The Federal Board of Revenue (FBR) has issued a format for banks to provide account holders’ deposit details. Citizens with significant deposits should be prepared for scrutiny as part of the government’s effort to enhance tax compliance.
📌 Who Will Be Affected?
Banks are now required to share information of account holders who deposit Rs10 million or more during a month. This applies to both residents and non-residents.
🏦 What Information Will Banks Provide?
The account holders deposits statement includes the following details:
• CNIC / NICOP / Passport number
• National Tax Number (NTN)
• Name / Title of the account
• Resident / Non-Resident status
• Address
• Account opening date
• Account number (IBAN)
• Business, profession, or occupation
• Total amount deposited during the month
This is part of the reporting requirements under Rule 39 of the Income Tax Rules, 2002 (amended up to November 24, 2023).
📄 Key Rules for Banks Under Rule 39A-D
Rule 39A: Definitions
• Account holders deposits statement: Form A
• Banking company officer: Senior officer coordinating with FBR
• Credit card payments statement: Form B
• Cash withdrawal statement: Form C
• Profit on debt statement: Form D
• Information: All documents requested by FBR
• Reporting banking company: Banks required to provide electronic or physical reports
Rule 39B: Furnishing of Information
• Banks must submit Form A, B, C, and D statements as specified.
• Any additional information requested by FBR must also be provided.
Rule 39C: Authorized Persons
• Banks must nominate a banking company officer within 30 days of rule enforcement.
• If not nominated, the President or principal officer will serve as the officer.
• The officer coordinates directly with the FBR.
Rule 39D: Submission Timeline
• Monthly submissions: Deposits, credit card, and cash withdrawal statements must be provided within 15 days after the end of each calendar month.
• Annual submissions: Profit on debt statements must be submitted within 3 months after the year-end.
• Additional information must be furnished within the timeline set by the Board.
⚠️ Why This Matters to You
• Account holders with high deposits should maintain accurate records.
• This move ensures tax transparency and reduces potential penalties for non-disclosure.
• Banks will now act as the primary channel for FBR to monitor large deposits.
❓ FAQs About FBR Deposit Reporting
Q1: What is the minimum deposit threshold for reporting?
• Rs10 million per month.
Q2: Does this affect non-residents?
• Yes, both residents and non-residents are included.
Q3: What if my bank doesn’t submit my details on time?
• The banking company officer or principal officer will be held accountable under FBR rules.
Q4: How often will my bank send this information to FBR?
• Monthly for deposits, credit card, and cash withdrawals; annually for profit on debt statements.
✅ How to Prepare
1. Review your monthly deposits if close to the reporting threshold.
2. Keep your NTN and CNIC/NICOP information updated with your bank.
3. Ensure your business/profession details are accurate.
4. Maintain records for audit purposes if FBR requests additional information.
🔍 Bottom Line
The FBR’s new format under Rule 39 ensures banks report all high-value deposits, improving tax compliance and transparency. Citizens and businesses should stay proactive to avoid complications.
Disclaimer:
This article is for informational purposes only and does not constitute legal or tax advice. Account holders should consult the FBR or a certified tax professional for guidance regarding their specific situation.