FBR Extends Deadline for Submitting Taxpayers’ Profile to March 31, 2021 - Android

The Federal Board of Revenue (FBR) has extended the last date for submitting the Taxpayer’s Profile by taxpayers up to… Read More

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The Federal Board of Revenue (FBR) has extended the last date for submitting the Taxpayer’s Profile by taxpayers up to March 31, 2021.

The last date for filing of THE Taxpayer’s Profiles by certain categories of taxpayers is December 31, 2020. The FBR has extended the date by issuing an income tax circular 8 of 2020 here on Wednesday.

The FBR has also issued a user guide (profile update under section 114A of the Income Tax Ordinance, 2001 through a web link: Login-Tax Payer (fbr.gov.pk).

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The profile contains information relevant to income regarding bank accounts, utility connections, business premises, including all manufacturing, storage, or retail outlets operated or leased by the taxpayer, types of businesses, and other information prescribed by the board.

Presently, if a person fails to furnish or update a taxpayer’s profile within the due date or period as extended by the board under Section 214A, the board will not include such a person in the active taxpayers’ list for the latest tax year ending before the aforesaid due date or extended date.

The condition for the submission of the Taxpayers’ Profiles covers certain categories of taxpayers, i.e., persons applying for registration, persons deriving income chargeable to tax under the head, income from business, income subject to final taxation, non-profit organizations, and any trust or welfare institution.

The persons registered before September 30, 2020, having business income or incomes subject to final taxation, trusts, welfare institutions, and non-profit organizations are required to file taxpayers’ profiles on or before December 31, 2020.

The taxpayers’ profile shall be filed electronically in the prescribed format as provided on the IRIS Web Portal.

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According to the FBR’s circular issued here on Wednesday, in the exercise of the powers conferred under section 214A of the Income Tax Ordinance, 2001, the FBR has extended the last date of submitting the Taxpayers’ Profile required under section 114A ibid up to March 31, 2021.

The FBR said that the persons who obtain their registration after September 30, 2020, are proposed to furnish such profile within 90 days of registration.

In case of any change in particulars of information, such persons shall update their profile within 90 days of the change in particulars.

However, upon filing or updating the profile, the board will place such persons on the active taxpayers’ list upon payment of a surcharge, which is proposed to be Rs. 20,000 in the case of a company, Rs. 10,000 in the case of an association of persons, and Rs. 1,000 in the case of an individual, the FBR added.

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