Taxpayers given deadline of December 31 to update Profile
Finance Act 2020: Taxpayers given deadline of December 31 to update profile:
Federal Board of Revenue (FBR) has given taxpayers a deadline of December 31, 2020 to complete their profile through online system otherwise their name will be removed from active taxpayers list (ATL).
The National Assembly approved the new amendment of taxpayers profiling through new section 114A to Income Tax Ordinance, 2001.
Section 114A: Taxpayer’s profile:
Sub-section 1: Subject to this ordinance, the following persons shall furnish a profile, namely:
(a) Every person applying for registration under section 181;
(b) Every person deriving income chargeable to tax under the head, “income from business”;
(c) Every person whose income is subject to final taxation;
(d) Any non-profit organization as defined in clause (36) of Section 2;
(e) Any trust or welfare institution; or
(f) Any other person prescribed by the Board [FBR].
Taxpayers given deadline of December 31 to update profile
Sub-section 2: A taxpayer’s profile:-
(a) Shall be in the prescribed form and shall be accompanied by such annexures, statements or documents as may be prescribed;
(b) Shall fully state, in the specified form and manner, the relevant particulars of –
(i) Bank accounts;
(ii) Utility connections;
(iii) Business premises including all manufacturing, storage or retail outlets operated or leased by the taxpayer;
(iv) Types of businesses; and
(v) Such other information as may be prescribed;
(c) Shall be signed by the person being an individual, or the person’s representative where section 172 applies; and
(d) Shall be filed electronically on the web as prescribed by the Board [FBR].
Sub-section 3: A taxpayer’s profile shall be furnished:-
(a) On or before the 31st day of December 2020 in case of a person registered under Section 181 before the 30the day of September, 2020; and
(b) Within ninety days registration in case of a person not registered under section 181 before the 30th day of September,2020.
Sub-Section 4: A taxpayer’s profile shall be updated within ninety days of change in any of the relevant particulars of information as mentioned in clause (b) of sub-section (2).