Tax VAT Point

14/03/2024

According to section 265 of the Income Tax Act 2023, if the assessee who has income from his business shall display the proof of submission of return (PSR) at a place in his business premises that is easily visible.

If any taxpayer fails to comply with the above-mentioned provision, the Deputy Commissioner of Taxes (DCT) may impose a penalty of no less than 5,000 Taka and up to 20,000 Taka on such assessee.

Section 265:https://www.taxvatpoint.com/income-tax-act-bangla-section-265-displaying-proof-of-submission-of-return/

02/11/2023

If you submit your income tax returns after Tax Day, certain benefits will be forgone, and you have to pay additional tax liabilities.

Please go through our blog post for details of tax implications with illustrative examples: https://www.taxvatpoint.com/what-is-the-penalty-for-late.../

Late filing of tax return can lead to the forfeiture of several income tax benefits and may result in additional tax liability under Tax Laws.

18/10/2023

The deadline to submit personal income tax returns is approaching, on November 30th. Do you want to know what documents you need to prepare and submit your return?

Please go through here: https://www.taxvatpoint.com/what-documents-are-needed-for-tax-return-in-bangladesh/

14/10/2023

Do you require to check Proof of Submission of Return (PSR) when executing a transaction.

Here is the procedures to chcek PSR online:

Tax Return verification online Leave a Comment / By Ripon / 04/10/2023 According to Section 264 of the Income Tax Act 2023, individuals will now need to provide evidence of having submitted their income tax returns (i.e. proof of submission of return – PSR) to access 43 different types of services...

13/10/2023

SRO- TDS u/s 125 will be final tax for sale of capital assets.

11/10/2023

Are you required to file income tax return? Confused? 🤔🤔

Please check here who is required to file tax return:

Who is required to file income tax return in Bangladesh in 2023-2024 Leave a Comment / By Ripon / 05/10/2023 An income tax return refers to the formal declaration of one’s earnings using the prescribed format, which must be submitted to the National Board of Revenue (NBR) within the stipulated tim...

10/10/2023

By SRO no. 283-law/Income Tax-14/2023, dated 05 October 2023 NBR changed at source tax collection rate on land sale. From now onward tax will be collected at specified rate based on moja value subject to minimum amount.

To download this SRO and other SROs issued under Income Tax Act 2023, please click on the below link:

Income Tax SRO Table of Contents Issue dateEffective dateSRO NumberDescription of SROCategory 1Category 2Current statusRemarksDownload 02-10-2023ImmediatelySRO NO. 278-Law/Income Tax-12/2023Exemption of all income derived from medical services other than bank interest of Ispahani Islamia Eye Institu...

09/10/2023

Two new SROs have been issued by NBR on 2 Oct 23.

By SRO no. 278, NBR given tax exemption to Isphani Islamia Eye Hospital.

By SRO 279, Tax exemption given to Genocide Torture Archive and Museum Trust.

Here is the link to download both the SRO and also to download other SRO issued under Income Tax Act 2023.

Income Tax SRO Table of Contents Issue dateEffective dateSRO NumberDescription of SROCategory 1Category 2Current statusRemarksDownload 02-10-2023ImmediatelySRO NO. 278-Law/Income Tax-12/2023Exemption of all income derived from medical services other than bank interest of Ispahani Islamia Eye Institu...

07/08/2023

When you are dealing with Tax & VAT you have to be updated on all the changes took place in recent time. Moreover, it's hard to find all industry related resource in one place. We have taken an initiative to compile all tax and VAT related Act, Rules, SRO and notifications so that you can get required reference on one click.

Stay tuned