Bank cardholders coming under tax

Sunbd Desk || Published: 2021-08-17 09:52:00 || Updated: 2021-08-17 09:52:00

The National Board of Revenue (NBR) wants to bring all those who use bank credit and debit cards under the tax. For this, the card transaction information of the customers has been called.

Last week, the NBR sent a letter to the banks asking for information.

The letter asked to provide year-round transaction information including debit and credit card customer’s e-TIN, NID number in the specified chart.

However, the banks have objected to the provision of this information. They said that giving everyone’s information in a pouring manner could create anxiety among the customers. The bank’s top executives fear that this could have a negative impact on transactions.

An NBR policy-making official said, “We will look into whether this information is inconsistent with the income tax return.” There is nothing to worry or panic about.

An NBR official said, ‘The bank has many customers who use the card but are still out of the tax net. But many of them can afford to pay taxes.

He said, “The matter will be confirmed by checking and sorting the transaction information.” Those who do not have a taxpayer identification number or TIN will be identified. For this, the banks have been asked for information in this regard.

According to the Board of Revenue, there are currently more than 6 million TIN holders. Only 25 lakh submitted annual returns. However, the NBR wants to increase the number of TIN holders to one crore this year.

Sunbd/NJ

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