The Federal Board of Revenue (FBR) has started obtaining data of credit card transactions from commercial banks to trace tax evasion and hidden income. The aim of this move is to trace those who do not submit tax returns despite making large purchases.
According to sources, consumers who shop for more than two lakh rupees per month through credit cards are now in the eyes of FBR. Banks have started sharing financial data of consumers with FBR so that the difference between the actual income and expenditure of non-filers can be clarified.
According to FBR officials, the real income of non-filers will be estimated based on purchases made through credit cards, and notices will be issued soon to those whose expenses are much higher than their declared income.
The agency has clarified that it will now be mandatory for those filing income tax returns to include details of purchases made through credit cards in their returns.
The FBR has reminded that the last date for filing returns has been fixed as October 15, which will not be extended. According to officials, action will be initiated against non-filers who do online business or spend lakhs of rupees through credit cards after the deadline.
The agency has warned citizens through SMS and messages to submit their tax returns honestly, otherwise strict legal action will be taken.
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