Has issued a legal statement stating that ‘wage earners’ are not required to update their ‘tax profiles’. According to the FBI, a Lahore-based accounting firm, wage earners are not required to update their tax profile.
However, according to Article 181 of the 2001 Profit Tax Order, everyone who applies for registration, including the Salary Person, is required to update their Tax Profile.
The option to check for changes is given in the Tax Profile to submit changes to the Profile, the FBR continues. Electronic intermediaries allowed taxpayers to update their tax profiles. In addition, an electronic intermediary must be nominated by the Taxpayer to update the tax profile by adding the FBR.
The FBR has extended the deadline for submitting a Taxpayer Profile with the 8th Income Tax Circle for 2020 to March 31, 2021.
In the exercise of the powers conferred under Article 214A of the 2001 Income Tax Order, the FBI extended the deadline for the submission of a taxpayer profile required under Article 114A to 31 March 2021, according to the FBI Circular Document.
The FBR has also issued a guide for taxpayers (updating the profile under Section 114A of the 2001 Income Tax Order). According to the law, the taxpayer’s profile includes information on bank accounts, utilities, workplaces, all production, storage or retail outlets operated or leased by the taxpayer, income related to business types, and other information that can be identified. plaque, Currently, a person will not be included in the list of taxpayers in force for the last tax year before the above date if he or she fails to submit or update his or her taxpayer profile in accordance with Clause 214A. date or extended date.
The submission of “taxpayer profiles” requires the submission of certain categories of taxpayers, ie persons applying for registration, persons receiving taxable income under management, “business income”, final taxable income, non-profit organizations, and any trust or welfare institution. Trusts, welfare agencies and non-profit organizations registered before September 30, 2020, and having income or taxable income, must submit a taxpayer profile by December 31, 2020.
The “Taxpayer Profile” is submitted electronically in the prescribed format as indicated on the IRIS Web Portal. However, when the profile is submitted or updated, these individuals are allowed to be included in the list of active taxpayers after payment of the proposed additional fee of Rs. In the case of a company 20,000, Rs. In the case of a union of persons 10,000 and Rs. 1,000 in the case of an individual.
He said those who received FBR registration after September 30, 2020, were offered to submit such a profile within 90 days of registration. In the event of any changes to the information, these individuals must update their profiles within 90 days of the change.