Failure to produce return certificate incurs more penalty


Businessmen will have to face more fines if they do not hang their income tax return certificate in a public place. So far the amount of fine has been between 5 thousand to 20 thousand taka, but now it has increased to 20 thousand to 50 thousand taka.

Finance Minister Abul Hasan Mahmud Ali on Thursday (June 6) proposed an increase in fines while presenting the budget for the fiscal year 2024-25 in the National Assembly.

Currently, more than two and a half lakh establishments across the country have Tax Identification Number (TIN). They are supposed to give returns every year. But an average of only 50,000 companies submit returns annually. That is why the National Board of Revenue (NBR) has made it mandatory for businesses to hang proof of return submission.

Proof of submission of income tax return should be displayed at a place that is easily visible. Otherwise, traders will have to pay a fine of 5-20 thousand rupees. Because the Board of Revenue (NBR) has made it mandatory for businesses to hang proof of return submission.

An order signed by NBR member (Tax Management and Human Resource Department) Syed Mohammad Abu Dawood said Section 265 of the Income Tax Act provides for hanging the certificate of submission of income tax return. The Sub-Commissioner of Taxes can impose a fine if the proof of deposit of return is not hung up visibly at the place of business. The amount of fine will be from 5 to 20 thousand taka. Regions have been directed to ensure that all business establishments, which are required to file income tax returns, hang up proof of return submission.

MMAR/ASM