Faculties and Departments => Business Administration => Business & Entrepreneurship => BBA Discussion Forum => Topic started by: sakhawat on November 14, 2011, 02:23:22 PM
Title: Income Tax for Individual
Post by: sakhawat on November 14, 2011, 02:23:22 PM
How to calculate income tax for individual and where to submit it?
Title: Re: Income Tax for Individual
Post by: nfeoffice on November 16, 2011, 12:22:06 PM
i can add something, this year govt. arranged tax fair. i heard that paying tax in fair is more easier...
Title: Re: Income Tax for Individual
Post by: sami on November 16, 2011, 12:44:14 PM
you can see the following link http://www.nbr-bd.org or download income tax calculator from here http://www.imraul.info/2009/12/personal-income-tax-calculator-for-bangladeshi/
Title: Re: Income Tax for Individual
Post by: sami on November 16, 2011, 12:57:42 PM
To calculate income tax, attached excel file can be useful. :)
Title: Re: Income Tax for Individual
Post by: bidita on November 17, 2011, 08:30:02 AM
Tax slabs
For male
First BDT 1,80,000 Nil Next BDT 3,00,000 10% Next BDT 4,00,000 15% Next BDT 3,00,000 20% Rest Amount 25%
For female
First BDT 2,00,000 Nil Next BDT 3,00,000 10% Next BDT 4,00,000 15% Next BDT 3,00,000 20% Rest Amount 25%
Title: Re: Income Tax for Individual
Post by: Sultan Mahmud Sujon on November 17, 2011, 08:51:35 AM
good
Title: Re: Income Tax for Individual
Post by: nature on November 17, 2011, 06:11:02 PM
Form the all post and from the Bidita apu psot , we can say and see that Tax will be payable when the amount is upto 1,80,000 tk.
Title: Re: Income Tax for Individual
Post by: hasibur rahaman on November 20, 2011, 03:43:26 PM
The post of Tax slab by Bidita is right. The amount of tax slab is the Taxable amount for an individual. When an individual's income exceed or equal to Tk. 180,000/= (male), Tk. 200,000/= (female) then he/she has the liability to pay the income tax to the NBR within the given period of time i.e. September 30 of every year (if there is no extension of submission date by NBR).
Title: Re: Income Tax for Individual
Post by: Sultan Mahmud Sujon on November 22, 2011, 08:27:19 PM
For more information click here
http://www.nbr-bd.org
Title: Re: Income Tax for Individual
Post by: Sultan Mahmud Sujon on November 22, 2011, 08:30:34 PM
Title: Re: Income Tax for Individual
Post by: Tanvir Ahmed Chowdhury on January 22, 2012, 07:19:41 PM
Thank you everyone..............
Title: Re: Income Tax for Individual
Post by: saratasneem on January 24, 2012, 12:51:31 PM
Because of time constraint, I have to go to income tax advisor for the calculation.
Title: Re: Income Tax for Individual
Post by: Sampa Saha on January 26, 2012, 02:03:38 PM
I have submitted my tax return individually.
Sampa Saha sr. Lecturer BBA, Daffodil International University.
Title: Re: Income Tax for Individual
Post by: Sharmin Jahan on February 01, 2012, 11:15:13 AM
To me, the calculation is complex. That’s why I prefer to go to an advisor.
Title: Re: Income Tax for Individual
Post by: tanzina_diu on February 09, 2012, 09:49:57 AM
I am also submitting my tax return individually for the last 3 years
Title: Re: Income Tax for Individual
Post by: sakhawat on February 28, 2012, 01:39:47 PM
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.
Title: Re: Income Tax for Individual
Post by: tree on July 21, 2012, 12:07:30 AM
yes this is nice post and income tax for individual must impotent for economy
Title: Re: Income Tax for Individual:
Post by: sakhawat on July 28, 2012, 06:20:25 PM
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.
Title: Re: Income Tax for Individual
Post by: tree on July 31, 2012, 12:15:52 AM
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
Title: Re: Income Tax for Individual
Post by: sakhawat on September 01, 2012, 11:03:30 AM
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.
Title: Re: Income Tax for Individual
Post by: goodboy on September 01, 2012, 06:09:18 PM
Taxes must be paid timely by everyone who comes under this obligation. Individuals must play the key role in this regard.
Title: Re: Income Tax for Individual
Post by: sakhawat on November 15, 2012, 06:11:37 PM
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.
Title: Re: Income Tax for Individual
Post by: Sampa Saha on November 24, 2012, 03:00:34 PM
Income Tax Fair is really useful for submitting tax return. this year i have submitted my tax return in fair.
Title: Re: Income Tax for Individual
Post by: sakhawat on November 28, 2012, 07:12:48 PM
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.
Title: Re: Income Tax for Individual
Post by: saratasneem on January 03, 2013, 11:21:24 AM
I think it is my moral responsibility to pay tax to remove burden of foreign aid and loan.
Title: Re: Income Tax for Individual
Post by: Sampa Saha on January 24, 2013, 01:18:56 PM
Sir, Thanks sir for ur informative posting. I will try to maintain this.
Title: Re: Income Tax for Individual
Post by: anam on February 26, 2013, 01:26:36 PM
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
Title: Re: Income Tax for Individual
Post by: sakhawat on April 29, 2013, 05:37:20 PM
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%
Title: Re: Income Tax for Individual
Post by: sakhawat on April 29, 2013, 05:45:05 PM
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.
Title: Re: Income Tax for Individual
Post by: Nusrat Nargis on April 30, 2013, 03:20:58 PM
If you have insurance policy then it will reduce your annual tax payment.
Title: Re: Income Tax for Individual
Post by: sakhawat on April 30, 2013, 06:46:11 PM
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.
Title: Re: Income Tax for Individual
Post by: sakhawat on May 01, 2013, 12:14:04 PM
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).
Title: Re: Income Tax for Individual
Post by: sayma on May 02, 2013, 10:47:51 AM
I think it is one's moral responsibility to pay tax and help government to remove burden of foreign aid and loan.
Title: Re: Income Tax for Individual
Post by: sakhawat on May 02, 2013, 06:43:29 PM
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.