Taxes Bar Association wants tax return deadline extension

The Dhaka Taxes Bar Association has urged the National Board of Revenue (NBR) to extend the deadline for submission of income tax returns for individual taxpayers for the current financial year 2023-2024.

The DTBA on November 10 sent a letter signed by its general secretary Md Towhid Uzzaman Khan Dipu to the NBR, seeking two more months for the submission of tax returns.

Many taxpayers are facing difficulties in preparing documents relating to the income tax returns due to the ongoing political unrests in the country, the letter said.

The DTBA proposed that the NBR extend the deadline without any penalty for the individual taxpayers as per the section 334 of the Income Tax Act, 2023.

The deadline for returns submission by individual taxpayers in the financial year 2023-2024 began on July 1 and will end on November 30, according to the Income Tax Nirdeshika 2023-2024.

Taxpayers who fail to submit income tax returns on time, he/she will have to pay additional 4% interest on tax liabilities for each month until 24 months and also will not be allowed to get any tax exemption facilities, it said.

The government has set a revenue collection target at Tk430,000 crore for FY24.

Of the amount, Tk154,000 crore revenue target is set for the income tax wing.