Requirement of business bank account Section 114A of Income T | Regulatory Updates Of Pakistan

Requirement of business bank account

Section 114A of Income Tax Ordinance, 2001 has made it mandatory for taxpayers to declare business bank account to the commissioner.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amndments brought through Finance Act, 2021.

Following is the text of Section 114A of the Income Tax Ordinance, 2001:

114A. Business bank account.— (1) Every taxpayer shall declare to the Commissioner the bank account utilized by the taxpayer for business transactions.

(2) Business bank account shall be declared through original or modified registration form prescribed under section 181.

Source: PakRevenue
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