Rush for filing returns as deadline expires

The time for submission of individuals' tax returns expired Sunday with a last minute rush of the taxpayers in the tax offices.
Tax officials said the number of tax returns by individual taxpayers would see an increase in the current fiscal year compared to that of the last year.
Until November 20, the National Board of Revenue (NBR) received above 6,00,000 tax returns surpassing number of tax returns of the corresponding period, said NBR member (income tax administration) Md Bashir Uddin Ahmed.
He said the taxpayers' response on the last day was quite encouraging.
However, the final figure for tax return submission was not available as tax offices were receiving returns until filing of the report at 8.0 pm.
On final figure of tax returns, Mr Ahmed said that it would take a few days more to compile final data as the NBR will have to  collect those from the tax offices across the country.
The NBR extended the time for income tax returns twice in the current fiscal year. The first deadline was September 30, that the NBR extended until November 2 in the first phase and later until November 30.
Last year, the NBR received a total of 1.0 million tax returns from the individual taxpayers.
After visiting some tax offices this correspondent found heavy rush of taxpayers and tax lawyers to submit time petitions before expiry of deadline.
According to income tax law, a Deputy Commissioner of Taxes (DCT) can allow three months' extension of tax return submission time to an individual taxpayer. With the approval of joint commissioner, DCT can  allow three more months, total six months time, for submission of tax returns.
Taxmen can impose penal taxes in case of missing deadline for submission of income tax returns. There is a provision of charging penalty at Tk 1000 at a time and Tk 50 per day in case of missing the deadline.
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