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Tax bar concerned over delay in FBR forms


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 taxpayers’ 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. ....

Muhammad Ashfaq Ahmed , Karachi Tax Bar Association , Federal Board , Income Tax Ordinance , Finance Act , Muhammad Zeeshan Merchant , கராச்சி வரி மதுக்கூடம் சங்கம் , கூட்டாட்சியின் பலகை , வருமானம் வரி ஆர்டிநந்ஸ் , நிதி நாடகம் , முஹம்மது ஜீஷந் வணிகர் ,

Karachi tax association raises concerns over delay in FBR forms: report


Karachi tax association raises concerns over delay in FBR forms: report
By
KTBA President said prescribed form to update taxpayers profiles has not been issued so far
FBR made it mandatory for taxpayers to update their profiles by providing information including bank accounts, utility connections, etc.
It has been made mandatory to update the profile by December 31, 2020
KARACHI: With only three days remaining to comply with the mandatory requirement, the Karachi Tax Bar Association (KTBA) has expressed concerns on the delay in issuance of a form required to update taxpayers’ profiles,
KTBA President Muhammad Zeeshan Merchant, in a letter sent to Dr Muhammad Ashfaq Ahmed, Member (Operations), FBR, said the prescribed form to update the profile was not issued so far. ....

Muhammad Ashfaq Ahmed , Karachi Tax Bar Association , Muhammad Zeeshan Merchant , Income Tax Ordinance , Finance Act , கராச்சி வரி மதுக்கூடம் சங்கம் , முஹம்மது ஜீஷந் வணிகர் , வருமானம் வரி ஆர்டிநந்ஸ் , நிதி நாடகம் ,