A total of 24.09 lakh taxpayers filed income tax returns and time petitions for filing returns by the extended deadline that ended on December 31 in the current fiscal year 2020-2021, according to the National Board of Revenue data.
The number of returns, including time petitions, increased by 9 per cent in FY21 from that in FY20 when 21.96 lakh taxpayers filed their income tax returns.
A total of 7,650 individual taxpayers also legalised untaxed moveable and immovable properties, including apartments and cash, worth Tk 10,220 crore between July 1 and December 31, the data released on Monday showed.
The revenue board said in a press release that it also received Tk 962.6 crore in tax under a scheme offered in the budget for FY21 for legalisation of undisclosed land, apartment, cash, bank deposits and securities.
The revenue board also received Tk 34,238 crore in income tax in the July-December period of FY21, it said, adding that the amount is higher by Tk 1,545 crore compared with the same period of FY20.
The overall income tax collection target has been set at Tk 1,05,475 crore for the entire year.
The revenue board will have to collect a total of Tk 3.30 lakh crore in income tax, customs duty and value-added tax in FY21.
Revenue collection stood at Tk 87,093 crore in the JulyNovember period of the current fiscal year while collection grew by 3.19 per cent compared with the corresponding period of FY20.
The revenue collection, however, fell short by Tk 25,867 crore of the target of Tk 1,12,960 crore for the period.
Income tax officials said that the value of legalised assets and tax paid by the taxpayers was the highest in a single year in the history of the country.
They also said that the amount would increase further as the taxpayers would be able to legalise their untaxed assets until June 30, 2021.
According to the NBR data, 7,445 individual taxpayers legalised their undisclosed moveable and immovable properties and paid Tk 939.76 crore in six months.
Another 205 taxpayers legalised their untaxed money by investing on the stock markets.
The government in the budget for FY21 offered a blanket scope for legalising undisclosed movable and immovable property by paying taxes at various rates while undisclosed money holders were also allowed to legalise such money through investment on the capital market by paying tax at a flat rate of 10 per cent.
‘So far, around Tk 10,220 crore has been injected into the formal economy under the scheme and it will play an special role in boosting investment, creating jobs and enhancing gross domestic product,’ the release said.
NBR chairman Abu Hena Md Rahamatul Muneem congratulated the taxpayers for filing tax returns and paying taxes ignoring the health risks amid the COVID-19 outbreak, it added.
According to the NBR, the government has offered the scope to legalise undisclosed money almost every year since independence.
The taxpayers legalised the highest amount of Tk 9,683 crore and paid Tk 911.3 crore in tax under the scheme during the regime of the army-backed interim government in the two fiscal years of FY2007-08 and FY2008-09.