Tax bar concerned over delay in FBR forms Business December 29, 2020 KARACHI: Karachi Tax Bar Association (KTBA) on Monday expressed concerns on the delay in issuance of form for updating taxpayersâ profile, as only three days remain to comply with the mandatory requirement. The Federal Board of Revenue (FBR) added section 114A to Income Tax Ordinance, 2001 through Finance Act, 2020, which made it mandatory for taxpayers to update their profile by providing information including bank accounts, utility connections, business addresses, type of businesses etc. It has been made mandatory to update profile by December 31, 2020. Further, as per the ordinance on failure to update profile, the taxpayers are required to pay a penalty of Rs2,500 for each day of default from the due date, subject to a minimum penalty of Rs10,000.