The National Board of Revenue (NBR) will no longer defer the deadline for submitting income tax returns, which was extended three times from its initial date in November last year.

Besides, taxpayers who missed the final deadline on February 16 will face penalties of 2 percent of their unpaid dues on a compounding basis for each month that passes. As per the income tax law, this penalty can compound for a maximum of 24 months, according to a press release issued by the NBR.

In a significant move, the NBR announced that its online tax return filing service will now remain available year-round. Previously, taxpayers could only access this facility from June 1 until Income Tax Day on November 30, it said.

However, returns filed after the deadline will not be eligible for investment tax rebates or any exemptions based on existing laws of the revenue authority.

"We witnessed a strong response to online tax return submissions. So far, about 14.10 lakh taxpayers have filed their returns through the platform," said NBR Chairman Md Abdur Rahman Khan.

Speaking to reporters at the NBR headquarters in the capital's Agargaon yesterday, he said a total of approximately 38 lakh taxpayers submitted returns this year.

There are currently about 1.14 crore registered taxpayers in the country, while the deadline for submitting returns is typically set for November 30 each year.

This year, however, the NBR initially extended the deadline to December 31, then to January 31, and finally to February 16.

Meanwhile, the deadline for firms to submit their tax returns will expire on March 16.

BAGGAGE RULES MAY BE ADJUSTED

During a meeting with the NBR chairman at the office yesterday, leaders of the Bangladesh Jewellers' Association recommended reducing existing taxes and VAT on jewellery businesses.

They also proposed expanding the tax net to include individuals involved in the gold trade by introducing electronic fiscal devices.

The NBR chairman said existing baggage rules related to jewellery imports will be amended and hinted at potentially imposing advance income tax on the sector.

Other senior leaders of the jewellers' association, alongside numerous senior officials of the NBR, were present at the meeting.