The National Board of Revenue (NBR) has extended the submission of income tax returns until November 30.
The board has taken the move as there were public holidays for religious festivals like Eid ul-Azha in September and will be for Durga Puja festival in October, according to a press release.
In addition, many taxpayers were out of the city for performing Hajj.
The current deadline for income tax return submission expired on Wednesday.
According to the Income Tax Act, taxpayers having annual income above Tk2.50 lakh have to pay tax. About 1.7 million people now holds TIN across the country although some 1.2m filed their returns last year.
The NBR said it received poor response from those filing returns, and therefore, took the decision. The tax authorities have been assigned to mobilise Tk1,76,370 crore revenue in this fiscal while the lion’s share of Tk64,971 crore will be generated from income tax.
According to the income tax ordinance, the NBR can fine Tk1,000 at a time and Tk50 for each day if any TIN holder fails to submit the returns within the deadline.
However, the ordinance allows taxpayers to seek extension for submission of the returns subject to valid reasons. The deputy commissioner of Taxes can allow maximum two months to the respective taxpayers.
