Profit on Debt: FBR makes mandatory for banks to provide details of account holders

ISLAMABAD: Federal Board of Revenue (FBR) has made it mandatory for banks to provide details of all those persons receiving profit on their deposits exceeding Rs 1 million for filers and Rs500,000 for non-filers.

 

 

 

The FBR made this provision part of statute by issued SRO 29(I)/2019. The FBR amended Income Tax Rules, 2002 and made it mandatory to banks for providing information of persons receiving profit on debt exceeding one million for filers and five hundred thousand rupees for non-filers and tax deduction thereon during a financial year.

The banks are required to provide details of account holders receiving profits, which included: name, Computerized National Identity Card (CNIC) number, most recent particulars including address; and tax deducted.
However, through amendment the FBR relaxed several reporting requirements for banks. The FBR withdrew the report requirement of current transaction report, written off loan statement and online access to central database.

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