124. Penalty for failure to file return, etc.-

¹[124. Penalty for failure to file return, etc.-

(1) Where any person has, without reasonable  cause,  failed  to  file  a  return  of  income  required  by  or  under sections 75, 77, 89(2),91(3) ²[, 93(1) and or withholding tax required under section  75A],  the  Deputy  Commissioner  of  Taxes  may  impose  upon  such person  a penalty  amounting  to  ten  per  cent of tax  imposed  on  last  assessed income  subject to  a  minimum  of ³[taka  one  thousand,]  and  in  the  case  of a continuing  default  a  further  penalty  of ⁴[taka  fifty]  for  every  day  during which the default continues.⁵[

Provided that such penalty shall not exceed-

1. in case of an assessee, being an individual, whose income was not assessed previously five thousand taka;
2. (b in case of an assessee, being an individual, whose income was assessed previously, fifty per cent (50%) of the tax payable on the last assessed income or taka one thousand, whichever is higher.]

(2) Where any person has, without reasonable cause, failed to file or furnish or, as the case may be, obtain and display within the time laid down therefor,-
(a) any certificate, statement, accounts or information required by or under sections 58, 75A, ⁶[103A], 108, 109, ⁷[or] 110 ; or ⁸[0r 113]

(b)  the  tax-payer's  identification  number  (TIN)  certificate  under section 184C; the Deputy Commissioner of Taxes shall impose upon such person a penalty of taka five hundred and in the case of a continuing default a further  penalty  of  taka  two  hundred  and  fifty  for  every  month  or fraction thereof during which the default continues ⁹[:

Provided that where any person has, without any reasonable cause, failed  to  furnish  information  as  required  under  section  113,  the ¹⁰[Director  General],  Central  Intelligence  Cell  or  the  Deputy Commissioner  of  Taxes  may  impose  a  penalty  of  taka  twenty  five thousand and in case of a continuing default a further penalty of taka
five hundred for each day.]

................................................

¹Subs. by F.A 1999 and re-subs by F. A. 2004
²Subs. F.A. 2011
³Subs. for "taka two thousand five hundred" by F.O. 2007
⁴Subs. for "taka two hundred and fifty" by F.O 2007

⁵ Subs “colon”for “full stop”and ins new proviso by F. A. 2015

⁶Ins by F. A 2020
⁷Subs for "," by F.O 2007
⁸Omitted by F.A. 2007

⁹Subs. "colon" for "full-stop" and ins new proviso by F.O. 2007
¹⁰Omitted "Deputy" by F.A. 2013

About Author

Golden Bangladesh

Golden Bangladesh is a point of access to information.We present information from diverse sources in a unified way. It is the leading web portal, e-Directory and business guide in Bangladesh.