Taxpayers Profiling: Submit otherwise ready to be inactive

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The return filers now require to submit “Taxpayer’s Profile”. These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc.

Which Persons required to submit taxpayer’s profile ?

Under section 114A(1) of Income Tax Ordinance, 2001, a Taxpayer’s profile needs submission by the persons:

(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.

Documents of taxpayers profile

114A(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

Method of Submission of taxpayer’s profile

114A(d) shall be filed electronically on the web prescribed by the Board.

Due Date of submission of taxpayer’s profile

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114A(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.
114A(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).]

Penalty for non submission of taxpayer’s profile

Offences and penalties Section 182(4A)
Any person who is required to furnish or update a taxpayer’s profile but fails to furnish or update within the due date.
Such a person shall pay a penalty of Rs. 2,500 for each day of default from the due date subject to a minimum penalty of Rs. 10,000.

In Active Status If Profile not Submitted

182A(2) Where a person fails to furnish or update a taxpayer’s profile within the due date or time period specified in sub-section (3) of section 114A or within the date 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:

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Payment of Penalty for activating filling status

182A(2) Provided that without prejudice to any other liability under this Ordinance, such person shall be included in the active taxpayers’ list upon filing the taxpayer’s profile after the due date or extended date, if the person pays surcharge at Rupees—
(a) twenty thousand in case of a company;
(b) ten thousand in case of an association of persons; and
(c) one thousand in case of an individual.]

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