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Income Tax returns deadline stretches to Nov 30

The National Board of Revenue yesterday extended the deadline for submission of income tax returns till November 30.

The time has been extended considering the problems of taxpayers in preparing related documents on account of holidays for Eid-ul Azha, Durga puja and hajj, the tax administrator said.

Different chambers and professional bodies had also asked for an extension, NBR’s Senior Information Officer Syed A Momen said in a statement. On Saturday, the apex trade body — the Federation of Bangladesh Chambers of Commerce and Industry — called for extending the deadline by a month.

Apart from holidays, countrywide shutdown enforced by Bangladesh Jamaat-e-Islami, protesting death sentence of its top brass for war crimes, also affected tax returns submission. Many taxpayers did not leave their home to complete formalities fearing street violence, taxmen said.

Until last week, nearly five lakh taxpayers submitted their income statements for fiscal 2014-15.

This was the second time in the current fiscal year that the NBR extended the deadline. The original deadline was September 30, which was later stretched to November 2.

The tax administration expects that submission of income statements may rise this year because of the introduction of e-TIN (taxpayer’s identification number). The NBR earlier tightened rules making the use of 12-digit e-TINs mandatory for tax returns submission under the universal self assessment method.

The universal self assessment method allows taxpayers to get acknowledgement receipts or certificates without hassles.

The income tax returns without the 12-digit e-TINs will be treated incomplete and be subject to assessment by tax officials. It means tax officials may exercise their discretion to assess incomes of the taxpayers.

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Source: Daily Star

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