Business Bank Account Clause 10A
Business Bank Account Clause 10A: Presently, there is no definition of term “Business Bank Account” which is being used/referred in different provisions of Income Tax Law, however, now through this Finance Bill 2021, definition of Business Bank Account is being proposed.
According to the said definition, Business Bank Account shall be the bank account of tax payer which the tax payer will declare in Form 181 (form for registration/modification of registration) at the time of initial registration or subsequent amendment.
Through this definition, it is clear that now the tax payer has to declare the detail of all of his bank accounts in its FBR profile.
For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/