Islamabad: The Federal Board of Revenue (FBR) has taken a major step against tax evasion and has obtained detailed data of credit card transactions from commercial banks. Under this initiative, those people are being identified who do not submit tax returns despite making huge purchases.
According to sources, people who shop for more than Rs 200,000 per month using credit cards have now come on FBR’s radar. Banks have started providing the FBR with the records of customers’ financial transactions so that the hidden income of non-filers can be compared with the actual expenses.
FBR officials said that the real income of citizens will be determined from credit card expenses. Notices will be issued against those whose expenses do not match their declared income soon.
The agency has issued new instructions for those filing income tax returns, saying that now it will be mandatory to include details of purchases made through credit cards in the returns.
The FBR has clarified that the last date for filing tax returns is October 15 and there will be no extension in it. According to officials, action is expected against all such people who spend lakhs of rupees through online businesses or credit cards but do not file tax returns after the deadline.
The organization has warned citizens that it is mandatory to provide accurate information about all bank transactions in the return, in order to ensure transparency and trust in the tax system.
