Most of us know about income tax. Income tax is a tax on income set by the government. Many people seem to think income tax and income tax return are the same. This is a wrong idea. No worries, in today's article we will learn about Income Tax Return. In addition to knowing how to give, I will also know who will give it!
An income tax return is a summary of annual income. Income tax return is a presentation of income-expenditure, asset and filing information in a structured form prescribed by the government. This structured form is prepared by the National Board of Revenue as per the Income Tax Act.
Income tax return is to be filed in this prescribed form as per income tax law. This form is mainly used by fixed income individuals and institutions to calculate their taxable income and total tax liability. There are separate returns for individual taxpayers and institutional taxpayers.
An income tax return is the means of presenting a summary of annual income to the income tax authorities. The structure of income tax return is specified by income tax rules. Income tax returns are to be filed in the form prescribed by the National Board of Revenue as per the Income Tax Act.
Before knowing how to file income tax return, we will know who are the eligible persons to file income tax return. We have to remember that filing returns and paying income tax are not the same thing. If one's income is not taxable then there is no need to pay tax. In that case, only returns will be filed.
Filing of income tax return is mandatory for those who have TIN (Tax Identification Number) as per Bangladesh law.
● Generally, a tax payer whose income exceeds TK 3,00,000 per annum must file an income tax return.
● The income limit is TK 3,50,000 for women and taxpayers aged 65 years and above
● Income limit of TK 4,00,000 per annum in case of disabled taxpayers and
● In case of gazetted war casualty freedom fighter tax payers this income limit is TK 4,75,000.
