There are only two months left to file income tax returns without penalty. You can pay income tax return with prescribed tax till December 31 without any penalty. If you return from January 1, you will face penalty.
From this year all taxpayers will have to file returns online. It is mandated by the National Board of Revenue (NBR). So the tax that will be levied will be determined automatically. As a result, the NBR system will not take it if you want to submit or submit only the prescribed tax if you give a return from January 1.
There are currently 1.1 crore Tax Identification Number (TIN) holders. Among them, only 50 lakhs are returned every year.
Deadlines for Tax Returns: Exemptions and Penalties
Those who filed their tax returns during the first quarter of the current fiscal year (July–September) are eligible for a rebate of 5% of the tax paid or 25,000 BDT—whichever is lower. This rebate applies only to the tax paid at the time of filing the return.
Those filing returns in the second quarter (October–December)—that is, those filing now—are not entitled to any rebate. They must simply pay the full amount of tax due; no incentives are available.
For returns filed during the third quarter (January–March), a penalty—calculated as 2% of the payable tax or 3,000 BDT, whichever is higher—will be imposed. Penalties increase further for returns filed after March.
For returns filed during the fourth quarter (April–June), a penalty—calculated as 5% of the payable tax or 5,000 BDT, whichever is higher—will be imposed.
How to Pay Taxes
Taxpayers can file their income tax returns online and pay their taxes from the comfort of their homes using bank transfers, debit or credit cards, or mobile financial service apps such as bKash, Rocket, or Nagad.
Should any issues arise while filing returns online, National Board of Revenue (NBR) staff are available around the clock via a call center and other electronic channels to provide immediate assistance.
Retain Your Documents
A taxpayer’s responsibility does not end with the submission of a tax return. It is essential to retain all relevant documents for the prescribed period, as they may be required for future audits by tax authorities. Furthermore, filing a return containing incorrect or incomplete information carries significant risks.