Under the Finance Bill 2020, the salaried class is not required to submit “Taxpayer’s profile” to the Federal Board of Revenue (FBR). The condition of the “Taxpayer Profile” will only be applicable to businesses.
The new condition for submission of the “Taxpayer’s profiles” cover certain categories of taxpayers that include:
According to the Finance Bill 2020, the following persons shall furnish a profile:
A taxpayer’s profile shall be in the prescribed form and shall be accompanied by such annexures, statements or documents as prescribed. It shall fully state, in the specified form and manner,
They shall be signed by the person being an individual, or the person’s representative where Section 172 applies and shall be filed electronically on the web as prescribed by the board.
It is pertinent to mention that the return filers will now be required to submit a “Taxpayer Profile” electronically including particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc.
A taxpayer’s profile shall be furnished:
The profile shall be updated within 90 days of a change in any of the relevant particulars of information.
The bill also proposed that any person who is required to furnish or update a taxpayer’s profile but fails to furnish or update within the due date will be penalized with a penalty of Rs. 2,500 for each day of default from the due date with a minimum penalty of Rs. 10,000 in case of failure to furnish or update the tax profile.
The bill also proposes to exclude the name of the person from active taxpayers’ list in such a scenario