Traders asked to reveal business accounts in tax returns
The traders are facing another problem after the presentation of the federal budget for fiscal 2021/22 as the Federal Board of Revenue has directed them to reveal their business bank accounts in their tax returns, reported 24NewsHD TV channel.
According to sources, the FBR on Monday had made it mandatory that all traders would reveal their business bank accounts in their tax returns. Otherwise, the revenue board would take punitive action against those businessmen who will hide their business account details in their tax returns suggesting one year jail term.
Now the traders have to show their business bank accounts. The tax commissioner has got the powers to stop the payment of business expenditures from other bank accounts.
The traders are advised to declare their business bank accounts from July 1st.
Reporter Waqas Azeem