Individuals in Bangladesh have a legal and economic responsibility to file taxes on time. Failure to do so may result in a number of negative effects that could seriously harm your financial situation. Not submitting income tax returns on time carries consequences. All of these expenses, including travel, medical, cellphone, and internet expenses, are taxable. There will be no tax credit available. All tax breaks, including those for investments, would be eliminated. Visit here to learn more about income tax filing.
The new law provides employees with a variety of benefits throughout the course of the year, including travel and medical expenses. Out of these allowances, two-thirds of the yearly total revenue will be excluded from tax. However, these benefits would be lost, and these allowances will be taxed if the return is not submitted before November 30.
For instance, Sameen Islam will receive a basic salary of 4.5 lakh taka from July 2022 to June 2023. The tax-free amount has increased to 3.5 lakh taka. So, he has one lakh taka of taxable income. In addition to this, Sameen was paid an additional two lakh taka for the duration of the year, which included a travel, medical, and cellphone allowance. If he submits his return by November 30th, he must pay a tax of Tk 5,000 at a rate of 5 percent on his Tk 1 lakh in taxable income. He will need to pay a tax of 25,000 taka, though, if he is unable to submit the return before November 30 for some reason.
File your taxes with Shapla by November 30th and experience hassle-free tax filing. Shapla gives you a convenient platform to file your taxes in Bangladesh, protects your data completely, maximizes all the rebates you have the right to get, and complies with the rules established by Bangladesh’s National Board of Revenue (NBR). Visit here to file your tax with Shapla seamlessly.