A total of 15.56 lakh individuals submitted their income tax returns within the deadline that ended on Thursday in the current fiscal year while 2.79 lakh submitted petitions seeking more time for filing tax returns, according to the NBR data.
The number of returns submission in the current fiscal year increased by 36.01 per cent from 11.44 lakh in the previous year.
The National Board of Revenue received Tk 4,281.32 crore in income tax with tax returns in this year, up 28.37 per cent on the previous year when tax collection was Tk 3,335.21 crore.
According to the NBR data, the number of time petitions increased by 84.10 per cent in this fiscal year.
Officials said that the number of returns increased 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 in the private sector.
In addition, tax returns filing is mandatory for employees of the government, semi-government, corporations 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 under 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 it offered the services at the weeklong income tax fair.
It also observed November 24-30 as income tax week.
Source: New Age.
