TAX

Author Topic: TAX  (Read 1540 times)

Offline bipasha

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TAX
« on: October 01, 2012, 09:29:01 AM »

Tax Rebate for Investment

Rate of Rebate: Amount of allowable investment is either up to 25% of total income or BDT 500,000 whichever is less. Tax rebate amounts to 10% of allowable investment. Types of investment qualified for the tax rebate are:

- Life insurance premium
- Contribution to deferred annuity
- Contribution to Provident Fund to which Provident Fund Act, 1925 applies
- Self contribution and employer's contribution to Recognized Provident Fund
- Contribution to Super Annuation Fund
- Investment in approved debenture or debenture stock, Stocks or Shares
- Contribution to deposit pension scheme
- Contribution to Benevolent Fund and Group Insurance premium
- Contribution to Zakat Fund (Zakat: Islamic Tax)
- 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



Assessment Procedures

- For a return submitted under normal scheme, assessment is made after hearing.
- For returns submitted under Universal Self Assessment Scheme, the acknowledgment slip is determined to be an assessment order. Universal Self Assessment is of course subject to audit.



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.



Major Areas for Final Settlement of Tax Liability in Bangladesh
 
Tax deducted at source for the following cases is treated as final discharge of tax liabilities. No additional tax is charged or refund is allowed in the following cases:

- Supply or contract work
- Band rolls of hand made cigarettes
- Import of goods
- Transfer of properties
- Export of manpower
- Real Estate Business
- Export value of garments
- Local shipping business
- Royalty, technical know-how fee
- Insurance agent commission.
- Auction purchase
- Payment on account of survey by surveyor of a general insurance company
- Clearing & forwarding agency commission.
- Transaction by a member of a Stock Exchange.
- Courier business
- Export cash subsidy