ISLAMABAD: The Federal Board of revenue (FBR) Wednesday intimated taxpayers that the statutory deadline for furnishing/updating of taxpayers' profile under section 114A of the Income Tax Ordinance, 2001 remained March 31, 2021.

The taxpayers should update their profiles before the deadline in order to avoid penal consequences under the law, the FBR added.

According to the FBR, the Board had extended the last date of furnishing of taxpayer’s profile required to be submitted under Section 114A ibid up to 31st March, 2021. The FBR had also issued a user guide (profile update under Section 114A of the Income Tax Ordinance, 2001) for the taxpayers. Under the law, 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 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 30, 2020, having business income or incomes subject to final taxation, trusts, welfare institutions and non-profit organisations are required to file taxpayers' profile. 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 which is proposed to be 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. 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.

Copyright Business Recorder, 2021