The time limit for submitting income tax would not be extended again under any circumstances, said an NBR press release issued yesterday.

This time extension will also be applicable in case of self-assessment tax return.

Persons failing to submit their return timely will have to pay fine as per income tax rule, NBR officials said.

Different occupational groups including the Federation of Bangladesh Chamber of Commerce and Industry demanded extension of the time limit for submitting tax return up to November 30 in view of the Ramadan and political turmoil, NBR sources said.

NBR authorities were also planning further time extension, as it had long been the convention. Besides, there are a few holidays before the last date of submission.

But the finance ministry did not approve any extension after October 19.

Traditionally, onrushes of taxpayers are observed during the last dates of submission and a handsome amount is collected in the government coffer, sources said, adding that very few tax returns have been submitted so far.

Earlier the government was unwilling to extend the time as it planned to have a handsome amount by October, which would help reduce the amount of government's borrowing from banks by the end of its tenure.

Moreover, the current fiscal year started with very low growth in revenue collection. During July-August period growth rate of revenue was 10.43 per cent that was 15.40 per cent during the same period last year.

Due to the low revenue collection, government's borrowing from banks is on the rise from the very start of the current fiscal, first month of which saw a 40 per cent increase in borrowing.