Tax return submission deadline likely to be extended to Nov 30

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Doulot Akter Mala | Published: September 24, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

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The revenue board is likely to extend the deadline for submission of tax returns by individuals, to November 30, following requests from a cross-section of people including taxpayers, lawyers and trade leaders.
The deadline for tax-return submission is scheduled to expire on September 30 next.
It has been learnt that the time is set to be extended as holy Eid-ul-Azha and Durga Puja vacations fall in the months of September and October respectively.   
A competent source said the deadline may be extended to November 30 as per the latest decision of the government high-up.
He said the National Board of Revenue (NBR) felt the necessity for extension of the deadline, like previous years, following poor response of taxpayers to submit tax returns until Wednesday.
The revenue board is yet to compile the tax return data from the field offices across the country.
From the weeklong tax fairs, the NBR received a total of 1,61,060 tax returns from both companies and individuals.
It received over Tk 20.35 billion in income tax from returns submitted by taxpayers during the week-long fairs across the country. The fair ended on Tuesday last.
Last year, the NBR had received Tk 16.75 billion in income tax from tax fairs across the country while 1,50,000 taxpayers submitted their income tax returns there.
Tax officials said both taxpayers and taxmen are accustomed to extension of deadline, by one to three months, every year.
The Deputy Commissioner of Taxes (DTC) has the authority to extend time for an individual taxpayer by two months. Until last year, the DCT could extend the time up to three months on case-to-case basis. In the budget for current FY, the government, however, made it two months.
According to the income tax ordinance, taxmen can impose penal taxes in case of missing deadline for submission of income tax returns. There is a provision of charging penalty of Tk 1,000 at a time and Tk 50 per day, not exceeding Tk 1,000.
In the Finance Bill-2015, the NBR incorporated a new provision under which penalty has been fixed at maximum of Tk 5,000 for the taxpayers who never submitted tax returns and also missed the deadline.  
Last year, the NBR received a total of 1.1 million tax returns from the individual taxpayers.
    doulot_akter@yahoo.com