Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001.
The last date for updating the profile was March 31, 2021, which was extended by the Federal Board of Revenue (FBR) up to June 30, 2021, keeping in view the problems faced by the taxpayers.
Who are Required to Submit taxpayers Profile
Through the Finance Act, 2020, a Section 114A was inserted to Income Tax Ordinance, 2001, regarding taxpayer’s profile. As per the above provision of Income Tax Ordinance 2001, following persons are required to update their profile on IRIS: every person applying for registration under Section 181; every person deriving income chargeable to tax under the head ‘income from business’; every person whose income is subject to final taxation; any non-profit organization as defined in clause (36) of Section 2; any trust or welfare institution; and any other person prescribed by the FBR.