Tax term

Tax year

A statutory period used to report income and calculate tax.

Pakistan’s normal tax year runs twelve months to 30 June and is labelled with the calendar year in which it ends, so the year that closed on 30 June 2026 is 2026-27. Almost everything in a return hangs on that label: which schedule is applied, which withholding is credited, and which dates open and close the wealth statement. A special tax year can be allowed for particular taxpayers on different dates, which is one reason a generic checklist misleads people. The error appears when a reader computes tax from the last table they happened to read. The 2025-26 salaried schedule in this repository carries a section 4AB surcharge of 9% once taxable income passes Rs 10,000,000, while the 2026-27 schedule carries none after the Finance Act 2026 withdrew it. Filing for the earlier year needs the earlier year’s rules. Confirm the year, the schedule and any due date with FBR.

Check the legal meaning in context and against the relevant tax year.