If you’re a responsible citizen, it’s a social and moral duty to file tax returns showing your reportable income. There are a couple of ways available. But now, all methods end in the online tax return in Bangladesh.
By the end of this article, you will be thoroughly informed about the available methods and steps to file your annual income tax file.
First – Understand Tax returns in Bangladesh
Every year, individuals and businesses need to file their income tax returns by November 30. You must update your employment, property, and income tax details using a form during the process. The National Board of Revenue (NRB) Bangladesh established these rules.
Anyway, to submit your income tax file, visit the Income Tax page (https://nbr.gov.bd/form/income-tax/eng) of the NRB website. You can also use the online tax calculator (www.nbrtaxcalculatorbd.org) from NRB to figure out how much you are supposed to pay.
What is the tax rate in Bangladesh?
As per the Finance Act of 2015, a person must file a tax return explaining their income sources if they earn more than TK 4,00,000 in the tax year. To learn about the tax rate for the different taxpayers, visit this address – https://nbr.gov.bd/uploads/publications/107.pdf
3 Methods to file your tax return
I mentioned earlier that you could submit your tax return file in different ways. Choose any of the following 3 methods to file an annual tax return according to your preference.
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By yourself
To do it yourself, visit the NRB website and download the 2020 tax return form. Include all the required information, pay the tax, and obtain a receipt. Note that returning tax files is free of cost.
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Visiting the tax fair in November
If you think the first method is troublesome, you can visit the tax fair to submit the file for free. NRB has been arranging this program for more than ten years so people can hassle-free pay their taxes. A government tax official will help you complete the procedure.
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Taking a tax returning service
If the previous three methods are not suitable, you can choose this option. Generally, businesses take tax-returning services as they have various income sources. And, since you will be hiring someone for the service, you will have to pay them individually.
How to submit a tax return in Bangladesh?
You can either submit your return yourself or with the help of a tax professional. Note that a TIN certificate is compulsory for the process, and you get a TIN online.
Now, follow the below steps to submit your tax return:
Step 1: Register into the e-return system
Sign up with your TIN and mobile number here – https://etaxnbr.gov.bd/#/auth/sign-up
Next, verify your phone number and put a password for future log-ins.
Step 2: Provide tax assessment information
Provide all the information regarding your income tax. That may include income year, head of income, and so on.
Step 3: Provide income information breakdown
In this stage, you provide details on your source of income, expenditure, asset liabilities, tax rebate, etc.
Step 4: Input income source details
If your income source is salary, simply mark salary. If you have other sources of income, select all the sources that apply to you.
Also, mention the income exempted from tax. Next, in this step, present your annual earnings and business expenditures as Income Summary.
Step 5: Provide complete information on expenditures
You must now take your overall assets into account. Remember that you need to fill out the expenditure details if your total assets are Tk 4000000 or above.
And your form for that is IT10B. You don’t have complete the form if your assets are less than Tk 4000000. However, you must include a breakdown of your annual personal and family costs.
Step 6: Submit and get a receipt
Note: Include source and advance taxes in this step if you have them. And from your amount owed in taxes, the taxes will be immediately subtracted. Furthermore, the payable return will be zero, commonly known as the “Zero return,” if there is no tax on your income.
Now, you need to submit the file online; you will be asked to verify and put your signature. Finally, you submit the file.
Or you can take a print copy of your income text return form to the Income Tax Circle Office. And once you are done filling, you will receive an acknowledgment receipt.
Concluding notes
I hope this article assists you in successfully submitting your income tax return. Make sure you submit it on time. If you don’t, you will face penalties and other issues.
