{"id":69019,"date":"2020-08-08T10:00:00","date_gmt":"2020-08-08T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=69019"},"modified":"2020-08-07T15:19:11","modified_gmt":"2020-08-07T10:19:11","slug":"banks-to-give-account-holders-information-to-fbr-upon-deposits-exceeding-pkr-10mn","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/banks-to-give-account-holders-information-to-fbr-upon-deposits-exceeding-pkr-10mn.html","title":{"rendered":"Banks to give account holders\u2019 information to FBR upon deposits exceeding PKR 10mn"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has issued draft rules under the Finance Act 2020 allowing it to seek data from banks regarding individuals depositing more than PKR 10 million or more within a month, or those who make credit card payments of PKR 200,000 or more on a monthly basis, according to a news source published on August 7.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-abolish-withholding-taxes-phase-wise-manner.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to abolish withholding taxes in phase-wise manner<\/a><\/p>\n\n\n\n<p>Reportedly, the government has made amendments to the said Act with the parliament\u2019s approval and is now seeking data of profit on debt and particulars of account holders who withdraw PKR 1 million or more in a month.<\/p>\n\n\n\n<p>Moreover, the revenue board has also asked the <a href=\"https:\/\/www.zameen.com\/news\/banks-share-transaction-details-with-fbr.html\" target=\"_blank\" rel=\"noreferrer noopener\">banks<\/a> to provide the account holders\u2019 Computerised National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP), passport number, National Tax Number (NTN), name, profession, account title, resident\/non-resident status, address, phone number, international bank account number (IBAN), account opening date, cash withdrawals in a month, and tax deduction amounts.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/tax-base-expansion-fbr-shares-cnics-unregistered-persons-nadra.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax Base Expansion: FBR shares CNICs of unregistered persons with NADRA<\/a><\/p>\n\n\n\n<p>Under the revised rules for banks, the said information is required to be furnished \u2013 under Section 165-A of the Income Tax Ordinance 2002 \u2013 and offered by the reporting bank; in the same manner as highlighted in the account holders\u2019 credit card payments statement, deposits statement, profit on debt statement and cash withdrawal statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has issued draft rules under the Finance Act 2020 allowing it to seek data from banks regarding individuals depositing more than PKR 10 million or more within a month, or those who make credit card payments of PKR 200,000 or more on a monthly basis, according to a news source published on August 7. Read: FBR to abolish withholding taxes in phase-wise manner Reportedly, the government has made amendments to the said Act with the parliament\u2019s approval and is now seeking data of profit on debt and particulars of account holders who withdraw PKR 1 million or more in a month. Moreover, the revenue board has also asked the banks to provide the account holders\u2019 Computerised National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP), passport number, National Tax Number (NTN), name, profession, account title, resident\/non-resident status, address, phone number, international bank account number (IBAN), account opening date, cash withdrawals in a month, and tax deduction amounts. Read: Tax Base Expansion: FBR shares CNICs of unregistered persons with NADRA Under the revised rules for banks, the said information is required to be furnished \u2013 under Section 165-A of the Income Tax&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[36557,19230],"persona":[],"class_list":{"0":"post-69019","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-banks-to-give-account-holders-information-to-fbr","9":"tag-federal-board-of-revenue-fbr","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks to give account holders\u2019 information to FBR - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR has issued rules under the Finance Act allowing it to seek data from banks regarding individuals depositing more than 10 million or more within a month\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/banks-to-give-account-holders-information-to-fbr-upon-deposits-exceeding-pkr-10mn.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks to give account holders\u2019 information to FBR - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR has issued rules under the Finance Act allowing it to seek data from banks regarding individuals depositing more than 10 million or more within a month\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/banks-to-give-account-holders-information-to-fbr-upon-deposits-exceeding-pkr-10mn.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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