Podcast
Questions and Answers
What must accompany the taxpayer's profile when submitted?
What must accompany the taxpayer's profile when submitted?
- Prescribed annexures, statements, or documents (correct)
- A declaration of assets
- Performance reports of previous years
- A history of tax payments
Which type of information is NOT required to be included in the taxpayer's profile?
Which type of information is NOT required to be included in the taxpayer's profile?
- Utility connections
- Types of businesses
- Bank accounts
- Personal investments outside the country (correct)
What is the deadline for a taxpayer registered under section 181 before September 30, 2020, to submit their profile?
What is the deadline for a taxpayer registered under section 181 before September 30, 2020, to submit their profile?
- March 31, 2021
- June 30, 2021
- November 30, 2020
- December 31, 2020 (correct)
What will happen if a taxpayer fails to update their profile within the required ninety days?
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?
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 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?
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?
Who is exempt from foreign travel restrictions due to non-filing of returns?
Flashcards
Taxpayer's Profile
Taxpayer's Profile
A form containing details about the taxpayer, like bank accounts, business premises, and types of businesses. It's used to categorise the taxpayer and helps the tax authorities understand their operations.
Synopsis of Taxes
Synopsis of Taxes
The document that includes a taxpayer's bank account details, utility connections, business premises, and other relevant information, enabling tax authorities to categorise the taxpayer and analyze their financial activities.
Taxpayer's Profile Deadline (Registered before 30-09-2020)
Taxpayer's Profile Deadline (Registered before 30-09-2020)
The deadline for submitting your Taxpayer's Profile if you were already registered under Section 181 before September 30, 2020.
Taxpayer's Profile Deadline (Not registered before 30-09-2020)
Taxpayer's Profile Deadline (Not registered before 30-09-2020)
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Active Taxpayer's List (ATL)
Active Taxpayer's List (ATL)
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Surcharge for Non-Compliance (Taxpayer's Profile)
Surcharge for Non-Compliance (Taxpayer's Profile)
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Enforcing Filing of Returns (114B)
Enforcing Filing of Returns (114B)
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FBR's Measures to Enforce Filing of Returns
FBR's Measures to Enforce Filing of Returns
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Study Notes
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).
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