What is Final Tax? Final tax is a tax that is deducted/ collected directly from a person’s income at the source, such as when they receive interest on government securities (Sanchaypatra) or sell land. The individual who receives the income does not need to make any additional tax payments when they file their income tax […]
Final Tax – Tax on Land Sale in Bangladesh 2023 Read More »
Introduction – Tax on Sanchayapatra Interest Tax on Sanchayapatra Interest – Interest earned from Sanchayapatra is the final tax settlement under Income Tax Act 2023. We will discuss the details of tax calculation of Sanchayapatra interest income here. What is Final Tax Settlement? Final tax settlement is the amount of tax that has been deducted
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Introduction – Difference between TDS and TCS in Bangladesh Difference between TDS and TCS in Bangladesh – TDS and TCS stand out as two pivotal streams of revenue for the government, constituting indispensable facets of financial governance. From the taxpayer’s perspective, these mechanisms are routine elements in the landscape of day-to-day business operations and economic
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Introduction – Penalty for late filing of Tax Return​ Penalty for late filing of Tax Return​ – Late filing of an income tax return can lead to the forfeiture of several income tax benefits and may result in additional tax liability under the Income Tax Act 2023. In this blog post, we will discuss the
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Introduction – How much should we invest for tax purposes How much should we invest for tax purposes – As a salaried individual, it’s necessary to allocate a portion of your income towards eligible investments to qualify for tax rebates. Determining the optimal amount of investment for maximizing tax rebates can be a complex task.
Investment Tax Rebate – How much should we invest for tax purposes 2023? Read More »
Introduction – Mandatory VAT Registration Mandatory VAT Registration – When you are about to start a business venture in Bangladesh, one of the first questions you might have is whether you need to obtain VAT registration. Let’s answer your question. VAT Registration Certificate (VAT 2.3 also known as Bin certificate), issued by the Tax Authority
Mandatory VAT Registration – When to take VAT Registration in Bangladesh Read More »
Introduction – VDS Rate 2023 VDS Rate 2023 – One of the most common compliance tasks under the VAT & SD Act 2012 for any business entity is VAT Deduction at Source, commonly known as VDS. This requirement applies to both registered and, in some cases, unregistered entities. Even government organizations are obligated to apply
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Introduction – VAT Froms in Bangladesh In Bangladesh, for businesses, VAT compliance is a fundamental aspect to effectively managing your operations within the legal framework. If you are a registered entity and engaged in the sale of products, you are required to issue a VAT Invoice (VAT 6.3). Failure to issue the applicable VAT Forms
VAT Forms Bangladesh – All VAT Forms issued under VAT & SD Act 2012 Read More »
Introduction – Investment for Tax Purposes Investment for Tax Purposes – If you are a taxpayer in Bangladesh, you must be aware of the allowable investment options to get investment tax allowance. Investing in the permitted sectors offers two-fold benefits: firstly, it allows you to save money for the future, and secondly, and perhaps more
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Introduction – Documents for Tax Return Submission Documents for Tax Return Submission – Every year, we are required to file income tax returns by either 30th November (for Old Assessees) or 30th June (for New Assesseaes) following the conclusion of the financial year. During the process of submitting our returns, there are occasions when we
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