Budget 2021 rationalises tax rules, removes difficulties faced by taxpayers
The focus on self-reliance, innovation, research and development, infra capex and digital payments in Union Budget 2021 would definitely help in lifting the Indian economy from under $3 trillion to $5 trillion in the near term
Budget 2021 was expected to provide more relief to most affected ones including salaried individuals and businesses in the hospitality and travel sector
The proposals by Finance Minister Nirmala Sitharaman in the Union Budget 2021 showcase an approach to shift the economy from survival mode to revival mode.
Considering the unprecedented public expenditure due to the COVID-19 pandemic, it was widely speculated that the government as an expedient measure could propose an additional cess or increase tax rates.
Salaried Individuals Not Required to Update Tax Profiles: FBR
The Federal Board of Revenue (FBR) has issued a legal clarification that the ‘salaried individuals’ are not required to update their ‘Tax Profiles’.
According to an FBR clarification issued to the Lahore-based chartered accountant firm, the Salaried Individuals are not required to update their Tax Profile. However, every person applying for registration under section 181 of the Income Tax Ordinance 2001, including Salaried Individual, is required to update the Tax Profile.
The option to verify changes has been given in Tax Profile for submission of changes made in the Profile, FBR maintained.
The e-intermediaries have been enabled to update the Tax Profiles of Taxpayers. However, e-intermediary needs to be nominated by Taxpayer to update the Tax Profile, FBR added.