Income Tax at a Glance
Among direct taxes, income tax is the main sources of revenue. It is a progressive tax system. Income tax is impod on the basis of ability to pay. "The more a taxpayer earns the more he should pay''- is the basic principle of charging income tax. It aims at ensuring equity and social justice.
IncomeTax Authorities:
企业核心价值观National Board of Revenue,
Chief Commissioner of taxes,
Director General of Inspection (Tax),
Commissioner of Taxes (Appeals),
Commissioner of Taxes (LTU)
Director General (Training),
Director General Central Intelligence Cell (CIC),
Commissioner of Taxes,
Additional Commissioner of Taxes (Appeal/Inspecting),
Joint Commissioner of Taxes(Appeal/Inspecting ),
Deputy Commissioner of Taxes,
Tax recovery officer,
Assistant Commissioner of Taxes,
Extra Assistant Commissioner of Taxes,
Inspectors of Taxes.
Sources of Income:
For the purpo of computation of total income and charging tax thereon, sources of income can be classified into 7 categories, which are as follows :
Salaries
Interest on curities
Income from hou property
Income from agriculture
Income from business or profession
Capital gains
Income from other sources.
Tax Rate (Asssment Year- 2014-15):
Other than Company :
For individuals other than female taxpayers, nior taxpayers of 65 years and above, retarded taxpayers and gazetted war-wounded freedom fighter, income tax payable for the
First2,20,000/-Nil
Next3,00,000/-10%
Next4,00,000/-15%
Next5,00,000/-20%
Next30,00,000/-25%
Rest Amount 30%
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For female taxpayers, nior taxpayers of age 65 years and above, income tax payable for the
First2,75,000/-Nil
Next3,00,000/-10%
Next4,00,000/-15%
Next5,00,000/-20%
Next 30,00,000/- 25%如何解锁手机密码
Rest Amount30%
For retarded taxpayers, tax free income threshold limit is TK.3,50,000
For gazetted war wounded freedom fighters, the threshold limit is Tk. 4,00,000/-
Minimum tax for any individual as living in City Corporation area is Tk. 3,000
Minimum tax for any individual as living in District headquater is Tk. 2,000
Minimum tax for any individual as living in any other area is Tk. 1,000
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Non-resident Individual 30%
(other than non-resident Bangladeshi)
For Companies
Publicly Traded Company 27.5%
Non-publicly Traded Company 35%
Bank, Insurance & Financial Company (Except merchant bank) 42.5%
Merchant bank 37.5%
Cigarette manufacturing company 45%
Publicly traded cigarette company 40%
Mobile Phone Operator Company 45%
Publicly traded mobile company 40%
If any publicly traded company declares more than 30% cash dividend, tax rate would be 24.75% and if declares less than 10% dividend, tax rate would be 35%.
If any non publicly traded company transfers minimum of 20% shares of its paid-up capital through
IPO(Initial Public Offering) it would get 10% rebate on total tax in the year of transfer.
Tax Rebate for investment :
Rate of Rebate:
Amount of allowable investment is - actual investment or 30% of total income or Tk. 150,00,000/- whichever is less. Tax rebate amounts to 15% of allowable investment.
Types of investment qualified for the tax rebate are :-
Life insurance premium up to 10% of the face value.
Contribution to Provident Fund to which Provident Fund Act, 1925 applies.
Self contribution and employer's contribution to Recognized Provident Fund.
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Contribution to Supper Annuation Fund.
Contribution up to TK 60,000 to deposit pension scheme sponsored by any scheduled bank or a
financial institution.
Investment in approved debenture or debenture stock, Stocks or Shares
Contribution to Benevolent Fund and Group Insurance premium
Contribution to Zakat Fund
Donation to charitable hospital approved by National Board of Revenue
Donation to philanthropic or educational institution approved by the Government
Donation to socioeconomic or cultural development institution established in Bangladesh by Aga
Khan Development Network
Donation to ICDDRB,
Donation to philanthropic institution-CRP, Savar, Dhaka
Donation up to five lac to (1) Shishu Swasthya Foundation Hospital Mirpur, Shishu Hospital, Jessore and Hospital for Sick Children, Sathkhira run by shishu swasthya Foundation, Dhaka. (2) Diganta
Memorial cancer Hospital, Dhaka, (3) The ENT and Head-Neck cancer Foundation of Bangladesh, Dhaka and (4) Jatiya Prtibandhi Unnayan Foundation, Mirpur, Dhaka;
∙Donation to Dhaka Ahsania Mission Cancer Hospital;开学的句子
∙Donation to Sylhet Diabetic Samity, Islamia Eye Hospital and MA Ispahani Institute of
Opthalmology, Kidney Foundation and National Heart Foundation of Bangladesh
表扬的近义词Donation to Asiatic society of Bangladesh
Donation to Muktijudha Jadughar
Donation to National level institution t up in memory of liberation war;
Donation to National level institution t up in memory of Father of the Nation
Any investment by an individual in Bangladesh Government Treasury Bond;
Investment in purcha of one computer or one laptop by an individual as.
Who should submit Income Tax Return?
If total income of any individual other than female taxpayers, nior male taxpayers of 65 years and above, retarded taxpayers and war wounded gazetted freedom fighter during the income year
exceeds Tk 2,20,000/-.
If total income of any female taxpayer, nior male taxpayer of 65 years and above during the
income year exceeds Tk 2,75,000/-.
∙ If total income of any retarded taxpayer during the income year exceeds TK. 3,50,000.
∙ If total income of any gazetted war-wounded freedom fighter taxpayer during the income year exceeds Tk. 4,00.000/-.
∙ If any person was assd for tax during any of the 3 years immediately preceding the income year. ∙ A person who lives in any city corporation/paurashava/divisional HQ/district HQ and owns motor car/owns membership of a club registered under VAT Law.
If any person runs a business or profession having trade licen and operates a bank account.
Any professional registered as a doctor, lawyer, income tax practitioner, Chartered Accountant, Cost & Management Accountant, Engineer, Architect and Surveyor etc.
欲望华尔街Member of a Chamber of Commerce and Industries or a trade Association.
Any person who participates in a tender.
Candidate for Paurashava, City Corporation or Parliament elections.
Any company registered under the Company Act, 1913 or 1994.
Any Non-government organization (NGO) registered with NGO Affairs Burea
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Time to Submit Income Tax Return: For Company Taxpayers
By fifteenth day of July next following the income year or, where the fifteenth day of July falls before t
he expiry of six months from the end of the income year, before the expiry of such six months.
For Other Taxpayers
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Unless the date is extended, by the Thirtieth day of September next following the income year.
Time to submit return of withholding tax
15th day of October, January, April and July
Or extended date up to 15 days by DCT
Statement of TDS, Copy of Treasury challan /pay-orders should be submitted with the return
Conquences of Non-Submission of Return and Return of withholding tax.
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imposition of penalty amounting to 10% of tax on last assd income subject to a minimum of
Tk. 1,000/- In ca of a continuing default a further penalty of Tk. 50/- for every day of delay.
Conquences of using fake TIN
DCT can impo a penalty not exceeding TK.20,000/- For continuous u of fake TIN deliberately- 3 years imprisonment, up to TK. 50,000/- fine or both.
Asssment Procedures :
For a return submitted under normal scheme, asssment is made after giving an opportunity of hearing.
For returns submitted under Universal Self Asssment Scheme, the acknowledgement slip is
considered to be an asssment order. Universal Self Asssment may be subject to audit.
Provided that a return of income filed under universal lf asssment scheme, shall not be lected for audit where such return shows at least twenty per cent higher income than the income assd or shown in the return of the immediately preceding asssment year and such return-
(a) is accompanied by corroborative evidence in support of income exempted from tax;
(b) does not show receipt of gift during the year;
(c) does not show any income chargeable to tax at a rate reduced under ction 44; or
(d) does not show or result any refund.
Appeal against the order of DCT :
A taxpayer can file an appeal against DCT's order to the Commissioner (Appeals)/Additional or Joint Commissioner of Taxes (Appeals) and to the Taxes Appellate Tribunal against an Appeal order.
Tax withholding functions :
In Bangladesh withholding taxes are usually termed as Tax deduction and collected at source. Under this system both private and public limited companies or any other organization specified by law are legally authorized and bound to withhold taxes at some point of making payment and deposit the same to the Government Exchequer. The taxpayer receives a certificate from the withholding authority and gets credits of tax against assd tax on the basis of such certificate.
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