Staff Reporter :
The National Board of Revenue (NBR) has directed to collect source tax through the newly introduced electronic tax deduction at source (e-TDS) system, NBR officials said.
TDS contributes around 60 per cent of total income tax revenue from July, 2020 to June, 2021.
In an office order, the revenue board said the e-TDS system was introduced to deduct tax at source, deposit in the government exchequer and to report accordingly.
The system will play cooperative role to strengthen
the financial discipline, said the official order issued on Tuesday.
As per the office order, the newly introduced e-TDS system will be adopted at all the income tax offices across the country, the officials said.
The source tax is expected to be increased, if the system implements properly, they added.
Monitoring and verifying files of taxpayers manually is too difficult to maintain transparency of the income of taxpayers. So, the system will help the NBR to properly verify the income and expenditures of taxpayers, the officials said.
The taxpayers will get automated chalan, tax deduction information on salary payment and other sectors and will be able to seek refunds on their paid taxes, adjust their TDS at the time of submission of tax returns and claim tax credit easily using the e-TDS system, they said.
The system also provides the taxpayers the opportunity to obtain their tax certificates, acknowledgement receipts and taxpayers’ identification numbers anytime from their account in the system.
The system has featured automation intelligence that is interlinked with other entities, including banks, the Bangladesh Road Transport Authority and the Bangladesh Computer Council, which helps the tax authority ensure tax justice and detect tax evasion.
At present more than three lakh authorised representatives are providing TDS solution for the taxpayers.
