Staff Reporter :
Income tax collection from the individual level has decreased by Tk193 crore, though the number of returns has increased by 63,199 till November 26 this year compared to the same period of the last year amid the ongoing Covid-19 pandemic.
Under the loophole, the National Board of Revenue (NBR) is going to relaxing conditions for filing income tax returns, though it is still firm on not to extend the deadline, which is ending today (Monday).
Speaking at a press conference on Sunday, NBR Chairman Abu Hena Md Rahmatul Muneem reiterated that the deadline for filling return submission would not be extended further.
Commissioners, however, have been asked to be permissive towards taxpayers regarding imposition of penalty for failure to submit their annual income statements within the deadline and taxpayers will be able to file their tax returns taking time from tax offices, he added.
The relaxation of the conditions for filing returns in response to the requests from various traders and income taxpayers to increase the deadline to prevent the virus infection.
The taxpayers have demanded for extension of the deadline as the second wave looms and number of Covid-19 cases is rising for the last several weeks.
Responding to whether the NBR’s decision would create huge crowds of taxpayers in the last two days and create risk of transmission of Covid-19, he said taxpayers have had enough time as the time for submission starts from July 1 this year.
The total number of taxpayers, who have Taxpayer Identification Number (TIN), is 5072567 till July 30, 2020. Of them, 13,20,825 taxpayers have filed their returns until November 26 this year, up from 12,57626 from the same period of the last year, the NBR chief said.
On the other hand, NBR receipt TK 2387 crore, which is Tk 193 crore less than the same period of the last year. The collection in the previous was Tk 2580 crore.
Time for filling returns without penalty begins from July 1 and ends on November 30. This year all taxpayers, except for certain cases, will be required to submit income tax returns.
However, giving two percent fine is not mandatory. The fine will be waived if the taxpayer can show a valid reason of why he could not submit the return on time. If the reason does not seem rational to the commissioner, the fine has to be paid.
It is to be noted that under the Income Tax Act, the deputy commissioner of taxes may give a taxpayer two months to file a return following the application from the taxpayer. In that case, the taxpayer will have to pay two percent fine.
A few years ago, the return submission deadline was extended every time. But in 2016, by bringing changing in the Income Tax Ordinance, it was decided not to accept returns after the National Tax Day on November 30.
Income tax collection from the individual level has decreased by Tk193 crore, though the number of returns has increased by 63,199 till November 26 this year compared to the same period of the last year amid the ongoing Covid-19 pandemic.
Under the loophole, the National Board of Revenue (NBR) is going to relaxing conditions for filing income tax returns, though it is still firm on not to extend the deadline, which is ending today (Monday).
Speaking at a press conference on Sunday, NBR Chairman Abu Hena Md Rahmatul Muneem reiterated that the deadline for filling return submission would not be extended further.
Commissioners, however, have been asked to be permissive towards taxpayers regarding imposition of penalty for failure to submit their annual income statements within the deadline and taxpayers will be able to file their tax returns taking time from tax offices, he added.
The relaxation of the conditions for filing returns in response to the requests from various traders and income taxpayers to increase the deadline to prevent the virus infection.
The taxpayers have demanded for extension of the deadline as the second wave looms and number of Covid-19 cases is rising for the last several weeks.
Responding to whether the NBR’s decision would create huge crowds of taxpayers in the last two days and create risk of transmission of Covid-19, he said taxpayers have had enough time as the time for submission starts from July 1 this year.
The total number of taxpayers, who have Taxpayer Identification Number (TIN), is 5072567 till July 30, 2020. Of them, 13,20,825 taxpayers have filed their returns until November 26 this year, up from 12,57626 from the same period of the last year, the NBR chief said.
On the other hand, NBR receipt TK 2387 crore, which is Tk 193 crore less than the same period of the last year. The collection in the previous was Tk 2580 crore.
Time for filling returns without penalty begins from July 1 and ends on November 30. This year all taxpayers, except for certain cases, will be required to submit income tax returns.
However, giving two percent fine is not mandatory. The fine will be waived if the taxpayer can show a valid reason of why he could not submit the return on time. If the reason does not seem rational to the commissioner, the fine has to be paid.
It is to be noted that under the Income Tax Act, the deputy commissioner of taxes may give a taxpayer two months to file a return following the application from the taxpayer. In that case, the taxpayer will have to pay two percent fine.
A few years ago, the return submission deadline was extended every time. But in 2016, by bringing changing in the Income Tax Ordinance, it was decided not to accept returns after the National Tax Day on November 30.
