16/10/2023
*Update*
FBR now has access to all your bank deposits, bank withdrawals, movable and immovable properties, and international travel records in the FBR Maloomat Portal. Therefore, before filing your tax return, make sure you have all bank credit and debit entries and asset record clarifications.
The FBR's new heads in the Maloomat section are a positive step towards increasing transparency and accountability in the tax system. However, taxpayers should be aware of the implications of this change and take steps to avoid avoidable notices.
The Federal Board of Revenue (FBR) has added two new heads to the Maloomat section of its website: Bank Deposit and Profit on Debt. This is part of the one window operation integration project, which aims to integrate all tax-related information into a single server. Any mismatch in the return from the FBR's data will lead to the auto-generation of a notice.
Implications for taxpayers:
Taxpayers should review their returns with trained professionals to avoid errors.
Untrained tax consultants may face challenges as their clients may be served with notices due to irregularities.
How to avert avoidable notices:
Always keep track of major transactions.
Keep documentation up-to-date.
Avoid large cash transactions that will eventually end up in bank accounts and lead to unexplained transactions, attracting FBR attention.
Additional tips for taxpayers:
File your returns on time, accurately and by reconciling your turnover in return with the deposit section of FBR Maloomat. Pay your taxes in full and on time. Keep all relevant documentation, such as bank statements, investment statements, and receipts.
