Income Tax Compliance Guidelines

What must accompany the taxpayer's profile when submitted?

Which type of information is NOT required to be included in the taxpayer's profile?

What is the deadline for a taxpayer registered under section 181 before September 30, 2020, to submit their profile?

What will happen if a taxpayer fails to update their profile within the required ninety days?

What surcharge does an individual face for not updating their taxpayer's profile on time?

Which action is NOT a consequence of failing to file a return for active taxpayers?

Which type of entity faces the highest surcharge for failing to furnish their profile on time?

Who is exempt from foreign travel restrictions due to non-filing of returns?

Taxpayer's Profile

Taxpayer's profile must be submitted in a prescribed form, along with necessary annexures, statements, and documents.

Income Tax Assessment

Tax returns must be completely filled out in the specified form.
Include details of bank accounts, utility connections, business premises, types of businesses, and any other required information.
The form needs to be signed by the individual or their representative.
Forms should be filed electronically, following FBR guidelines.

Furnishing the Taxpayer's Profile

Taxpayers registered under Section 181 before September 30, 2020, need to submit their profiles by December 31, 2020.
Non-registered taxpayers must submit profiles within 90 days of registration.
Changes to the profile must be updated within 90 days.

Failure to Submit/Update Profile

A taxpayer who fails to furnish or update their profile (within the due date or extension) will face penalties.
Companies face a penalty of Rs. 20,000.
Associations of persons (AOPs) face a penalty of Rs. 10,000.
Individuals face a penalty of Rs. 1,000.

Enforcing Filing of Returns

The FBR can issue general orders for those liable to file income tax returns but not in the active taxpayer's list (ATL).
Possible actions may include disabling mobile phones, disconnecting electricity or gas, or restricting foreign travel (with exemptions for certain groups).

This quiz covers essential guidelines for submitting a taxpayer's profile, income tax assessment requirements, and penalties for non-compliance. It focuses on the necessary documentation and timelines that taxpayers must adhere to in order to fulfill their obligations under law. Understanding these concepts is crucial for effective tax management.