Author Topic: Income tax,Bangladesh  (Read 1295 times)

Offline bipasha

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Income tax,Bangladesh
« on: October 01, 2012, 09:25:55 AM »

Among direct taxes, income tax is one of the main sources of revenue. In Bangladesh Income tax is imposed 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.

 

All individuals and companies in the country need to pay income tax if their annual income excess certain limit determined by the Government. There are some conditions for paying Income Tax which are controlled by Tax Laws and Amendments in Bangladesh.

 

Income Tax Return is a structured form where the Tax Payer mentions his/her income and expenditure, resources and credit information to submit them to the Income Tax Office. The form is different for the individual and companies. Tax payers need the Tax Identification Number as well as some endorsed documents (the description of salary, security money, housing property, business, partnership basis income, profit on capital, income tax pay order etc.) to submit the Tax Return Form. The Return Form is available in the website of National Board of Revenue (http://www.nbr-bd.org/) which is downloadable with free of cost. All individual or company can have their Taxpayers Identification Number from respective income tax office.

 

Each class of tax payer has to submit their return form to the selected income tax circle.  National Board of Revenue of Bangladesh administers the tax system under Internal Resources Division (IRD). The website of National Board of Revenue (NBR) provides information about paying income tax including the