Some Taka 666 crore were collected from the electronic tax deduct at source (e-TDS) method over the last 10 months till August this year.

The National Board of Revenue (NBR) launched this automated system on October 6 last year in order to facilitate deposition of the tax at source from various companies to the state coffer.

So far, some 4,900 companies have been registered with the e-TDS system.

Talking to reporter, NBR member Zahid Hasan said that with the introduction of such system, none would have to go to the NBR offices for depositing tax at source. The staffs of the concerned eligible companies and firms would be able to deposit such tax at source through automated chalan (e-chalan) while staying at their offices.

“We’re also being able to know which companies are depositing how much tax at source. Later, those are being verified with the returns of the taxpayers. As a result, transparency has been ensured in the entire tax at source realization system,” he added.

Zahid also informed that newer firms and organizations are being added to the e-TDS system every now and then for depositing tax at source.
The NBR member informed that the tax officials and lawyers of the corporate houses are being imparted training to make popular the e-TDS system so that they become motivated to use this dynamic system.

He opined that if the businessmen use such e-TDS system, then their time would be saved while expenditure will also come down significantly.

Currently, tax at source is being collected from some 53 sectors including banks, multinational companies, and universities.