Jun 12

Budget 2021-2022, Taxation

Condition of updating tax profile withdrawn

ISLAMABAD: The government has withdrawn the mandatory requirement of profile update by all taxpayers on IRIS portal. In budget 2021/2022 speech, Finance Minister Shaukat Tarin announced to withdraw the condition. He said that taxpayers are subject to multiple compliance. Currently they are required to update their profile periodically. This requirement costs time, energy, and resources. […]

by Mrs. Anjum Shahnawaz

Mar 26

Taxation

Date extended up to June 30 for updating tax profile

ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the last date for updating taxpayer profile up to June 30, 2021. The FBR issued Circular No. 14 of 2021 on March 26, 2021 to extend the date for updating taxpayer profile from March 31, 2021 to June 30, 2021. The date has been extended on […]

by Mrs. Anjum Shahnawaz

Mar 25

Taxation

FBR reminds taxpayers of updating profile by March 31

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday reminded taxpayers to update their profile by March 31, 2021 to avoid penal action. “Statutory deadline for furnishing/updating of taxpayers’ profile under section 114A of the Income Tax Ordinance, 2001 is March 31, 2021,” the FBR said and urged taxpayers to update profile before the deadline in […]

by Mrs. Anjum Shahnawaz

Mar 22

Taxation

Minimum penalty Rs10,000 for failure in updating taxpayer profile

ISLAMABAD: A minimum penalty of Rs10,000 has been prescribed for one day after deadline for updating taxpayer profile under Section 114A of the Income Tax Ordinance, 2001. The updating profile by a taxpayer has been mandatory through Finance Act, 2020. The last date for updating the profile is March 31, 2021. According to Section 182 […]

by Mrs. Anjum Shahnawaz

Mar 19

Taxation

PTBA demands date extension for taxpayers profile update

ISLAMABAD: Pakistan Tax Bar Association (PTBA) on Friday urged the Federal Board of Revenue (FBR) to extend the last date for updating taxpayers’ profile for further 90 days. The PTBA in a letter to FBR Chairman Muhammad Javed Ghani informed that the last date for updating taxpayers’ profile under section 214 of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

Mar 10

Taxation

FBR asks taxpayers to update profile for avoiding penal action

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday asked taxpayers to update their profile by March 31, 2021 to avoid penal action. The FBR said: “Statutory deadline for furnishing/updating of taxpayers’ profile under section 114A of the Income Tax Ordinance, 2001 is March 31, 2021. Please update your profile before the deadline in order to […]

by Mrs. Anjum Shahnawaz

Mar 7

Taxation

Taxpayers require to update profile by March 31 to avoid exclusion from ATL

ISLAMABAD: Taxpayers are required to update their profile by March 31, 2021 to avoid exclusion their names from Active Taxpayers List (ATL). The last date for updating the profile was December 31, 2020. However, it was extended up to March 31, 2021. Updating profile by all the taxpayers registered under Section 181 of the Income […]

by Mrs. Anjum Shahnawaz

Feb 13

Taxation

Taxpayers advised to update profile to avoid penalty, exclusion from ATL

KARACHI: Taxpayers have been advised to update their profile by March 31, 2021 to avoid penalty and exclusion from Active Taxpayers List (ATL). Sources in the Federal Board of Revenue (FBR) said that the last date for updating the profile was December 31, 2020. However, this date was extended by the FBR up to March […]

by Mrs. Anjum Shahnawaz

Jan 11

Taxation

Rules notified for taxpayers profile update

ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified rules for making it mandatory for taxpayers to update their profiles through IRIS portal. The FBR issued SRO 13(I)/2021 dated January 08, 2021 to amend Income Tax Rules, 2002. Through the SRO the FBR notified online format for taxpayers to update profile. Previously, the FBR issued […]

by Mrs. Anjum Shahnawaz

Dec 31

Taxation

FBR facilitates taxpayers in updating profile; issues user guide

ISLAMABAD – The Federal Board of Revenue (FBR) has released comprehensive guidelines to facilitate taxpayers in updating their profiles, a mandatory requirement under the Income Tax Ordinance, 2001.

by Mrs. Anjum Shahnawaz