All information about income tax 2021-2022

 All information about income tax 2021-2022

The people of a country have to pay for running a country or state just as the head of a household or the earning members have to pay for running a country or state. Income tax is the mandatory amount paid to the government to meet the expenditure of the state in the interest of all the people of the state. The most important source of income for the government is income tax. In the general sense, those on whom taxes are levied are called taxpayers.

In today's article we will discuss about who is subject to income tax, what kind of income is to be taxed, what amount of income a person has to pay income tax, income tax payment period and income tax rate etc.

 

Income tax sectors / which are covered by income tax

 

According to the Income Tax Ordinance, 1984, income from 6 types of sectors is subject to income tax.

 

1. Salaries

 

2. Interest on security collateral

 

3. Income from home property

 

4. Agricultural income

 

5. Business or profession income

 

. Capital gains

 

. Income from other sources

 

However, part of the firm's income and the income of the husband, wife or minor child will also be included in the return submission.

 

Income tax limit

 

In general, if the annual income of a person is more than 250,000 Tk, then he will have to file an income tax return.

 

In case of women or persons above 65 years of age, if the annual income exceeds Tk. In some cases, regardless of the amount of income, the taxpayer has to file an income tax return.

 

Due to the coronavirus epidemic and declining human income, the tax-free income limit for individual taxpayers has been slightly increased in the 2020-21 budget.

 

 

 

 

The tax-free income limit for male taxpayers has been increased from Tk 250,000 to Tk 300,000. The tax-free income limit for women and taxpayers over the age of 65 has been increased from Tk 300,000 to Tk 350,000. The number of women, disabled and gazetted freedom fighters is increasing proportionately. The government has not increased this income limit for a long time to increase the number of direct taxpayers.

 

In addition, it is proposed to reduce the minimum tax rate from 10 percent to 5 percent and the maximum tax rate from 30 percent to 25 percent. That is, 5 per cent of the total income up to Tk 1 lakh after Tk 3 lakh, 10 per cent up to the next Tk 3 lakh, 15 per cent up to Tk 4 lakh and up to 20 per cent up to Tk 5 lakh has been proposed. If the income is more than this, 25 percent income tax has been proposed on the total income in this year's budget. At present, if the income is more than Tk 48 lakh, there is a provision to pay income tax at the maximum rate of 30 percent.

 

According to the Income Tax Ordinance 1984, if the tax-free limit is exceeded, the tax identification number as a taxpayer or a 12-digit e-TIN number has to be collected by registering online from any circle office under the National Board of Revenue.

 

The persons who are required to file an income tax return are-

Regardless of the amount of income, the individual taxpayer must file an income tax return for the relevant income year.

 

1. A shareholder director or shareholder employee of a company.

 

2. No firm partner.

 

3. If the income of an employee of a government organization at any time of the year is 18 thousand BDT. or more.

 

4. If you have become a salaried employee in an executive or management position in any business or profession, whatever the name may be.

 

Apart from this, in some cases, income tax returns have to be shown as a condition. For example, from national elections to local level elections, participants in tenders, members of any established club in the society, etc.

 

The cases in which it is mandatory to file income tax returns with the National Board of Revenue are-

 

* Owner of a motor vehicle (motor vehicle also means jeep or microbus).

 

* Member of any club registered under the Value Added Tax Act.

 

* A person who conducts a business or profession by obtaining a trade license from a city corporation, municipality or union council.

 

* A person registered with a recognized professional body as a physician, dentist, lawyer, chartered accountant, cost and management accountant, engineer, architect or surveyor or similar professional.

 

* Income tax professionals registered with the National Board of Revenue.

 

* Member of any Chamber of Commerce or Industry or Business Association.

 

* To be a candidate for any post or Member of Parliament of any Municipality or City Corporation.

 

* Participant in any tender of any government, semi-government, autonomous body or any local government.

 

* To be on the board of directors of a company or a group of companies.

 

Deadline for return submission

 

Our income year is from July to June. From then onwards, i.e. from the 1st of July, the filing of income tax returns started.

 

Continued until tax day. Tax Day is celebrated on November 30 in Bangladesh. That means any taxpayer can submit his income tax return till November 30.

 

You can submit your income tax return online at any circle office under the Board of Revenue, or at the income tax fair or at home.

 

Income tax calculation

 

Calculating income tax is not as easy as water. Income tax assessment requires a little calculation and calculation.

 

In general, the tax rate structure is in the case of individual taxpayers

 

 

 

Total income

 

Tax rate

 

(A) On total income up to the first Tk. 250,000 / -

 

Zero

 

(B) Next Tk. 4,00,000 / -

Up to total income

 

10%

 

(C) Up to Tk.5,00,000 / - on total income

 

15%

 

(D) Up to Tk. 600,000 / - on total income

 

20%

 

(E) Up to the next 30,000,000 / - on the total income

 

25%

 

(F) On the remaining total income

 

30%

 

Then you need to figure out which income tax to pay, how much money or what percentage to pay.

 

Income tax varies from case to case. The unit of the employee is different from that of the businessman, but also that of the company and the artificial legal person.

 

 

 

The basic salary, special salary, bonus, expensive allowance of the working taxpayers are all taxable income. For example, if the basic salary of an employee is 30 thousand Tk  per month, then at the end of the year the basic salary of those 12 months is added and the taxable income is 3 lakh 60 thousand Tk. If the two festivals are equal to the basic salary, an additional Tk 60,000 will be added. Even if there is expensive allowance, it has to be added in the tax return.

 

Employees will get tax exemption on house rent. The employee is tax free, whichever is less than 50 per cent of the basic salary or Tk 25,000 per month. Suppose the basic salary of an employee for the whole year is 3 lakh 60 thousand Tk. The employee will be able to get tax exemption up to 1 lakh 60 thousand Tk. In the same way, the medical allowance of that employee will get a discount of 10 percent of the basic salary or whichever is less than 1 lakh 20 thousand Tk. In that case, the employee will get tax exemption up to Tk 36,000.

 

If the employer pays the travel expenses along with the salary. There is no need to pay tax up to 30 thousand BDT. a year. However, if an employee gets a car from the office, then 5 percent of the basic salary or up to Tk. 60,000 per year will be tax free.

 

If you suffer from life-threatening diseases such as heart, kidney, eye, liver and cancer, the amount of money your office pays for surgery is completely tax-free. However, the shareholder director of a company will not get this facility.

 

Many employees receive money at risk from their office's Workers Participation Fund. Even if you get Tk. 50,000 from such fund, it is not taxable.

 

Many companies pay their employees cash in return for leave. Cash payment for such leave is also tax free. However, it should be less than 60 thousand BDT. a year. Up to two and a half crore Tk. tax-free on gratuity after retirement.

 

The full income will not be taxed on rent. If you rent a house, you will get a discount of up to 25 percent of the annual income by showing the cost of repair and maintenance. In case of commercial rent, the rate is 30 percent. If the flat is not rented in any month, it should be excluded. Apart from this, municipal tax, land revenue, housing installment money will be excluded.

 

So friends understand that in order to find out this taxable income, it is necessary to do a lot of calculations.

 

There are various Income Tax Law Year, Accounting Firms, Chartered Accountants, Consultancy Firms to handle all these issues of Income Tax.

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