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Friday, November 28, 2014, Agrahayan 14, 1421, Safar 4, 1436 Hijr

Second deadline expires Sunday
No more extension of tax return time
Publish Date : 2014-11-28,  Publish Time : 01:11,  View Count : 16
Jibon Islam
The deadline for income tax return submission of 2013-14 fiscal expires on Sunday.
The deadline was extended twice. The National Board of Revenue (NBR) has decided not to extend it further.
To facilitate the last-minute rush of the tax-payers, NBR has decided to keep all its tax offices of the country open on Saturday, Senior Information Officer of NBR, Syed A Mumen, has confirmed.
He said, "The NBR has been extending the income tax return submission time up to December for the last few years. Taking advantage of this many tax payers submit their returns at the last moment. This creates some problems in the income tax plan of the NBR."
"In order to bring speed in the work of the Income Tax Department there was a plan to end the receipt of income tax return by the Income Tax Week. In the face of demand of various orgnisations and businessmen the time limit was extended twice up to November 30 (Sunday). The time limit will not be extended anymore," said the officer.
All the income tax offices will remain open on Saturday. Bangladesh Bank has been requested to take steps so that branches of all banks situated near the income tax offices are kept open, he added.
According to sources in the NBR, on the occasion of the Income Tax Week the last date of income tax return submission was fixed for September 30.
Later, as per demand of businessmen's top organisation -the Federation of Bangladesh Chambers of Commerce and Industry- professional groups and commercial organisations the time limit was extended up to November 2 for the first time.
But due to Eid-ul- Azha and Puja holidays tax payers failed to submit income tax return and as per their demand the time limit was extended up to November 30 for the second time.
After this if request for time extension comes from different organisations the NBR will not extend time limit any more. But income tax gazette will be applicable for those who have not been able to submit income tax. If there is any good reason behind non-submission of income tax return any tax payer will be able to apply to the income tax zone and submit return.
It is compulsory for the TIN (tax identification number) holders to submit income tax returns. If income tax returns are not submitted there is a provision in the income tax gazette that a TIN holder may be fined or sent to jail.
If income tax return is not submitted in fixed time limit there is the provision for imposing a penalty of Tk 1,000 plus Tk 50 for each additional day on expiry of the time limit. But if anyone applies to Assistant Tax Commissioner of taxes zone concerned the NBR accepts income tax return even after the expiry of the time limit

Editor : Iqbal Sobhan Chowdhury
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