Update requried details on tax profiles before Mar 31, FBR warns filers

ISLAMABAD: The Federal Bureau of Revenue (FBR) has Wednesday warned tax filers to update all the required information on their tax profiles by its set deadline of March 31 or they shall be deemed non-filers, ARY News reported.

According to the details, a notification by the revenue watchdog said filers must update the required information on their IRIS profiles including contact details -phone numbers, email ids; their sources of income; and details of their businesses if they have one including the title, its address, and the type of business.

Separately, the electricity bill, residential address, and the IBAN numbers of bank account(s) must also be posted there, FBR said.

Additionally, the FBR notification said, the filers will have to update their rental information if they are renting out any space.

Those found violating the corporate profile updating deadline will be liable to pay Rs10,000 and with each passing day the after four days of the deadline, their fines will grow by Rs2,500, it said.

On the other hand, for those filing individual taxes, their fine will be Rs1,000.

READ: Islamic banking shows ‘tremendous’ 30pc growth in assets for CY2020

Separately today, the State Bank of Pakistan said Wednesday it recorded the highest growth since 2015 in Islamic banking assets and deposits for the period of the calendar year 2020, ARY News reported.

“The overall assets and deposits of the Islamic banking industry (IBI) have shown tremendous growth of 30 per cent and 27.8 pc, respectively, during CY2020,” said the press statement by the central bank.