Taxpayer's Profile Rules

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Federal Board of Revenue (the Board) issued SRO 13(I)/2021 on 08 January 2021 relating to the furnishing of taxpayer’s profile as per the requirements of section 114A of Income Tax Ordinance, 2001. The Board had already issued SRO 1341 (I)/2020 on 16 December 2020 for the draft rules for comments from the likely affected persons within seven days of the publications of the draft. The rules, which have been made for the purposes of section 114A of Income Tax Ordinance, 2001, describes that taxpayer’s profile shall be filed electronically on the prescribed format and manner as provided on IRIS Web Portal.  

Snapshot

Reference No.

SRO 13 (I)/2021

Description

Rule 34B. Taxpayer’s profile

Date of Issuance

08 January 2021

Amendment

Income Tax Rules, 2002

Objective

To decide the format and manner for taxpayer’s profile.

Effective date

With immediate effect


Explanation

Section 114A of the Income Tax Ordinance, 2001 was inserted by Finance Act, 2020 which requires furnishing of profile by taxpayers such as particulars about bank accounts, utility connections, business premises, types of business etc. As per the provisions of section 114A, taxpayers had to update their profiles in accordance with the following timelines:

1.     On or before 31 December 2020, if a person is registered before 30 September 2020;

2.     Within 90 days of the registration, if a person is registered after 30 September 2020.

The rules for sections 114A could not be finalized, therefore, the Board has extended the last date for furnishing the Taxpayer’s Profile till 31 March 2021.

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