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Income Tax Return

Submission deadline now Oct 31

Staff Correspondent
The deadline for submitting income tax return has been extended by one month to October 31 as the newly introduced elaborate tax return system comes into effect from the current fiscal year.
The National Bqard of Revenue (NBR) in a circular yesterday extended the deadline earlier fixed fortoday.
"This is the last extension and we will not further extend the deadline for submitting income tax returns," Finance and Planning Minister M Saifur Rahman told reporters at Zia International Airport on arrival from Washington yesterday.
Talking to The Daily Star, NBR member AS Zahir Mohammad yesterday said, "Different organisations sought the extension. Besides, some new measures have been introduced this time."
"The decision to extend the deadline was taken considering the overall aspects," he added.
NBR sources said the growth of income tax is 15.79 percent and
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about 2.5 lakh returns were submitted in the last two months. They expressed thehope the number will be about 12lakh.
From this year on, one will have to submit detailed information about their lifestyle and wealth statement along with the tax return, which will not be accepted otherwise.
Earlier, those who had wealth worth less tHbn Tk 3 lakh did not have to submit wealth statement, but now everyone regardless of their amount of weal th will have to submit it
Besides, information about wealth of spouse and offspring has to be submitted with necessary documents along with the 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 and submit information about their lifestyle and wealthasweiL
However, the tax money paid by any government official on their salary will be later reimbursed from the government coffer.
Besides, one will be fined a onetime Tk 2,500 for delay in addition to the per daydelay fineofTk250. Incase of a government official's failure to submit the tax return in time,’ their monthly salary will beheld up.
The NBR issued a circular detailing the procedures to be followed by the govcmmentofficials whilesubmitting tax returns. The circular also contains an example showing how much tax a government official will have to pay if they have income from agricultural farm, share investment, houses, etc
Many government officials, who have savings in the bank, houses or other property, are in a dilemma how much to reveal, fearing further troubles if they disclose informationabout all the property belonging to them or their families.
Many of them also asked the NBR to extend the income tax return submissiondeadline
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 IL