AGL 8.15 Decreased By ▼ -0.15 (-1.81%)
ANL 11.09 Increased By ▲ 0.14 (1.28%)
AVN 83.70 Increased By ▲ 4.00 (5.02%)
BOP 5.85 Increased By ▲ 0.10 (1.74%)
CNERGY 5.65 Increased By ▲ 0.01 (0.18%)
EFERT 80.22 Increased By ▲ 0.86 (1.08%)
EPCL 67.28 Decreased By ▼ -0.20 (-0.3%)
FCCL 15.20 Increased By ▲ 0.31 (2.08%)
FFL 7.23 Increased By ▲ 0.53 (7.91%)
FLYNG 8.06 Increased By ▲ 0.90 (12.57%)
GGGL 12.00 Increased By ▲ 0.40 (3.45%)
GGL 17.71 Increased By ▲ 0.20 (1.14%)
GTECH 8.78 Increased By ▲ 0.43 (5.15%)
HUMNL 7.23 Increased By ▲ 0.06 (0.84%)
KEL 3.74 Increased By ▲ 0.60 (19.11%)
LOTCHEM 32.10 Decreased By ▼ -3.10 (-8.81%)
MLCF 29.00 Increased By ▲ 0.65 (2.29%)
OGDC 86.05 Decreased By ▼ -1.65 (-1.88%)
PAEL 17.40 Increased By ▲ 0.77 (4.63%)
PIBTL 6.30 Increased By ▲ 0.25 (4.13%)
PRL 19.10 Decreased By ▼ -0.36 (-1.85%)
SILK 1.19 Increased By ▲ 0.05 (4.39%)
TELE 12.25 Increased By ▲ 0.84 (7.36%)
TPL 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 20.70 Increased By ▲ 0.45 (2.22%)
TREET 26.95 Decreased By ▼ -0.15 (-0.55%)
TRG 97.75 Increased By ▲ 1.55 (1.61%)
UNITY 23.00 Increased By ▲ 2.15 (10.31%)
WAVES 14.10 Increased By ▲ 0.20 (1.44%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 4,389 Increased By 113.1 (2.65%)
BR30 16,099 Increased By 305.6 (1.94%)
KSE100 43,677 Increased By 804.8 (1.88%)
KSE30 16,532 Increased By 312.9 (1.93%)

ISLAMABAD: Tax experts Thursday said that the Federal Board of Revenue (FBR) may remove taxpayers’ name from the Active Taxpayers List (ATL) who would fail to submit or update taxpayer’s profiles by the deadline of March 31, 2021 under Section 114A of the Income Tax Ordinance, 2001.

Referring to the income tax circular 8 of 2020, tax experts told Business Recorder here on Thursday that the FBR had extended the last date of submitting Taxpayer’s Profile by up to March 31st, 2021.

The possible withdrawal of names of taxpayers from the ATL may affect a large number of taxpayers, who would not be able to timely file or upgrade their taxpayers’ profiles by March 31, 2021.

They said that the FBR may remove these taxpayers from the ATL, who would not update their profiles, and asked them to submit the laid down penalty.

The Board may link the re-inclusion of taxpayers in the ATL, after payment of the prescribed penalty.

The FBR has already clarified that the salaried individuals are not required to update their tax profiles, however, every person applying for registration under Section 181 of the Income Tax Ordinance 2001 including salaried individual is required to update tax profile.

They said that the taxpayer’s 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 such other information as may be prescribed by the board.

Presently, if a person fails to furnish or update a taxpayer’s profile within the due date or time period as extended by the board under Section 214A, such person shall not be included in the Active Taxpayers’ List for the latest tax year ending prior to the aforesaid due date or extended date.

The condition for submission of the taxpayer’s profiles covers certain categories of taxpayers, ie, persons applying for registration, persons deriving income chargeable to tax under the head, “income from business,” income subject to final taxation; non-profit organisations, 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 organisations are required to file taxpayers’ profiles.

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

However, upon filing or updating the profile, such persons shall be allowed to be placed on the active taxpayers’ list upon payment of surcharge Rs20,000 in the case of a company, Rs10,000 in the case of an association of persons, and Rs1,000 in the case of an individual, they added.

Copyright Business Recorder, 2021

Comments

Comments are closed.