Tax return deadline ends today

Today is the last day for submission of tax returns although the deadline was two days back on Friday, December 31, 2020, which being a weekend had prompted the National Board of Revenue to shift the cut-off day to a workday.

From tomorrow, taxpayers will be required to pay a fine for their late submissions.

Technically November 30 was the official deadline for furnishing income and wealth statements for financial year 2021-22. But the tax authorities deferred it by one month as the number of return submission was low.

The number of taxpayer identification numbers (TIN) has more than doubled to 62 lakh in financial year 2020-21 from the 28 lakh in financial year 2016-17.

However, the number of return submissions did not grow accordingly.

Taxpayers filed 24 lakh returns in financial year 2020-21, up 60 per cent from 15 lakh in financial year 2017-18.

Income tax is the second biggest source of revenue collection for the NBR after value added tax (VAT), the indirect tax paid by consumers.

The NBR targets to collect Tk 105,475 crore in income tax in financial year 2021-22.