ISLAMABAD: To facilitate millions of taxpayers, the Federal Board of Revenue Friday extended the deadline up to June 30th, 2021, for updation of taxpayers profile under Section-114A of the Income Tax Ordinance, 2001. The FBR has issued circular No 14 of 2021, here.
Earlier, the taxpayer’s profile was required to be updated till 31st March, 2021. Through income tax circular 8 of 2020, the FBR had extended the last date of submitting Taxpayer’s Profile by up to March 31st, 2021. This date has now been further extended up to June 30, 2021.
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 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 organisations, and any trust or welfare institution.
The persons, registered before September 30th, 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.
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.
Copyright Business Recorder, 2021