26/08/2020
Federal Board of Revenue (FBR) made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to provide information about transactions made through credit/debit cards and details of persons making a profit on debt through banking deposits.
The FBR issued SRO 773(I)/2020 dated August 24, 2020, to make amendment in Income Tax Rules, 2002. The FBR previously issued a draft of these rules through SRO 686(I)/2020 dated August 05, 2020.
According to the amendments, the banks are required to provide information of persons who have deposited Rs10 million or more during a month.
The information of person making transactions must include: CNIC/NICOP/Passport Number; Name/Title of Account; Resident/Non-Resident; Address; Telephone Number; Account Opening Date; Account Number (BAN); Business/Professional/Occupation; and Amount Deposited during a month.
The banks are also required to provide similar information to the tax authority of a person making cash withdrawal exceeding Rs1 million during a month.
According to the rules, the FBR also made it mandatory for banks to provide details of persons making payment through credit card payment of Rs250,000 or more during a month. The FBR sought similar information of persons making transactions from banks.
Besides, the banks will furnish information of persons making profit on debt during a year. The banks will provide similar information of persons drawing profit on debt.
