Over Tk 3.7mn income tax returns filed, no more extension in deadline, says NBR chairman

The income tax return can be filed throughout the year by paying an additional 2 percent tax, the agency says

Up to Tk 3.8 million income tax returns have been filed after a three-fold extension in deadline following the shock from the July-August movement and clashes, the National Board of Revenue, or NBR, Chairman Md Abdur Rahman Khan says.

However, the amount of filing individual income tax returns is Tk 500,00 less than the previous year. More than Tk 4.3 million returns were filed in the previous tax year.

The number of people holding a Taxpayer Identification Number, or TIN, in the country is much higher now. Although it is mandatory to file returns if an individual holds a TIN, many people do not do so.

Sunday was the last day of the extended period for filing income tax returns for the fiscal year 2024-25. The NBR chairman said the time for filing income tax returns for individual taxpayers would not be extended further.

The NBR had earlier extended the deadline for filing income tax returns without penalty until Feb 16.

However, the agency said the return could be filed throughout the year by paying an additional 2 percent tax.

Asked how many returns have been submitted at a meeting with traders at the NBR office in Dhaka’s Agargaon on Sunday, Rahman said: "I saw it [online deposits] at Tk 1.4 million in the morning. With paper returns, I believe it will be up to Tk 3.8 million. Exact figures will be available [Monday]."

Claiming to have "received a huge response online", he added that training programmes on the matter would be arranged to hear what kind of problems have occurred in submitting the return online.

According to the Income Tax Act 2023, the deadline for filing income tax returns is Nov 30. However, if the NBR wants, it can extend the time by one more month in a single decision.

ONLINE INCOME TAX RETURN THROUGHOUT THE YEAR

The NBR also decided to continue the online return filing service throughout the year even after National Income Tax Day.

In a statement issued on Sunday evening, the agency said: "If you file your return after the Income Tax Day, you will no longer have investment tax rebate and any tax exemption per the Income Tax Act. Moreover, the amount of tax remaining unpaid on the tax day will be taxed at a 2 percent rate per month [maximum 24 months]."

The circular demanded that the process of filing returns online should be made easier and more taxpayer-friendly based on the needs and opinions of taxpayers.

According to the NBR, more than 1.4 million taxpayers have filed their returns online this year.