How to File Income Tax Return on Rental Income in 2024 | Property Income Tax Return | FBR Iris 2.0
How to File Income Tax Return on Rental Income in 2024 | Property Income Tax Return | FBR Iris 2.0
In this video, you will learn how to file Income Tax Return on Rental Income in 2024. Rental Income from Property in 2024. In this video, you will learn how to File Income Tax Return 2024.
In this video, you will learn how to file Income Tax Return on Rental Income in 2024. Rental Income from Property in 2024. In this video, you will learn how to File Income Tax Return 2024.
Transcript
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