Tax deduction means the reduced tax from an individual or a business entity due to some specific expenses or investments. Tax deductions are provided by the government to encourage certain spending by the taxpayers as it reduces the amount of taxes for the taxpayers. Usually, these deductions are deducted from the gross income filed by the taxpayer and then the tax is calculated. Tax deductions are different from tax rebates. The tax deductions are deduced from the gross income of the taxpayer and the tax rebates are deduced from the overall tax amount of the taxpayer.
According to the current income tax law, the deductible items are Bangladesh Bank Bills, interest on securities, royalty fees, indenting commissions, interest on saving instruments, renewal of trade license by city corporation or pourashava, interest on savings deposit and fixed deposit, insurance commission, collection of tax from the transfer of shares by the sponsor shareholders of a company listed on the stock exchange, dividends etc. It is often hard for taxpayers to keep track of all the deductions that they might enjoy while filing their taxes.
Shapla can help tax filers with information about how they can calculate their taxes using the Shapla Tax calculator. This will ensure that the tax filer has a clear idea about the amount he or she has to pay as taxes. This is a start of tax filing information that the taxpayer can easily identify by themselves. This is helpful to provide the taxpayer with an estimated tax amount for themselves. However, this will not show the tax-deductible sources for which the tax filer has to log in to Shapla’s dashboards. To access the Shapla Tax Calculator click here
Shapla will require the taxpayer to log in to the system and provide the necessary documents such as salary certificates and bank statements. Then after payment, a lawyer affiliated with Shapla will go through all the provided documents of the tax filer and will identify the sources where deductions will be applicable. Then the lawyer will file the tax documents after deducing the tax-deductible incomes of the tax filer. This will ensure that the tax filer can save money while filing their taxes. Doing this manually can be a hassle for the individual tax filers while Shapla can easily accomplish the task with relative ease using our supreme lawyer network. To log in to Shapla click here