IRIS - FBR Tax returns for Overseas Pakistani for previous missed years
Salam / Hello All,
Read a recent post of a somewhat similar condition for seeking advice from a user, so i thought may the community knowledge can guide me as well.
I am a non-resident since mid 2015, working outside Pakistan. I didn't keep an active check for filing tax returns since that time. Honestly i wasn't very well aware of the information that needs to be filled in , even if I am not employed in Pakistan with salary income.
I had the shares and mutual funds investment for past some years however I never correctly posted the income earned in the tax return form due to unclear knowledge, assuming that since I don't have salary income I don't need to fill in the rest.
Have submitted some tax returns in the past years with zero income and without wealth statement just to ensure I am in ATL as on 30th June. Similarly didn't keep an active record of bank accounts closing balances as on 30th June with remittances.
As i know if I would head for buying car or real estate or the likes, now I need to declare the source of income and correct record for previous years in case i need to prove the legibility of the source of funds.
I need advice for the following or recommendation of some reputable reliable tax advisor to guide a structured approach and also to handle FBR correspondence if any in the future - havent received any yet (not the people only who offer services in filing tax return for the year).
How to and for how long do I need to correct the record in the past. I may not be able to get very old data from banks very easily or online, takes follow up in person being in Pakistan.
How long in the past is it allowed to edit and update the previous records on IRIS.
I may have some FRC (Foreign Remittance/Proceed Realization Cert) from banks in past years, however getting very old FRCs is not possible from the banks as I checked.
Is there any exemption from this process for Overseas Pakistanis.
Have always heard mixed opinions about it. Is it mandatory for Overseas Pakistani to declare wealth statement - as reconciling the wealth statement for the past years is going to be very cumbersome.
Is it recommended to declare foreign assets/income/expenses in wealth statement converted in PKR or only the money held in Pakistan needs to be declared.
Thanks for your views and guidance, i am sure it will help OSPs like myself for similar questions.
