Income tax fair collects Tk 1,096cr in 4 days

The National Board of Revenue has collected Tk 1,096.68 crore in four days of the week-long income tax fair it is organising across the country.
The collection was Tk 931.50 crore in the same period in the last year’s fair.
The fair drew huge crowd on Saturday, the fourth day of the fair, as the day was a weekly holiday.
More than 1.43 lakh people visited the fair venues across the country on Saturday, according to the NBR.
The revenue board extended the day’s fair time by three hours to 8:00pm at the Officers’ Club, the fair venue for the Dhaka division.
On Saturday, the revenue board collected Tk 193 crore from 26,793 taxpayers who submitted their income tax returns in the fair.
Officials of the revenue board said they extended the time on the day to provide taxpayers with services at the Officers’ Club in Dhaka due to huge crowd.
Taxpayers and potential taxpayers were seen waiting in long queues to receive the services including filing income tax returns, paying tax and receiving online taxpayers’ identification numbers in Dhaka and other divisional headquarters in the country.
People mainly who work in government and private sectors took the advantage of weekly holiday to visit the fair, officials said.
They said the turnout of visitors was thinner in the morning than the previous days due to rain but the rush of visitors increased significantly in the afternoon.
Despite the huge crowd, visitors did not face problem as the number of booths for e-TIN registration, re-registration, e-payment and income tax return filing was sufficient to cope with the Taxpayers need not to pay any tax during filing income tax returns on such income.
According to the NBR clarification, the profit gained from savings instruments of the Department of National Savings will not also be included in the total income of taxpayers for the purpose of calculation of payable tax.
The profit, however, will have to be shown in the income statement part of the income tax returns.
Taxpayers’ total income for tax calculation purpose will remain at comparatively lower slab because of the decision that will reduce the tax burden of the taxpayers, officials said.
Currently, tax-free income limit is Tk 2.50 lakh. A 10-per cent tax is applicable on income of next Tk 4 lakh after the tax-free limit, 15 per cent on next Tk 5 lakh, 20 per cent on next Tk 6 lakh, 25 per cent on next Tk 30 lakh and 30 per cent on above.
The tax liability of a taxpayer will remain at lower slab due to exclusion of profit gained from savings instruments from the total income, officials said.

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