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Income tax return deadline may be extended by a month

The National Board of Revenue (NBR) is likely to extend the deadline for submission of individuals’ income tax return by a month until October 31 following demand of the taxpayers.

Sources said the NBR is actively considering extension of the time that is scheduled to expire on September 30.

The plan for extension of the deadline came so that individual taxpayers could obtain new online taxpayers’ identification number (TIN) by the extended time.

Until Wednesday, some 4,50,000 taxpayers obtained e-TIN. Of them, some 3,500 are corporate taxpayers while the rest are individuals.

The NBR has found a total of 1.7 million valid TIN holders who will have to obtain a fresh TIN by December 31.

It has been found that only 26 per cent of the valid TIN holders obtained e-Tin so far.

Although the time for obtaining new TIN is December 31, taxmen expect all individual taxpayers to be registered to the e-TIN with their respective tax returns, officials said.

According to latest data, until June 2013, some 0.9 million individual taxpayers submitted tax returns last year.

A tax official said the actual number of tax returns was 2,00,000 less although the NBR revealed that 1.1 million tax returns were submitted last year

Tax officials said relocation of tax offices caused mistake on calculation of number of tax returns submission last year.

NBR officials said some of the tax files were counted twice last year due to reallocation of the files in different tax zones.

Tax officials expect the number of tax returns to rise to double digit this year due to several motivational steps of the NBR.

From the tax fair, the board received 1,36,000 tax returns.

Meanwhile, the apex Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Dhaka Chamber of Commerce and Industry (DCCI) urged the NBR to extend the time for individuals tax returns by a month considering ensuing the Durga Puja and the Eid-ul-Azha.

Almost every year the revenue board extends the time for individuals’ tax return. Last year, the board extended the time in two phases until November 15.

http://www.thefinancialexpress-bd.com/index.php?ref=MjBfMDlfMjdfMTNfMV8xXzE4NDg5Mg==

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