ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft amendment for notifying format for updating profile by taxpayers.
The FBR issued SRO 1341(I)/2020 dated December 16, 2020 to issue draft amendment to Income Tax Rules, 2002.
A new rule 34B has been proposed for taxpayer’s profile. The FBR said that this rule shall apply for the purpose of section 114A of the Income Tax Ordinance, 2001, which provides for the furnishing of a taxpayer’s profile.
A taxpayer’s profile shall be filed electronically on the prescribed format and manner as provided on IRIS web portal.
The taxpayer’s profile shall be verified in the manner specified on IRIS web portal.
Through Finance Act, 2020 a new section 114A was inserted to Income Tax Ordinance, 2001 for making it mandatory for taxpayers to update their profile.
Following is the text of Section 114A:
Section 114A: Taxpayer’s profile.
(1) Subject to this Ordinance, the following persons shall furnish a profile, namely:-
(a) every person applying for registration under section 181;
(b) every person deriving income chargeable to tax under the head, “Income from business”;
(c) every person whose income is subject to final taxation;
(d) any non-profit organization as defined in clause (36) of section 2;
(e) any trust or welfare institution; or
(f) any other person prescribed by the Board.
(2) A taxpayer’s profile-
(a) shall be in the prescribed form and shall be accompanied by such annexures, statements or documents as may be prescribed;
(b) shall fully state, in the specified form and manner, the relevant particulars of –
(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; and
(v) such other information as may be prescribed;
(c) shall be signed by the person being an individual, or the person’s representative where section 172 applies; and
(d) shall be filed electronically on the web prescribed by the Board.
(3) A taxpayer’s profile shall be furnished,-
(a) on or before the 31st day of December, 2020 in case of a person registered under section 181 before the 30th day of September, 2020; and
(b) within ninety days registration in case of a person not registered under section 181 before the 30th day of September, 2020.
(4) A taxpayer’s profile shall be updated within ninety days of change in any of the relevant particulars of information as mentioned in clause (b) of sub-section (2).