NBR expects nearly 20 lakh tax returns submissions

Filing deadline ends today

Staff Correspondent | Published: 00:05, Nov 30,2017

 
 

The National Board of Revenue is expecting nearly 20 lakh income tax returns by the end of the current fiscal year as the tax offices have already received more than 11 lakh returns until Tuesday.
Some 7.60 lakh taxpayers had filed their tax returns at the same time of the last fiscal year 2016-2017 which reached to around 15 lakh by the end of the year, according to the NBR data.
The deadline for income tax returns filing is set to end today with the scope of filing applications for time extension.
A large number of income taxpayers on Wednesday crowded the field-level income tax offices and were seen waiting in queues in front of the temporary booths set up in the premises of tax circles across the country to file tax returns and receive other services.
All the 649 circle offices under the 31 income tax zones of the NBR set up temporary booths so that all the taxpayers can file their tax returns smoothly.
‘We hope around 15 lakh taxpayers will submit tax returns by Thursday and the number of returns would reach near about to 20 lakh by the end of the fiscal year,’ said a high official of the tax authority.
The revenue board in a notice said that all the tax offices would remain open today until 10pm for receiving tax returns of the taxpayers.
Related branches of banks will also remain open till 8pm to help taxpayers in depositing tax money.
Last year, the NBR received more than 13 lakh tax returns, excluding applications for time extension for returns filing, within the deadline of November 30 set in the Income Tax Ordinance-1984.
The official said that the number of returns would see a surge following regulatory and administrative reforms taken by the NBR.
The revenue board in the budget for the current fiscal year made submission of tax returns mandatory for managerial and executive level employees of private sector.
In addition, tax returns filing is mandatory for employees of the government, semi-government, corporation and other autonomous
bodies who draw basic salary above Tk 16,000 a month.
The provision was included in the income tax law in last year.
The revenue board has also intensified efforts including expanding services to bring more people in the tax net.
For the first time, the NBR provided taxpayers with services like receiving tax returns at the temporary booths set up at the premises of field level tax offices in the same manner of the weeklong income tax fair.
It has also been observing income tax week from November 24.
Individual taxpayers must file income tax returns by today (November 30) to avoid penalty and interest on payable tax.
Deputy Commissioner of taxes may grant additional time if a taxpayer submit time extension application.
Delay interest at the rate of 2 per cent will be applicable for the granting additional time.
The NBR will also observe November 30 as Income Tax Day introduced last year for the first time in the country.
Till November 26, the number of electronic taxpayers’ identification number holders exceeded 32 lakh. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images