More income tax returns this year

The National Board of Revenue realised Tk 859.93 crore this fiscal as income tax through tax returns from individuals, registering a 36.28 percent rise over the last fiscal year.

In FY 2008-09, such income tax collection was Tk 623.67 crore.

The disclosure came at a press conference at the tax authority's office yesterday by NBR Member Aminur Rahman. He said such a growth in individual income tax manifests taxpayers' increased trust in the service-orientation of tax collectors.

The deadline of submission of tax returns was November 12.

As many as 7,57,964 individuals have submitted their tax returns this fiscal, while the figure was 6,56,193 the previous year, marking a 15.51 percent growth.

At present, there are 22 lakh tax identification number (TIN) holders across the country. But, still around 14 lakh TIN-holders do not pay income tax, the data on the latest tax returns show.

The NBR top official said such non-payment of income tax by TIN-holders is almost a common feature. However, he pointed to the rise in the number of people who submitted income tax returns this year.

Aminur Rahman also spelt out an NBR plan to go for a drive against the TIN-holders who did not submit tax returns. “The defaulters will face legal action,” he sounded a note of warning.

As per rules, such defaulters will have to pay regular fine of Tk 1,000 along with Tk 50 for every day for delaying submission of their returns.

NBR statistics show 11.90 percent up in NBR's overall tax collection during July-October. The total collection was Tk 16,630 crore in the period. Of the amount, at import level the collection increased 2.02 percent, at local level 18 percent and income tax 24.31 percent.