Income Tax for Individual

[Nusrat Nargis]

If you have insurance policy then it will reduce your annual tax payment. 

[sakhawat]

If you have life insurance policy for you or your spouse or minor child then you can show the lower  amount of premium paid during the income year (1 July.. to 30 June..) or 10% of the Policy value as investment to get tax rebate.

[sakhawat]

Minimum Tax for Individual Person

Now, minimum tax for individual person is Tk 3,000 if  income exceeds tk 225,000 (for female) and tk 200,000(for male).

[sayma]

I think it is one's moral responsibility to pay tax and help government to remove burden of foreign aid and loan.

[sakhawat]

Some tips for individual to get rebate

1. Deposit at least Tk 5,000 per month by opening a Deposit Pension Scheme in any  Financial Institution.

2. If you purchase any Laptop or Desktop, preserve the invoice or purchase documents.

3. Invest at least 20% of your total annual income in any Govt. Savings Certificate.

4. You can start a life insurance policy in any amount. (here, the lower of 10% of insurance policy value or annual premium payments will be considered)

5. If you have BO (Beneficiary Owner) Account, then invest any amount to purchase share or debenture of any registered company.