Time is running out to file an income tax return

November is the month to file income tax returns. The last date to file regular income tax returns for the current tax year is November 30. And there are only 22 days left. There will be no income tax match to avoid corona infection. As a result, everyone has to go to the circle office and file the income tax return. For those whose annual income is less than Tk 4 lakh and assets less than Tk 40 lakh, the National Revenue Board (NBR) has given them the opportunity to file a return by completing a one-page form. However, apartment, house or car owners in the City Corporation area will not get this facility. They must file the income tax return on the form above.
For the first time, the National Income Board (NBR) has released a one-page form only for low-income and low-income individuals. Complete this one-page form by November 30 and file your annual income tax return. Don’t give too much information. The one-page form must include the photograph, name, taxpayer identification number (TIN), region and tax circle, current and permanent address. Also, you must write the amount of taxable income and the amount of tax. List the amount of assets and source of income. In addition, you must give the bank number and the invoice through which you are paying the tax.
However, the return can be filed even after November 30 with the permission of the tax official showing reasonable reasons why the taxpayer has to pay extra money. In this case, the taxpayer must submit the application together with the tax commissioner of the tax region in question.
During the budget announcement last June, Finance Minister AHM Mustafa Kamal announced a one-page form for low-income taxpayers. Soon after, the NBR published a one-page form.
Many people do not want to pay taxes due to the long tradition of income tax returns. Form filling is also quite complicated. So the introduction of a new one-page form is an advantage for low-income taxpayers. Taxpayers have been demanding simplification of return forms for a long time.
There are currently more than 4.5 million tax identification numbers (TINs) in Bangladesh. 22 to 23 lakh TIN holders return each year. Starting this year, it has been made mandatory for all TIN holders to file returns under certain conditions.