Introduction

Federal Board of Revenue has issued SRO 29(I)/2019 dated January 8, 2019.

Commentary

Vide the above mentioned SRO, FBR has issued amendments in in Income Tax Rules 2002. These amendments are made in Chapter VIII A, which describes the Banking Companies Reporting Requirements. In this particular Chapter, through this SRO following amendments are made:

Sr. No Rule & Sub Rule Clause / Paragraph Previous Amendment
1. 39(B) (1) Clause (d) Currency Transactions Report” means currency transactions report generated and submitted by a banking company to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010 (VII of 2010) Omitted
2. 39(B) (1) Clause (e) Written off Loans Profit on Debt Statement
3. 39(B) (1) Clause (e) Currency transactions report, suspicious transactions report, details of any information or data through online access to central data base of the banking company Omitted
4. 39(B) (1) Clause (g) “Suspicious Transactions Report” means suspicious transactions report generated and submitted by a banking company to the Financial Monitoring Unit under the Antimony Laundering Act, 2010 (VII of 2010); Omitted
5. 39(B) (1) Clause (h) “Written off Loans Statement” means Written off loans Statement as specified in Form „C’; “Profit on debt” means Profit on debt Statement as specified in Form „C’;
6. 39(C) (i) Clause 1 Provided Filed Electronically on FBR portal
7. 39(C) (i) Clause 1 “Written Off Loans Statement, currency transactions report” Profit on debt Statement
8. 39(C) (i) Clause 3 and(2) Omitted
9. 39(E) (i) Clause 1 “furnish to the Board” Filed Electronically on FBR web portal
10. 39 (E)  A (sub rule 1 (ii) Clause ii The word “and” whenever occurring The word comma shall be inserted
11. 39(E) (i) Clause 1 Statement Cash & Withdrawal Statement
12. 39(E) (i) Clause 1 After the expression FORM B The expression and “FORM D” shall be inserted
13. 39(E) (i) Clause 2 “furnish to the Board” Filed Electronically on FBR web portal
14. 39(E) (i) Clause 2 “Written Off Loans Statement” Profit on debt Statement
15. 39(E) (iii) Clause 3 Every banking company officer, shall furnish to the Board a copy of each currency transactions report and suspicious transactions report generated by it at the time it is submitted to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010 (VII of 2010). Omitted
16. 39(F) (i) Clause 1 After the word “Information” The word “in FORM A and FORM B shall be inserted “
17. FORM-C rule 39B(1)(h)] Written off loan statement  Information in respect of loan written off Profit on debt statement

Information of person receiving profit on debt exceeding one million for filer and five hundred thousand rupees for non-filer and tax deduction thereon during financial year of shall be Substituted

Link of Document

Please click below to view the Original Notification

2019181513838425S.R.O29(I)of2019