The Crime Desk: Traders will be fined between Tk 5,000 and Tk 20,000 if they do not show proof of submission of income tax returns in places where it is easily visible.
Because the National Board of Revenue (NBR) has made it mandatory for businesses to provide proof of income tax return submission, And if the order is disobeyed, the business will have to pay the fine.
Recently, NBR issued an order specifying the rate of penalty. This information is known from the order signed by the member of the organization (Tax Management and Human Resource Department), Syed Mohammad Abu Dawood.
According to the order, Section 265 of the Income Tax Act provides for the withholding of proof of submission of an income tax return. The Commissioner of Excise can impose a fine if the proof of deposit or return is not displayed in a visible place at the place of business. The amount of the fine will range from 5 to 20 thousand taka.
In all businesses that are required to submit income tax returns, the order has directed the regions to ascertain whether they are hanging the proof of deposit of returns or not.
Incidentally, the deadline for filing income tax returns for the tax year 2023–24 for company taxpayers has been extended until April 30. Earlier, the deadline for filing income tax for company classes was February 28. However, the time has been extended in view of the FBCCI application for time extension, which includes many companies.
