Move on to extend deadline for filing tax returns
Friday, 21 September 2007
Shakhawat Hossain
A move is on to extend the deadline for submission of income tax returns for the current assessment year by at least one month, sources said.
However, the National Board of Revenue (NBR) has not yet taken a firm decision on the matter.
The existing deadline for filing income tax return expires on September 30.
The ongoing fasting month and the upcoming Eid-ul Fitr are the factors which have prompted the move for extending the time for filing of the return for the current assessment year, sources added.
The NBR tax policy wing that deals with the matter is also considering the post-flood economic condition while considering the move for extending the tax return deadline up to October 31, according to sources.
Such extensions were also given in the past by the NBR on various grounds.
But unlike the previous fiscals, there is a greater awareness among the tax payers, actual and potential, about tax-related matters this year.
Over the last one month, the NBR and its field level officials received a lot of queries from the tax payers on undisclosed money, lifestyle and other details.
The NBR introduced universal tax assessment system for the current assessment year to reduce alleged harassment of taxpayers.
The NBR officials are hopeful of receiving a record number of tax returns in the current year, following the on-going nationwide drives against corruption and tax evasion.
The government needs to step up its promotional campaign in order to encourage people having income beyond the tax-exempted limit so that the taxpayers are inspired to pay tax, the sources noted.
A move is on to extend the deadline for submission of income tax returns for the current assessment year by at least one month, sources said.
However, the National Board of Revenue (NBR) has not yet taken a firm decision on the matter.
The existing deadline for filing income tax return expires on September 30.
The ongoing fasting month and the upcoming Eid-ul Fitr are the factors which have prompted the move for extending the time for filing of the return for the current assessment year, sources added.
The NBR tax policy wing that deals with the matter is also considering the post-flood economic condition while considering the move for extending the tax return deadline up to October 31, according to sources.
Such extensions were also given in the past by the NBR on various grounds.
But unlike the previous fiscals, there is a greater awareness among the tax payers, actual and potential, about tax-related matters this year.
Over the last one month, the NBR and its field level officials received a lot of queries from the tax payers on undisclosed money, lifestyle and other details.
The NBR introduced universal tax assessment system for the current assessment year to reduce alleged harassment of taxpayers.
The NBR officials are hopeful of receiving a record number of tax returns in the current year, following the on-going nationwide drives against corruption and tax evasion.
The government needs to step up its promotional campaign in order to encourage people having income beyond the tax-exempted limit so that the taxpayers are inspired to pay tax, the sources noted.