• Thursday, Sep 19, 2019
  • Last Update : 06:49 pm

Tax return submission record high

  • Published at 12:17 am December 2nd, 2016
Tax return submission record high
The National Board of Revenue (NBR) has received a huge response from the taxpayers with a 40% rise in volume of income tax return submission as the deadline expires on November 30. The taxpayers have so far submitted about 1.5m income tax returns for the fiscal year 2016-17 till the last date of the submission. According to official data compiled by NBR, the numbers were around 834,000 in 2014 while 815,000 in 2015 during the same period. The NBR has bagged over Tk3,335 crore, a 207% rise from last year, as income tax from the taxpayers till November 30, this year. The volume of tax collection was over Tk1,390 crore in 2014 and around Tk1,084 crore in 2015. The NBR had compiled the data after the official deadline for income tax return submission expired on November 30. A little over 151,000 individual taxpayers have sought an extra-time time for submission of their returns this year. According to the Income Tax Act, taxpayers having annual income above Tk2.50 lakh have to pay their income taxes. All the 649 circle offices under 31 income tax zones across the country were open till 10pm on Wednesday to facilitate the submission of the income tax returns as per deadline. Besides, the taxpayers’ response to register them with the electronic Taxpayers Identification Number was also appreciable. The total number of e-TIN holders in the country has crossed 2.4m marks by November 30. The number would have crossed 2.5m if there were no temporary problem with the NBR server that hampered the registration process, said NBR officials. Appreciating mass response from the taxpayers, NBR Chairman Md Nojibur Rahman thanked taxpayers and stakeholders for successful observation of nationwide income tax fair, income tax week and income tax day 2016. “The NBR is promised to provide services like income tax fair to the tax offices for round the year,” said a NBR press release quoting the chairman. Volume of submission of income tax returns, collection of income tax and registration of electronic taxpayer’s registration number was highest among last three years during income tax fair, income tax week and income tax day, he said. The NBR has celebrated income tax fair from November 1-7, income tax week from November 24-30 this year. It also celebrated the income tax day 2016 on November 30, official deadline for submission of returns. Those, who have failed to submit income tax returns by deadline, will have to pay a 2% penalty on the payable tax for delay of each month.