Staff Reporter :The National Board of Revenue (NBR) has extended the deadline for submission of income tax returns for the current fiscal year by individual taxpayers till November 2, 2014.The Revenue Board almost every year usually extends the time due to poor response from the taxpayers in filing returns within the deadline and requests from trade bodies and tax lawyers association.In the last fiscal year (2013-14), the Revenue Board extended the deadline thrice up to December 31 due to political unrest and allowing people time to collect the E-TINs.According to the income tax ordinance, the NBR can fine Tk 1,000 at a time and Tk 50 for each day for not filing returns within the deadline.The NBR in a press release on Monday said that various professional and business bodies had requested the Board to extend the deadline as taxpayers are finding it hard to collect necessary papers and completing formalities for submitting the returns following the closure of various offices and institutions due to the ensuing holy Hajj, Eid-ul-Azha and Durga Puja.”Under the circumstances, the deadline for the submission of income tax for individual taxpayers has been extended to November 2, 2014 for their convenience,” said the NBR release.Earlier, considering the ensuing Hajj, Eid-ul-Azha and Durga Puja festivals, they demand from taxpayers from different sectors, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the revenue board made a proposal to Finance Minister AMA Muhith for extending the time limit by one month up to November 2.According to Income Tax Ordinance, individual taxpayers are supposed to file their returns within July 1 to September 30. Currently, there are around 17 lakh people having taxpayer identification number. (TIN)Last year, around 9.50 lakh people submitted their income tax returns.
