FBR vide Circular no.02 of 2021-22 Dated 1st July 2021 with reference to Finance Act 2021 made an important announcement as, In order to promote documentation and to streamline action under section 21(1) and 21(m), the concept of business bank account has been introduced in the ordinance by inclusion of definition of business bank account in the section 2. The obligation to declare business bank account has been placed on tax payers through substituted section 114A.
Finance Act 2021 Important Update
Failure to notify such Bank account may attract penal provisions of section 182 and it has also been included in the definition of offenses under the Ordinance.
Finance Act 2021 Business Person amendment
Any Business person who fails to declare his Business Bank Account or fails to amend his registration profile with effect from October 1st 2021 will have to pay penalty of Rs.10,000/- for each day of default since the date of submission of application for registration or date of opening of undisclosed bank accounts which ever is later subject to minimum penalty of Rs.100,000/- per undeclared bank account.
FBR has already initiated the Tax return filling for the year 2021 Salaried person’s,AOP, Business Individual’s and Companies all relevant information is available on FBR web site www.fbr.gov.pk