What is Income Tax return?
Income Tax Return is the way to present Income summary to income tax authority. Income Tax return form is formed with the rules and regulations of Income Tax law. According to income tax law income tax return must be submitted to specified form prepared by authority.
Any individual’s income is more than Tk. 160000 (One Lakhs and sixty thousand) in a year is eligible to pay income tax return. Any female or male aged over or equal 65 (sixty) years will eligible to submit income tax return, if his/her annual income is more than tk. 200000 (two Lakhs). And if any physically disabled person’s income will more than 250000 (Two lakhs and fifty thousands) then he/she will eligible to submit income tax return. Following individuals must submit their income tax return whatever their income is.
1) Residence under divisional or district sadar, pourosova, or city corporationwho has,
- More than one storied building and each floor is more than 1600 square feet.
- Owned one motor car.
- Owned one ISD telephone
- Membership of a club member which is registered under Value added Tax.
2) Such type of businessman who have trade license and bank account.
3) Doctor, Dentist, Engineer, Architect, Lawyer, chartered accountant, cost and management accountant, or this type of professionals.
4) Member of Chamber of commerce and industry or trade association.
5) Any candidate wants to participate in the election of Union parishad, poroshava, City Corporation or National parliament election.
6) Government, semi government, self controlled organization, or participant in tender in the call of local authority.
7) Individuals who has TIN certificate and TIN number.
8) If any individuals income was taxable within three years prior current year.
9) Individuals who want to be a tax payer.
Where will return form found?
Timing to submit income tax return
Personal tax returns to be submit within 1st July to 30 September. A tax payer can extend the time to submit the return by applying to Tax commissioner.
Where will you submit return?
Different Tax circle is determined for each type of Tax payers. For example: Government employee name started with A to E is under Tax Zone 4, Dhaka, and Salaried Circle-7. Existing Tax payers will pay their return in current circle. New Tax payers will submit their return with TIN form on the basis of their name, employment address, or business address. Tax payers may get information from nearby Tax office.
What happen if Tax return not submitted?
Penalty charge imposes if anyone not pays income return after eligibility. Tax Officer can impose 10% penalty on payable tax amount but the amount is not less than Tk. 1000. Moreover Tk 50 penalty imposes for each day after specific payment date.
Types of Income Tax Return:
Different forms are available for individual and company/ organizational Tax payers. Such as:
Return form for Individual Tax Payers: This form is available in both Bengali and English language (Form-A).
Return form for Non- Individual Tax Payers: This form is available in both Bengali and English language (Form –B). This return form is applicable for businessman, professionals who is under income assessment with lower income new tax payers. In case of Business, maximum capital 10 lakhs or lawyer with ten (10) years experience can use this form.
Return form for Company Tax Payers: This form is available in English language.