Do you have submitted half yearly return of withholding tax?

Return of withholding tax shall require to file half yearly to the Deputy Commissioner of Taxes (DCT) following the prescribed form. First return shall be filed by 31 January for the six months from July to December and second return shall be filed by 31 July for the six months from January to June.

Provided that the last date for the submission of return may be extended by the DCT upto 15 days from the above specified date.

Who requires to file withholding tax return?

Following person requires to file return of withholding tax under section 75A of Income Tax Ordinance 1984:

• A company;
• A co-operative society;
• A non-government organization registered with NGO Affairs Bureau;
• A Micro Credit Organization having license with Micro Credit Regulatory Authority;
• A university;
• A private hospital;
• A clinic;
• A diagnostic centre;
• An English medium school providing education following international curriculum;
• Artificial juridical person;
• Local authority;
• A firm;
• An association of person.

Where the prescribed form provided?

Prescribed form of half yearly withholding tax return has been provided under rule 24A of Income Tax ordinance 1984. The form are divided into several parts and schedules. If any part or schedule is not applicable for you then you my skip that part or schedule.

Though the withholding tax return form is very long but if you maintain regular tax related information then it will not much time consuming. You may know that each month two another reporting are required to file to the respective tax circle on tax deducted or collected at source. One monthly tax filing is about Tax Deducted at Source (TDS) on salaries and another one is about other TDS. So, when you will prepare those two reports and maintain the information then the half yearly return of withholding tax will be easy for you.

Besides, the monthly and half yearly tax return, there are several tax reporting during all over the year. If you enjoy watching video then you may watch the below video on this article.

What are the legal consequences for failure to file return?

Where any person without reasonable cause failed to submit this tax return under section 75A, the DCT may impose a penalty at 10% on last assessed income or BDT 5,000, whichever is higher. And a further penalty of BDT 1,000 for every month of fraction in the case of a continuing such default.