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income tax bangladesh

Income Tax Calculation Example in Bangladesh -Return Form BD

Do you know how to do income tax calculation bd 2020-2021 or how to prepare an income tax return file? Let’s See the income tax calculation example in Bangladesh. At first, we need an income tax return form bd and Bangladesh income tax rate to prepare a return file of income tax Bangladesh 2020-2021. Many people search online “Bangladesh income tax calculator”, “income tax calculator bd”, “Bangladesh income tax calculator excel”, “taxation in Bangladesh book pdf” etc.

But they forgot, without learning something we can’t prepare the income tax return file properly. Such as Bangladesh income tax rate, income tax deduction at source in Bangladesh, income tax slab in Bangladesh, etc. Last year we have the facility to prepare income tax files Online. But, This year the website and software have some problems. so, we have to submit the income tax return file manually at your desired Tax Circle Zone.

Tax are many types such as Individual Tax, Corporate Tax, Withholding Tax, Value Added Tax (VAT), Excise Duty, Customs Duty, Supplementary duty, etc.

Income Tax Calculation Example in Bangladesh 2020- 2021

The things we need to prepare an income tax return file. They are:

  • eTIN Certificate
  • income tax return form bd
  • Salary Statement
  • Bank Statement
  • NID photocopy
  • Passport size photo
  • Others Document ( Business/ Agricultural/ House rent etc. income proof)

and some knowledge about income tax slab in Bangladesh, Bangladesh income tax rate, income tax deduction at source in Bangladesh.

Finance Minister of Bangladesh Mr. AHM Mustafa Kamal, proposed in 2020 June to increase the tax-free income threshold of male taxpayers from Tk. 2 lakh 50 thousand to Tk. 3 lakh and the tax-free income threshold of female taxpayers of Bangladesh and taxpayers above 65 years of age from Tk. 3 lakh to Tk. 3 lakh and 50 thousand respectively. Accordingly, he proposed to reduce the minimum income tax rate for individuals from 10 percent to 5 percent, and the maximum tax rate for individuals from 30 percent to 25 percent. The following table presents the proposed tax-free income threshold, tax rates, and tax slabs of Bangladesh 2020-2021 for all categories of individual taxpayers except companies and local authorities. this will apply for Individual Tax

Income Tax Rate That Needs To do Income Tax Calculation BD

Total IncomeTax rate
On first Tk. 3,00,000Nil
On next Tk. 1,00,0005%
On next Tk. 3,00,00010%
On next Tk. 4,00,00015%
On next Tk. 5,00,00020%
On the balance of total income25%
Bangladesh income tax rate 2020-2021

To popularize the option of online payment of taxes and online submission of tax return among the taxpayers, he also proposed a tax rebate of Tk. 2000 to all the taxpayers of Bangladesh who will file their income tax returns online for the first time.

bangladesh income tax rate
income tax return form bangla bd

Income Tax Calculation Example in Bangladesh 2020-2021

To do an income tax calculation example in Bangladesh, we need the first eTIN certificate and income tax return form bd. If you need eTIN certificate click here.

Income tax return form bd or Income tax return form bangla bd

Income tax return form bd are 2 types. They are income tax return form bd (English) and income tax return form Bangla bd. Also has an income tax return form bd old version and the new version. We shared a new version of the income tax return form Bangla bd 2020.

Let’s See the income tax calculation example in Bangladesh below: Example of Salary Based Income Tax Bangladesh 2020-2021. After that, we included a video of income tax calculation bd to clear all your confusion.

SCHEDULES SHOWING DETAILS OF INCOME TAX BANGLADESH

Pay  & AllowanceAmount of Income
(Tk.)
Amount of exempted income
(Tk.)
Net taxable income
(Tk.)
Basic pay 6,00,000  6,00,000
Special pay   
Dearness allowance   
Conveyance allowance 48,000 30,00018,000 
House rent allowance 3,60,000 3,00,000 60,000
Medical allowance 72,000 60,000 12,000
Servant allowance   
Leave allowance   
Honorarium / Reward/ Fee   
Overtime allowance   
Bonus / Ex-gratia 1,50,000  1,50,000
Other allowances 30,000  30,000
Employer’s contribution to Recognized
Provident Fund
 60,000  60,000
Interest accrued on Recognized Provident
Fund
   
Deemed income for transport facility   
Deemed income for free
furnished/unfurnished accommodation
   
Other, if any (give detail)   
Net taxable income from salary 13,20,000 3,90,000 9,30,000
income tax return form bd (page: 03)

Statement of income during the income year ended on …30/06/2020………………………………………….

Heads of IncomeAmount in Taka
Salaries : u/s 21 (as per schedule 1) 9,30,000
Interest on Securities : u/s 22 9,500
Income from house property: u/s 24 (as per schedule 2) 
Agricultural income : u/s 26 14,400
Income from business or profession : u/s 28 
Share of profit in a firm : 
Income of the spouse or minor child as applicable : u/s 43(4) 
Capital Gains : u/s 31 
Income from other source : u/s 33 23,000
Total (serial no. 1 to 9) 9,76,900
Foreign Income: 
Total income (serial no. 10 and 11) 9,76,900
Tax leviable on total income 76,060
Tax rebate: u/s 44(2)(b)(as per schedule 3) 
Tax payable (difference between serial no. 13 and 14) 39,782
Tax Payments:
(a)   Tax deducted/collected at source
(Please attach supporting documents/statement)   Tk …………..15,400
(b)   Advance tax u/s 64/68 (Please attach challan ) Tk ………….15,000
(c)   Tax paid on the basis of this return (u/s 74)
(Please attach challan/pay order/bank draft/cheque)Tk …………9,382
(d)   Adjustment of Tax Refund (if any)                   Tk …………..
Total of (a), (b), (c) and (d)
Tk. ………39,782
Difference between serial no. 15 and 16 (if any) 
Tax exempted and Tax-free incomeTk. ……………..
Income tax paid in the last assessment yearTk. ……………..
income tax return form bd (page: 02)

Schedule-3 (Investment tax credit)

1.  Life insurance premium                                                                                       Tk ………………..20,000………………..
2.  Contribution to deferred annuity                                                                          Tk ………………………………….
3.  Contribution to Provident Fund to which Provident Fund                                 Tk ………………………………….
4.  Self contribution and employer’s contribution to Recognized Provident         Tk …………………1,20,000……………….
Fund
5.  Contribution to Super Annulation Fund                                                               Tk ………………………………….
6.  Investment in an approved debenture or debenture stock, Stock or Shares           Tk ………………………………….
7.  Contribution to deposit pension scheme                                                              Tk ……….60,000…………………………
8.  Contribution to Benevolent Fund and Group Insurance premium                     Tk ………………………………….
9.  Contribution to Zakat Fund                                                                                  Tk ………………………………….
10. Others, if any ( give details )                                                                               Tk ………………………………….
Total                               Tk ………………………………….
1. (a) Business Capital (Closing balance)                                                                  Tk.  ……..
(b) Directors Shareholdings in Limited Companies (at cost)                           Tk.  ………
Name of Companies         Number of shares
2.    Non-Agricultural Property (at cost with legal expenses ) :                            Tk.  ………
Land/House property (Description and location of property)
3.    Agricultural Property (at cost with legal expenses ) :                                     Tk.  ………
Land (Total land and location of land property)
4.    Investments:
(a)  Shares/Debentures                                     Tk.  ………..
(b)  Saving Certificate/Unit Certificate/Bond Tk.  ……1,00,000…..
(c)  Prize bond/Savings Scheme                      Tk.  ……1,44,000…..
(d)  Loans given                                               Tk.  ………..22,000
(e)   Other Investment                                      Tk.  ………..2,00,000

Total: Tk……………….4,66,000
5.    Motor Vehicles (at cost) :
Type of motor vehicle and Registration number
6.    Jewellery (quantity and cost) : 10 Vori Gold (marriage gift)
Tk.
Tk.
………
…unknown……
7.    Furniture (at cost) :
8.    Electronic Equipment (at cost) : TV, Fridge (marriage gift)
Tk.
Tk.
………
….unknown…..
9.    Cash Asset Outside Business:
(a)  Cash in hand
Tk.………..6,95,00
(b)  Cash at bankTk.………..
(c)  Other depositsTk.………..
Total =Tk.………
B/F =              Tk.  ………
10.  Any other assets                                                                                                    Tk.  ……1.20,000…
(With details)
Total: Tk……14,81,900
Total Assets               Tk.  ………
11.  Less Liabilities:
(a)  Mortgages secured on property or land   Tk.  ………..
(b)  Unsecured loans                                        Tk.  ………..
(c)  Bank loan                                                   Tk.  ………..1.85,000
(d)  Others                                                         Tk.  ………..
Total Liabilities        Tk.  ………1,85,000
12. Net wealth as on last date of this income year
(Difference between total assets and total liabilities)                                                 Tk.  ………12,96,900
13. Net wealth as on last date of previous income year                                         Tk.  ………..
14. Accretion in wealth (Difference between serial no. 12 and 13)                                Tk.  ………12,96,900
15. (a) Family Expenditure: (Total expenditure as per Form IT 10 BB)                          Tk.  …….6,70,000
(b)  Number of dependant children of the family:
  
Adult      02                    Child 01
16. Total Accretion of wealth (Total of serial  14 and 15)                                       Tk. ………19,66,900
17. Sources of Fund :
(i) Shown Return Income                             Tk.  ………..9,76,900
(ii) Tax exempted/Tax free Income             Tk.  ………..3,90,00
(iii) Other receipts                                         Tk.  ………..6,00,000
Total source of Fund =                Tk. ……….19,66,900
18. Difference (Between serial  16 and 17)                                                                Tk. ……….
I solemnly declare that to the best of my knowledge and belief the information given in the IT-10B is correct and complete.
Name & signature of the Assessee Date ………………..
·     Assets  and  liabilities  of  self,  spouse  (if  she/he  is  not  an  assessee),  minor  children  and dependant(s) to be shown in the above statements.
*If needed, please use separate sheet.
Income Tax Calculation BD FORMForm No. IT-10BB
Serial No.Particulars of ExpenditureAmount of Tk.Comments
1Personal and fooding expensesTk. 1,80,000 
2Tax paid including deduction at source of the last financial yearTk. 30,400 
3Accommodation expensesTk. 1,80,000 
4Transport expensesTk. 1,74,500 
5Electricity Bill for residenceTk. 15,000 
6Wasa Bill for residenceTk. 
7Gas Bill for residenceTk. 10,000 
8Telephone Bill for residenceTk. 10,000 mobile
9Education expenses for childrenTk. 20,000 
10Personal expenses for Foreign travelTk. 10,000 loan interest
11Festival and other special expenses, if anyTk. 40,000 
 Total ExpenditureTk. 6,70,000 
Total income is shown in Return:  Tk …………9,76,900                  Tax paid: Tk ………………………39,782
Net Wealth of Assessee:            Tk ………………….12,96,900
Date of receipt of return: ………………………………………      Serial No. in return register …………………..
Income Tax Calculation BD acknowledgement Slip
income tax calculation bd
income tax calculation example in bangladesh
income tax calculation example in bangladesh
income tax calculation example in bangladesh

Although his tax calculation is negative, he has to pay a minimum tax of 5000 tk if he stayed in Dhaka Zone. Because his income crossed in income tax limit 400 tk. See the below video for an income tax calculation example in Bangladesh.

Income Tax Calculation Example in Bangladesh 2020-2021 Video

video of income tax calculation example in bangladesh

After submitting your income tax Bangladesh 202-2021, don’t forget to receive an Acknowledgement Slip which is proof of your income tax return file. Always collect a return file photocopy of your last year of income tax calculation bd which will help you to prepare an income tax file for next year. If you need it, you can collect also an income tax certificate bd.

If you submit zero return tax within 3 years consistenlty and preserve previous copy of income tax calculation bd. From next year, you need not to submit income tax return file.

I hope this post and video of income tax calculation example in Bangladesh 2020-2021 will help you to find out how to prepare a return file of income tax Bangladesh. Last Date of submission income tax Bangladesh 30 November (Every year).

Income tax calculation bd tag:


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