The National Board of Revenue (NBR) has extended the deadline for income tax returns submission by all types of taxpayers except companies. The new deadline is January 31, 2025. The NBR issued the order a few days ago. Earlier, it extended the deadline by one month ending on December 31, 2024. The tax authority also said that the extension had been made following the requests from various quarters and taxpayers. The NBR also extended the deadline for companies to file tax returns by another month until February 15, 2025. The twice extension of the deadline indicates that many taxpayers have yet to submit the returns. So far, more than one million taxpayers have submitted their income tax returns online.
There are some valid reasons behind the low submission of returns. The anti-discriminatory movement during July-August finally forced Sheikh Hasina to step down and flee on August 5 last year. Later, an interim government led by Dr Muhammad Yunus has taken the charge. During the movement, many regular activities were disrupted. After Hasina's fall, it took a couple of weeks to resume normal business activities. So, many could not get prepared to make their income tax returns within the stipulated time. That's why the NBR extended the deadline. There is now scope for submitting the return both online and offline. Many have also submitted online finding it easier. So, the NBR should encourage taxpayers to submit their taxes online. Moreover, the deadline for return submission should not be extended further. Instead, the tax authority needs to campaign for sticking to the already extended deadline. Otherwise, it will undermine the fiscal discipline.
Kalipada Sen
Narayanganj