Income tax collection surges 16% in H1 FY24
The deadline for filing tax returns is 31 January
The government's income tax collection during the first six months (July-December) of the current fiscal year has exhibited a notable increase of 15.82% compared to the corresponding period in the previous fiscal year.
According to sources within the National Board of Revenue (NBR), the collected income tax during this period amounted to Tk51,824 crore, surpassing the Tk44,742 crore recorded in the same duration of the preceding financial year.
Despite the positive growth observed in tax collection, it is worth noting that tax collection for the first half of FY24 fell short of the set target by approximately Tk8,500 crore. The target for this period was Tk60,417 crore.
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The NBR has a target of collecting Tk1,54,800 crore from income tax and travel tax in the ongoing fiscal year. To meet the target, the income tax collection in the second half of FY24 has to be twice the amount collected so far.
However, experts expressed scepticism about achieving this ambitious target given the current collection rate.
A meeting was convened at the Revenue Bhavan in the capital's Agargaon on Sunday to assess the income tax collection status, with NBR Chairman Abu Hena Md Rahmatul Muneem presiding over the meeting.
According to sources present at the meeting, the chairman directed officials to curb tax evasion and enhance the disposal of pending income tax cases.
NBR sources said as of 18 January, some 18.82 lakh tax returns had been submitted, reflecting an increase of 4 lakh compared to the corresponding period last year.
The deadline for filing tax returns is 31 January.
