Dhaka — The National Board of Revenue (NBR) is going for e-filing this month. Due to e-filing, all the accounts of the taxpayers including income and expenditure, movable and immovable assets, number of vehicles, amount of money deposited in the bank, and transactions, ornaments will be stored in the NBR database year after year.
This will allow NBR officials to easily verify the authenticity of this information online. It will also be easier to compare the increase and decrease of wealth and income from one year to the next.
Excluding house rent, travel, and medical allowances, if the income of ordinary taxpayers is more than Tk 3 lakh per annum, women and those above 65 years of age are more than Tk 350,000 and those of third sex are more than Tk 350,000, e-filing will have all the information related to income and expenditure.
In addition, if a taxpayer over the age of 18 does not have taxable income, if he submits a return, his information will also be in the NBR database through e-filing.
NBR member Alamgir Hossain told, “E-filing will benefit both the NBR and the taxpayers.” The taxpayer does not have to come to the revenue department to collect any kind of revenue service including return deposit for tax payment. A person can send any revenue question to NBR online with his special code, he added.
“You will get all the answers online. On the other hand, NBR officials no longer have to rush to do taxpayer revenue and revenue work. It will be possible to complete it online.”
In the current tax year, every company has to submit a mandatory return online. Although individual returns are encouraged to submit online returns, there will also be a limited range of manual submissions.
In the case of e-filing, NBR officials will be able to verify the market value of the taxpayer’s income-expenditure information as it is in the NBR’s database. An individual can also easily match it with the information of other concerned departments.
It will be able to verify the actual information. As a result, e-filing will reduce the chances of revenue evasion in these cases.