BTRC got Waiver for Income Tax Return
The National Board of Revenue (NBR) has waived the income tax returns of Bangladesh Telecommunication Regulatory Commission (BTRC) for the current financial year (2023-24). NBR informed this information in a notification issued by the National Board of Revenue on Wednesday (February 28).
According to sub-section 4 of Section 264 of the National Board of Revenue Income Tax Act-2023, BTRC and Bangladesh Railways are exempted from submitting proof of income tax return for the fiscal year 2023-24. This order shall also apply to sub-section 1 of section 142 of the same Act.
According to sub-section 4 of section 264 of the Income-tax Act-2023, the Board may, by general or special order, exempt any person from furnishing proof of return.
On the other hand, the order of exemption under section 142 of the Act mentions that if the person filing the tax return fails to furnish the proof of filing the return, the tax deducted at source or collected will be 50 percent higher than the applicable rate.
