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UPDATES

Tax Profiles updation not required to salaried taxpayers: FBR

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The Federal Board of Revenue (FBR) has issued a legal explanation that “salaried individuals” are not required to update their “tax profiles”.

According to an explanation issued by the FBR to a Lahore-based chartered accountant firm, “salaried individuals does not require to update their tax profile. However, under Section 181 of the Income Tax Ordinance 2001, every person applying for registration, including a salaried person, requires to update their tax profile.” According to report published in the propakistani.pk.

Through Income Tax Circular 8 of 2020, the FBR already extended the deadline to March 31, 2021. According to the FBR Circular, in exercise of the powers vested under Section 214A of the Income Tax Ordinance 2001, the FBR has set a deadline of March 31, 2021 for submission of profile of taxpayers under Section 114A.

Taxpayers Profiling: Submit otherwise ready to be inactive | ALSO READ

FBR issued a User Guide for Taxpayers (Profile Update under Section 114A of the Income Tax Ordinance 2001). By law, taxpayers’ profiles include all type of business premises. Manufacturing, storage, or taxpayer-run or leased retail outlets, business types, and other such. Including bank accounts, utility connections. Currently, if a person fails to submit or update the taxpayer’s profile. Within the extended date or period of the Board under Section 214A. Such person may be removed from the list of active taxpayers. Submit “taxpayer’s profile” online in the manner as provided on the IRIS Web Portal of FBR.

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A d v e r t i s e m e n t

Source | Taxpayer Profile Updation | Tax Profiling | Inactive Status | FBR | Federal Board of Revenue |

See also  Corporate tax exemptions

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