Income Tax Assessment Process

What must be included in the taxpayer's profile when filed?

What is the penalty for an individual who fails to update their taxpayer profile?

Which of the following actions may the FBR take against those not in the active taxpayer's list?

When must a taxpayer registered before 30-09-2020 file their profile?

Which of the following is NOT a requirement for the taxpayer's profile?

What should be done within ninety days of a change in taxpayer's profile information?

What is the surcharge for a company not updating their taxpayer profile?

Which group of individuals is exempt from travel restrictions for being not in the active taxpayer's list?

Taxpayer's Profile

Taxpayer's profile must be in a prescribed form and include supporting documents.

Income Tax Assessment

Taxpayers must provide full details in the specified format.
Required information includes bank accounts, utility connections, business premises (including manufacturing, storage, and retail outlets), business types, and any additional required information.
The information should be signed by the individual or their representative, if applicable.
Electronic filing is mandated.

Date of Furnishing Profile

Taxpayers registered under section 181 before 30-09-2020 must submit their profile by 31-12-2020.
Taxpayers not registered by 30-09-2020 need to submit within 90 days of registration.
Any changes to the profile must be updated within 90 days.

Failure to Submit/Update Profile

Taxpayers who fail to submit or update their profiles by the due date face surcharges.
Surcharges vary depending on the taxpayer's legal structure (company, AOP, or individual).
- Companies face a surcharge of Rs. 20,000.
- Associations of Persons (AOP) face a surcharge of Rs. 10,000.
- Individuals face a surcharge of Rs. 1,000.

Enforcing Filing of Returns

The FBR may issue a general order for taxpayers not in the Active Taxpayer List (ATL).
Possible actions include disabling mobile phones/SIM cards, disconnecting electricity/gas, and restricting foreign travel (excluding specific groups like NICOP/minors).

This quiz covers the essential processes and requirements for submitting a taxpayer's profile, including mandatory information and deadlines. Understand the consequences of failing to update your profile and the importance of electronic filing. Prepare for successful compliance with income tax regulations.