NBR likely to extend returns submission time to Oct 31

September 30, 2013

The National Board of Revenue is likely to extend the deadline for submission of income tax returns by individual taxpayers by one month to October 31, NBR officials said.
The current deadline expires today.
‘The revenue board is thinking to give more time mainly because of poor response from taxpayers till Sunday,’ a tax official told New Age.
He said the taxpayers were also demanding for an extension of the deadline.
Trade bodies including the Federation of Bangladesh Chambers of Commerce and Industry demanded that the NBR should extend the time by one month.
Though the NBR is yet to count the number of returns it received till Sunday, the number may be at best 4 lakh to 4.5 lakh, the official said adding that the board received 1,36,000 tax returns at the weeklong income tax fairs held in September 16-22 across the country.
Till Sunday, only around 5 lakh individual taxpayers including 1 lakh new taxpayers obtained online generated taxpayers identification numbers (e-TIN) which are required for taxpayers in submitting returns, NBR officials said.
There are 17 lakh TIN holders in the country.
Though the NBR has set December as deadline for obtaining e-TINs, the revenue board is expecting that taxpayers would receive e-TINs and provide them with returns, NBR officials said.
‘So, the revenue board thinks that taxpayers should get more time for taking e-TINs and filing returns,’ they said.
In the fiscal year 2012-2013, around 13 lakh taxpayers submitted income tax returns.
Almost every year the revenue board extends the time for submission of individuals’ tax returns. Last year, the board extended the time twice until November 15.

-With New Age input

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