The National Board of Revenue (NBR) has introduced a new and simplified income tax return for individual taxpayers to ease the process of submission of tax returns.
Taxpayers, having no income from salary, household and business sources, will be able to submit the tax returns on three pages in the current tax year 2016-17, said a rule of the NBR.
In case of having income from those sources, taxpayers will have to fill up separate prescribed forms for furnishing details of their incomes, the rule said.
The tax authority, for the first time, also introduced a new type of tax returns for partnership firms and non-government organisations (NGOs) under 'other than companies' category.   
With the inclusion, there will be three types of tax returns in the current fiscal year (FY) for individuals, companies and NGOs under 'other than companies', said a senior tax official.
Until 2015-16, there were two types of tax returns, one for companies and another for individuals.
However, individual tax returns were also of three types— regular, 'only for salary' income holders and taxpayers having up to Tk 0.3 million income from businesses or professions.
From the current FY, there will be a single type of tax return for individual taxpayers.
On the first page, the taxpayer will furnish personal details followed by particulars on the second page and verification on the third page.
The tax official said there would be machine readable option in the new tax returns. However, the exiting tax returns will be considered as valid for one year along with the new tax returns.
Since 2008, the original tax returns remained the same despite several changes in the income tax law.
The new returns will have columns for disabled persons, senior citizens, surcharge and minimum tax which were absent in the previous tax returns.
The official said the new tax returns will help the marginal taxpayers submit their tax returns in the  simplest way.
Currently, some 1.2 million taxpayers submit income tax returns. Of them, 45,000 are companies while rest are individuals.
The time for submission of individuals' tax returns started today (July 1) and will end on November 30.
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Source: The Financial Express