CMCCI, CCCI for extension of submission date

The country's two trade bodies requested the authorities concerned to extend the time for submission of individual income tax returns for the current tax year.  
Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) and Chittagong Chamber of Commerce and Industry (CCCI) recently sent letters to Finance Minister and National Board of Revenue chairman in this regard, says a press release.
CCCI President Mahbubul Alam requested the authorities to extend the time limit to November 30 while CMCCI Vice President AM Mahbub Chowdhury sought the extension of time frame to December 31.
The trade bodies said this month the people have celebrated Eid-ul-Azha, Durga Puja, Probarona Purnima and for this reason all taxpayers were not able to submit income tax returns within a short period.
Considering the situation, the trade bodies requested the authorities concerned to extend the time limit. The current deadline will expire on November 2, 2014.
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 for charging penalty of Tk 1000 at a time and Tk 50 per day in case of missing the deadline.

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