The deadline for submitting tax accounts according to certain taxpayer categories is December 31, 2020. FBR has extended the deadline by issuing an 8 circular income tax here, Wednesday.
FBR has also issued a user guide (account update in Section 114A of the 2001 Income Tax Ordinance via web link: Entry Tax Payments (fbr.gov.pk).
The account must contain income-related information relating to bank accounts, utilities, places of business including manufacturing, storage or commercial operations operated or leased by taxpayers, types of business and other information as determined by the board of directors.
If a person does not submit or update a taxpayer profile within the date or time extended by the council under Article 214A, the current board will not add that person to the list of active taxpayers for the last tax year prior to or above. over. Date.
The requirements for submitting a tax profile include certain taxpayer categories, i. H. Individuals Requesting Registration, Individuals Receiving Taxable Income, Business Income, Final Taxable Income, Non-Profit Organizations, and Trusts or Social Services.
Individuals registered before September 30, 2020 with income or business income subject to final tax, trusts, social services, and non-profit organizations will be required to file a tax profile on or before December 31, 2020.
Taxpayer profiles will be submitted electronically in the specified format available on the IRIS web portal.
According to the FBR circular issued here on Wednesday, while exercising the powers granted under Section 214A of the 2001 Income Tax Ordinance, FBR has extended the deadline for the submission of the tax profile required under Article 114A to March 31, 2021.
According to FBR, individuals who accept their registration after 30 September 2020 will be offered to provide such accounts within 90 days of registration.
If the information data changes, these people update their profile within 90 days of the data change.
However, when submitting or renewing accounts, the board will add these individuals to the list of active taxpayers after paying the proposed allowance as Rs. 20,000 for the company, Rs. 10,000 for association of people and Rs. 1000 for one person, FBR added.