Income Tax Return
Submission date may be deferred by one month
Staff Correspondent
The deadline for submitting income tax return may be deferred by one month from the earlier fixed September 30 as the newly introduced elaborate tax return system becomes effective from this fiscal year. The final decision regarding the deadline, however, will be made after Finance Minister M Saifur Rahman, who is now on an official visit in Washington, returns home on September 29. From this year on, one will have to submit detailed information on one's lifestyle and wealth statement along with one's tax return, otherwise a tax return will not be accepted. Earlier those who had wealth worth less than Tk 3 lakh did not have to submit wealth statement, but from this year everyone regardless of his amount of wealth will have to submit it. Besides, from this year, information about wealth of one's spouse and offspring has to be submitted with necessary documents along with someone's tax return. The government officials for the first time are brought within the same system of tax payment. They will have to pay tax on their own as well as submit information about their lifestyle and wealth. However, the tax money paid by a government officer on his salary will be later reimbursed from the government coffer. Besides, one will have to pay a one-time fine of Tk 2,500 for delay in addition to the per day delay fine of Tk 250. In case of a government official's failure to submit the tax return in time, his monthly salary will be held up. National Board of Revenue (NBR) issued a circular detailing the procedures to be followed by government officials while submitting tax returns. The circular also contains an example showing how much tax a government official will have to pay if he has income from agricultural farm, share investment, houses and etc. Many government officials, who have savings in the bank, houses or other properties, are wondering how much to reveal, fearing further troubles if they disclose information about all the properties of themselves or their families. Many government officials have requested the NBR to extend the income tax return submission deadline. Meanwhile, a high NBR official said the tax return form has been simplified and one will not need a lawyer's assistance to fill in the forms.
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