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As coronavirus infections continue to rise, they have more time to file.
The Chairman of the National Revenue Board (NBR), Abu Hena, at a press conference on Sunday morning. Authorities said Rahmatul Munim’s announcement was yet to come.
No NBR official agreed to speak directly on the matter. However, on condition of anonymity, several officials told bdnews24.com that those who were unable to file their returns by November 30 would receive overtime. That can take a month or two. The filing of the return may also be announced without penalty for one or two months.
An Income Tax Department official told bdnews24.com on condition of anonymity: That will be announced at a press conference Sunday morning.
“Whether the time is extended or given the opportunity to file a return without penalty, the two will be the same.”
Before approving the budget for the current fiscal year 2020-21, the president issued an ordinance considering the coronavirus epidemic. Under the ordinance, the NBR can waive individual taxpayer penalties and interest if it so wishes. This power of the NBR has been added in the budget session as Section 164 (g) of the Income Tax Ordinance.
Therefore, if the NBR wants to increase the time only by waiving the penalty and interest for a certain period of time by announcing not to extend the time.
Again, if the NBR thinks it will extend the time directly, it can. He has also given that power to the NBR through the Presidential Ordinance.
In that case, the time can be directly extended with the ordinance. Or the penalty and interest can be waived for a month or two by notice.
Another NBR official said: “Everything is in the interest of the country. We all understand, we are going through a difficult time. Due to the epidemic, this time the tax fair could not be organized. Due to the outbreak of the epidemic, many taxpayers have not been able to prepare the documents required for their returns. However, additional benefits will be granted to taxpayers ”.
The FBCCI, the main body of business magnates, and various categories of professionals, including income tax lawyers, have already written to the NBR demanding an extension of the filing period.
FBCCI President Sheikh Fazle Fahim told bdnews24.com on Saturday night: “We have already asked the NBR to extend the time. In the meantime, the epidemic has increased. Hopefully, the NBR will extend the time by considering taxpayer problems. Or the alternative will give a chance. “
Ahsan H Mansoor, executive director of the Policy Research Institute (PRI), a private research institute, told bdnews24.com that the time to submit statements should be extended considering the Covid-19 situation. Taxpayers will get some relief even if they waive penalty interest and tax money for a month or two.
“There is not much income tax from individual tax return. Also, even if the time to file returns is extended, the NBR will receive the tax after one or two months. Therefore, if the term is extended or penalties and interest are waived, the NBR will not suffer such loss. Because most of the income tax comes from withholding tax. “
Due to the coronavirus epidemic, this time the expected tax return is not being filed. The income of many has also declined.
This time the tax is not equalizing due to the coronavirus. Although each tax area office has the facility of a tax fair, this time there are not many people. Faced with this situation, the deadline for submitting the return ends on November 30. Under the existing Income Tax Ordinance, there is no direct opportunity to extend the time to file returns. As a result, the National Revenue Board (NBR) is looking for ways to extend the time of an epidemic like the coronavirus or some other way to provide relief to taxpayers. On the other hand, many taxpayers are in uncertainty.
Currently, there are 48 lakhs of tax identification numbers (TINs) in the country. About 22 lakh of them returned with TIN.
Failure to pay the return within the stipulated period can be extended from two to four months for logical reasons. To do this, you must request it in the prescribed way. According to the Income Tax Ordinance, a tax official can impose a penalty, an additional 50 percent simple interest on the tax, or back interest at a rate of 2 percent per month on the tax money. Even if you have time to apply, you will have to pay back interest and no penalties.
Even a few years ago, the return deposit time was getting longer every time. But in 2016, it was decided not to file returns after National Tax Day on November 30 by changing the Income Tax Ordinance. The road to the extension of time is closed.
Also in India, the deadline for filing returns was November 30. Indian taxpayers record income and expenses from April to March of the following year. But this time, the Central Board of Direct Taxes of India reported in October last year on the Kovid-19 epidemic that taxpayers in that country will be able to file their returns until December 31. This means that Indian taxpayers have been given an extra month due to the coronavirus.
A press release issued by the NBR on Saturday night said President Abu Hena Mohammad in the NBR conference room at 10 am Sunday in the capital’s Seconbagicha. Rahmatul Munim will speak at a press conference.
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