The National Board of Revenue (NBR) has decided to be tougher on the non-return submitting taxpayers, imposing penalty on them.
As the extended deadline for return submission expired on November 30, the tax authorities have decided to strengthen its monitoring at the field level tax offices to penalise the taxpayers who did not file income tax return on time or did not seek any time petition, said a NBR release issued yesterday.
Currently, the minimum tax ceiling for an individual taxpayer is Tk2.50 lakh. If any e-TIN holders don’t have any taxable income, he or she can mark ‘nil’ in the return but submission of return is a must for the e-TIN holders.
NBR will fine Tk1,000 as penalty in a single shot plus Tk50 for each day if any TIN holder failed to submit tax return within the expired deadline. The new e-TIN holders will be penalised with the highest amount of Tk5,000, if they failed to file the return within the deadline.
The tax authority is assigned to mobilise Tk1, 76,370 crore revenue in this fiscal while the lion share of Tk64,971 crore will be generated from income tax.
According to NBR data, the tax authorities collected over Tk1537 crore tax from a total of 8,15,894 returns till November 30 against over Tk1390 crore tax from 8,33,902 submitted at the same period of last year.
This year, a total of 2,76,138 taxpayers sought extra-time to the deputy commissioners for filing their returns while the same number was 1,93,721 last year.