Income Tax for Individual

[tanzina_diu]

I am also submitting my tax return individually for the last 3 years

[sakhawat]

If anyone visits the website of National Board of Revenue (http://www.nbr-bd.org/) then he or she may find the way to calculate income tax and other associated matters for the submission of income tax return in the assessment year. It is noted that the last date of submission of income tax return for us is on 30th September every year if the time is not extended by govt. You will find there the online income tax calculator (http://www.nbrtaxcalculatorbd.org/). The following topics are important to measure your
income tax liability:
                               Total Income
                               Taxable Income
                               Total Tax Liability
                               Net Tax Liability
                               Investment Allowance
                               Rebate on Investment Allowance(10% on Investment Allowance)
I will try to discuss these important matters later. Thanks all.

[tree]

yes this is nice post and income tax for individual  must impotent for economy

[sakhawat]

Be Your Own Tax Consultant

We have two months left to submit our income tax as you know the last date of submission of income tax for eligible individual  person is 30 September in the assessment year. I will suggest to learn the basic of income tax rules that is not so difficult and definitely that will save your money  as well as protect you form legal harassment. Sometimes, tax lawyer may intentionally fall you in a complex situation to make more money from you. So, be your own tax consultant. For more information, you can contact with me.

[tree]

 For individuals other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers, tax payable for the First 1,65,000/- Nil Next 2,75,000/- 10%Next 3,25,000/- 15%Next 3,75,000/- 20%Rest Amount 25%For female taxpayers, senior taxpayers of age 70 years and above and retarded taxpayers, tax payable for the First 1,80,000/- Nil Next 2,75,000/- 10%Next 3,25,000/- 15% Next 3,75,000/- 20%Rest Amount 25%Minimum tax for any individual assesses is Tk. 2,000Non-resident Individual 25%(other than non-resident Bangladesh


   
Who should submit Income Tax Return?

 
If total income of any individual other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers during the income year exceeds Tk. 1,65,000/-.

 
If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded taxpayer during the income year exceeds Tk. 1,80,000/-.

 
If any person was assessed 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 a building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor car/owns membership of a club registered under VAT Law.

 
If any person subscribes a telephone.

 
If any person runs a business or profession having trade license.

 
Any professional registered as doctor, lawyer, and income tax practitioner, Chartered Accountant, Cost & Management Accountant, Engineer, Architect and Surveyor etc.

 
Member of a Chamber of Commerce and Industries or a trade Association.

 
Any person who participates in a tender.

 
A person who has a Taxpayer's Identification Number (TIN).

 
Candidate for Union Paris had, Paurashava , City Corporation or Parliament

[sakhawat]

We should get ready to submit our income tax return in due time which is on or before 30th September 2012 this year. It will be easier to submit it in the income tax fair that will be held on 16 to 22 September,2012.

[goodboy]

Taxes must be paid timely by everyone who comes under this obligation. Individuals must play the key role in this regard.

[sakhawat]

Today is the last date of submission of income tax return by individual assessee if the time is no more extended by the authority for this assessment year. Normally, the last date of submission of income tax return is 30th September in the assessment year. Hope all the eligible tax payers have submitted their income tax return in due time.

[Sampa Saha]

Income Tax Fair is really useful for submitting tax return. this year i have submitted my tax return in fair.

[sakhawat]

Do you know that if you purchase a Laptop or Desktop computer for your own, you can get some rebate(reduction of tax liability)?

So, to claim rebate for this reason, don't forget to keep money receipt as a supporting documents.

Thanks.

[saratasneem]

I think it is my moral responsibility to pay tax to remove burden of foreign aid and loan.

[Sampa Saha]

Sir,
Thanks sir for ur informative posting. I will try to maintain this.

[anam]

In case of industrial taxation, the tax slabs are different from that of individual taxes. Can someone please let me know the industrial tax slabs? I need to have such information to prepare a research proposal.

Anam
Lecturer
BBA, DIU

[sakhawat]

We should know that income tax rate based on income slabs is applicable for the
following persons
1. Individual
2. Sole Proprietorship
3. Hindu Undivided Family
4. Partnership Firm
5. Association of Person
6. Local Authority etc.

For companies the following rates will be applicable:
Publicly Traded Company        27.5%
Non-Publicly Traded Company    37.5 %
Bank, Insurance & Financial Company (Except Merchant Bank) 42.5%
Merchant Bank     37.5%
Cigarette Manufacturing company       42.5%
Publicly Traded Cigarette Company   35%
Mobile Phone Operator Company 45%
Publicly Traded Mobile Company  35%

[sakhawat]

For companies:

If any publicly traded company declares more than 20% dividend, tax rate would be 24.75% and if declares less than 10% dividend tax rate would be 37.5%.

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.