FBR Facilitates Taxpayers in Updating Profile

FBR issued a guideline for facilitation of taxpayers in updating profile, which is mandatory under Income Tax Ordinance, 2001.  FBR has already extended the date up to March 31, 2020 for updating the profile as required under Section 114A of the Income Tax Ordinance, 2001.

This important amendment to the statute was incorporated through Finance Act, 2020 to make it mandatory for taxpayers to update their profile by providing basic information included;

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

v) such other information as may be prescribed.

The last date for updating the profile was December 31, 2020. However, on the demand of tax bars the FBR extended the date up to March 31, 2020.