here
01:51Scroll it
01:53Click on it
01:55Here you can see
01:57Not and pension
01:59Here
02:01In 1st column
02:03Total amount
02:05Here you can see
02:07Pension is 15 lakhs
02:09Here
02:11Amount is
02:13Whole year
02:15Not month
02:17Whole year
02:19In 2nd column
02:21Exempt from tax
02:23Subject to fixed and final
02:25In this you should know
02:27Pension is exempt
02:29So we will write whole amount
02:31In exempt column
02:33Calculate it here
02:39Here we have written
02:41Pension which is
02:4315 lakhs
02:45Pension which is exempt
02:47In exempt column
02:49We will go to
02:51Tax
02:53Chargeable and payment
02:55In adjustable
02:57As soon as
02:59We will come here
03:01Tax period is
03:031st July
03:052023
03:07To 30th June 2020
03:09During this duration
03:11If you have done
03:13Income tax advance
03:15We will claim it
03:17As you know
03:19If your status is
03:21Inactive
03:23You will claim it
03:25Here
03:27If you have
03:29Motor vehicle
03:31If you have done
03:33Token tax
03:35Here
03:37Click on plus
03:39Submit
03:41Here
03:43Write
03:45On open text page
03:47We will claim it here
03:49After that
03:51If you are using mobile phone
03:53You can get certificate
03:55After getting tax certificate
03:57You will see
03:59During whole year
04:01How much amount
04:03You have loaded
04:05And how much tax was deducted
04:07All details are on tax certificate
04:09How much you have loaded
04:11You will write it here
04:13How much tax was deducted
04:15You will write it here
04:17After that
04:19If you are using mobile phone
04:21You can claim it
04:23If you are using internet
04:25You can claim
04:27Income tax advance
04:29You can claim it
04:31After that
04:33We will come here
04:35In competition
04:37In competition
04:39You will see
04:41We have no source
04:43We have no source of income
04:45We have no source of income
04:47We have written pension in exempt column
04:49We have no liability
04:51We have no liability
04:53We have no tax chargeable
04:59We are in adjustable
05:01All our taxes
05:03We have done advance income tax
05:05When we will claim
05:07Here
05:09You will see
05:11All taxes
05:13All taxes
05:15Refundable
05:17You can claim this refund
05:19Otherwise
05:21Next year
05:23You can adjust it
05:25After that
05:27We will come to wealth statement
05:29Personal expenses
05:31You will write in personal expenses
05:33If your house is rented
05:35You will write
05:37If your house is rented
05:39You will write
05:41All taxes
05:43You will write
05:45Running maintenance
05:47You will write
05:49Traveling expenses
05:51Electricity
05:53You will write
05:55Electricity expenses
05:57Water
05:59Gas
06:01Telephone
06:03Medical
06:05These are all expenses
06:07These are all expenses
06:09If you write separately
06:11It is better
06:13Otherwise
06:15Household expenses
06:17You can write
06:1912,00,000 rupees
06:2112,00,000 rupees
06:23We will claim it
06:29After that
06:31We will come to personal assets and liabilities
06:33Here
06:35If your
06:37Purchased
06:39You will declare it
06:41If you
06:43Purchased
06:45You will declare it
06:47Here
06:49Business capital
06:51You will declare
06:53Cost of animals
06:55You will declare
06:57Investment
06:59Here
07:01Accounts
07:03Closing balance
07:05You will write
07:07Pension account
07:09You will declare
07:11Bank name
07:13Bank account
07:15Closing balance
07:17You will write
07:23Loan
07:25You will declare
07:27Tax year
07:29Car
07:31Motorcycle
07:33You will declare
07:35Click on plus
07:37Registration number
07:39Submit
07:41Cost
07:43Precious
07:45Possession
07:47Gold
07:49You will declare
07:51Household expenses
07:53Furniture
07:55You will declare
07:57Personal items
07:59Cost
08:01Cash in hand
08:05If you purchased
08:07During the period
08:09You will declare
08:11Click on plus
08:13Detail
08:15Submit
08:17Cost
08:19You will declare
08:23Total assets
08:25You will declare
08:27Loan
08:29Click on plus
08:31Creditor
08:33Loan
08:35Detail
08:37Registration number
08:39Detail
08:41Name
08:43Bank account
08:45You will declare
08:47Submit
08:49Liability
08:5130 June
08:53Liability
08:57Total liabilities
09:01Reconciliation of
09:03Net assets
09:09Income declared as per
09:11Return for the year
09:13Subject to normal tax
09:19Income
09:21Income
09:23Pension
09:25Exam
09:27Pension
09:2915 Lakh
09:31Income
09:33Income
09:35Income
09:43Income
09:45Income
09:47Income
09:49Similarly, if any foreign emittance comes in your account, it will be claimed here.
09:55Inheritance will come, gift will come, and others etc.
10:01Similarly, here in Outflow, there are total expenses which I have already claimed here, expenses etc.
10:13Now you can see here, this unreconciled amount is coming, 3 lakhs.
10:18So how to balance this?
10:20You will come back here in Personal Assets and Liabilities, scroll down,
10:26you will come in Cash column, delete it from here.
10:29Now you can see here, cash has become zero.
10:32I have already told you that you have to see the cash at the end because it is a balancing figure.
10:39You will come back in Reconciliation of Net Assets, scroll down,
10:44here 27 lakhs are coming, we will copy it from here,
10:50and go back to Personal Assets, go to Cash and paste it.
10:59Now we will calculate it together.
11:02We will come back in Reconciliation.
11:06Now you will see, unreconciled amount is zero.
11:10Here our work is completed.
11:13After that, you have to press the save button here and click on submit.
11:19After clicking on submit, you have to enter 4 digit PIN here and click on submit.
11:25So in this way, your return will be submitted.
11:29I hope you liked today's video very much.
11:33Inshallah, see you in the next video. Allah Hafiz.