Income tax for individuals and organizations for the financial year 2023-24 is on. An income tax return is a means of presenting the income earned by an individual in a financial year to the authorities in a prescribed form. According to the law, income tax return has to be filed in the prescribed form of National Board of Revenue (NBR). NBR has made this income tax return easier than ever. At the same time, the government has also arranged to pay income tax at home without going to the bank.
As per National Board of Revenue (NBR) income tax guidelines for the financial year 2024-25, those who have taxable income must file returns. If the income of a person is more than 3.5 lakh rupees per annum; If the income of women and taxpayers aged 65 years or above is more than 4 lakh rupees per year, if the income of people of the third gender and persons with disabilities is more than 4 lakh 75 thousand rupees per year; If the gazetted freedom fighter’s income is more than 5 lakh taka per year; Then they must file income tax return.
Who must file return:
1. If the total income of the taxpayer exceeds the tax free limit.
2. If the assessee has assessed tax in any of the three years preceding the year of income.
3. If the taxpayer is a partner in a firm.
4. If the taxpayer is a shareholder director or employee of a shareholder of a company.
5. If the taxpayer is a public employee.
6. If the taxpayer is a salaried employee in an executive or managerial position in a business or profession.
7. If the taxpayer has tax exempt or reduced rate taxable income.
8. Subject to not having taxable income to take a loan of 20 lakh rupees.
9. To obtain and maintain import registration certificate or export registration certificate.
10. For obtaining and renewing trade license in city corporation or municipal area.
11. On receipt of registration of Co-operative Societies.
12. To be a general insurance registered surveyor and to obtain and renew licences.
13. To register sale or lease or transfer of land, building or apartment above 10 lakh rupees in city corporation, municipality and cantonment board area or registration of deed or deed.
14. To obtain and maintain credit cards.
15. To obtain and maintain membership in any recognized professional body as a doctor, dentist, lawyer, chartered accountant, cost and management accountant, engineer, architect or surveyor or as a similar professional.
16. Licensing as NikahRegistrar under the Muslim Marriage and Divorce (Reg.) Act, 1974, Registrar of Hindu Marriages under the Hindu Marriage Registration Act, 2012 (Act No. 40 of 2012) and Registrar under the Special Marriage Act, 1872 is upheld. to keep
18. Obtaining and renewing Drug License, Fire License, Environmental Clearance, BSTI License and Clearance.
19. To obtain and maintain commercial and industrial gas connections in any area and to obtain and maintain residential gas connections in city corporation areas.
20. To obtain and maintain survey certificates of any type of vessels operated for hire including launches, steamers, fishing trawlers, cargo, coasters and dumb barges.
21. Obtaining and renewing permission for brick production from the Department of Environment or District Commissioner’s office.
22. Admission of child or pet in English medium school located in City Corporation, District Headquarter or Municipality. 23. To obtain or maintain electricity connection in City Corporation or Cantonment Board areas.
25. To obtain and maintain agency or distributorship of the Company.
25. To obtain and maintain a firearms licence.
26. Open letters of credit for import purposes.
27. Open Post Office Savings Accounts above Rs.5 Lakhs.
28. To open and maintain fixed deposits above 10 lakh rupees.
29. In the purchase of savings bonds of more than 5 lakh rupees.
30. To participate in municipal, upazila, zilla parishad, city corporation or national parliament elections.
31. To participate in shared economic activities by providing motor vehicles, accommodation or other resources.
32. In receipt of salaries and allowances of persons working in managerial or administrative or supervisory positions in production activities.
33. In case of receipt of commission, fee or any other amount through mobile banking or electronic money transfer and mobile phone account recharge.
35. Any payment received by the resident from any company for advisory or consultancy services, catering services, event management services, manpower supply, security supply services.
35. In receipt of any amount above 16 thousand rupees per month from the government through monthly payment order or MPO entry.
36. Registration or renewal of agency certificate of insurance company.
37. During registration, change of ownership or failure of fitness of motor vehicles other than two-wheeler or three-wheeler.
38. To release foreign grants in favor of NGOs registered with the Bureau of NGO Affairs or microcredit institutions licensed by the Microcredit Regulatory Authority.
39. Selling products or services using digital platforms to consumers located in Bangladesh.
40. Companies Act, 1994 (Act No. 18 of 1995) and Social Reg. In case of application for membership of a club registered under the Act, 1860.
41. At the time of submission of tender documents by the resident for the purpose of supply of goods, execution of contract or provision of services.
42. When receiving any kind of product or service from any company or firm.
43. To issue bill of entry for import and export of goods.
44. Capital Development Authority (RAJUK), Chittagong Development Authority (CDA), Khulna Development Authority (KDA), Rajshahi Development Authority (RDA), Gazipur Development Authority, Cox’s Bazar Development Authority or from time to time, similar authorities constituted by the Government or City Corporation or other Municipalities To get design approval for building construction from concerned authorities.
45. To register and maintain registration, license or enrollment as a vendor or deed writer of stamps, court fees and cartridge paper.
46. To open and maintain bank accounts of Trusts, Funds, Foundations, NGOs, Microcredit Organizations, Societies and Cooperative Societies.
49. During license acquisition and renewal of hotels, restaurants, motels, hospitals, clinics, diagnostic centers.
50. Community Center, Convention Hall or similar services located in the City Corporation area. 51. According to section 261 any person who is registrable as a tax payer has to file a return.401241791/risingbd-details-inner-a –>
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Interview: Understanding the 2023-24 Income Tax Filing Landscape
Time.news Editor (TNE): Welcome to the Time.news interview series! Today, we’re diving into an essential topic that affects individuals and organizations alike—income tax filing for the financial year 2023-24. With us is Mr. Ahmed Rahman, a tax expert and consultant with over a decade of experience navigating the complexities of tax regulations in Bangladesh. Thank you for joining us, Mr. Rahman.
Ahmed Rahman (AR): Thank you for having me. It’s a pleasure to be here!
TNE: Let’s get right into it. The National Board of Revenue (NBR) has made filing income tax returns easier this year. Can you elaborate on what changes have been introduced and how they benefit taxpayers?
AR: Absolutely! This year, the NBR has streamlined the income tax return filing process significantly. One of the key changes is the option to pay taxes online or at home, which eliminates the need to visit banks. This has not only made the process more convenient but also encourages timely filings. Additionally, the NBR has simplified the forms required for tax returns, making it easier, especially for first-time filers.
TNE: That sounds promising! Who exactly needs to file a tax return this year? Are there specific thresholds or criteria to consider?
AR: Yes, there are specific thresholds based on income levels. For the financial year 2024-25, individuals with a taxable income exceeding 3.5 lakh rupees must file a return. For women and senior citizens aged 65 and above, the threshold is 4 lakh rupees. Meanwhile, individuals from the third gender and persons with disabilities have a threshold of 4 lakh 75 thousand rupees. There are various other criteria as well, including self-employed individuals, salaried employees in managerial positions, and partners in firms. It’s quite an extensive list!
TNE: So, it sounds like many people, especially those in managerial or professional roles, must be diligent in filing their returns. What are the implications if someone doesn’t file their return when required?
AR: Failure to file the required income tax return can lead to penalties, fines, and even legal actions. Additionally, not filing can affect an individual’s ability to obtain loans, trade licenses, and even public service employment. The government has made it quite clear that compliance is crucial for accessing many services and benefits.
TNE: That’s a strong incentive to comply! For those who may find the process intimidating or lack experience in filing, do you have any advice or resources they can turn to for assistance?
AR: Definitely! The NBR offers various resources, including guides and webinars, which can be incredibly helpful. Additionally, I recommend seeking assistance from certified tax professionals or consulting firms. They can provide personalized guidance and help ensure compliance while optimizing tax liabilities.
TNE: Great advice! One last question, Mr. Rahman—how can digital platforms impact income tax filing and payment this year?
AR: Digital platforms are revolutionizing how taxpayers approach their tax obligations. They enable individuals and businesses to file returns, calculate taxes owed, and make payments online. This not only saves time but also reduces the risk of errors associated with manual forms. More people are using digital solutions to sell products and services online, which could lead to many more individuals being subject to filing requirements. It’s an exciting shift towards a more digital economy, and I encourage everyone to embrace it.
TNE: Thank you for the insightful discussion, Mr. Rahman. It’s clear that with the right knowledge and resources, the income tax filing process can be manageable for everyone. We appreciate your time today!
AR: Thank you! It’s been a pleasure to share this crucial information. Remember, staying informed is key to effective financial management.
TNE: And thank you to our viewers for tuning in. Stay informed, stay compliant!