A Statement of Lifestyle Expenses IT 10BB FORM serves as a comprehensive documentation designed to delineate the intricate details of an individual assessee’s lifestyle expenditures in a financial year. This statement, denoted as “IT 10BB FORM”, encapsulates a specified form that is annexed to the income tax return. This form meticulously outlines the various lifestyle-related expenses incurred by the individual taxpayer. By scrutinizing the Lifestyle expenses IT 10BB Form, one can gain insights into the magnitude of expenditures undertaken by the individual throughout the fiscal year and discern the destinations where their earnings were allocated. Not only does this statement provide a holistic view of the individual’s annual financial outlay, but it also encompasses crucial information pertaining to the amount of tax paid, encompassing elements such as TDS (Tax Deducted at Source), TCS (Tax Collected at Source), or any other taxes paid during the financial year.
When to submit statement of Lifestyle expenses IT 10BB Form ?
Lifestyle expenses IT 10BB Form is required to be submitted along with the income tax return. As an individual assessee, it is essential to submit your Lifestyle Statement on or before Tax Day. It is important to take note that, in accordance with section 2(23) of the Income Tax Act 2023, Tax Day is specified as the 30th of November for an old assessee who has previously filed an income tax return. Conversely, for a new assessee who has not previously filed an income tax return, the stipulated Tax Day extends until the 30th of June in the subsequent year. Therefore, as part of your tax filing obligations, timely submission of the Lifestyle Statement along with income tax return is crucial.
Who is to submit the Statement of Lifestyle expenses IT 10BB Form?
As of the provisions outlined in Section 168 of the Income Tax Act 2023, the obligation to file a Statement of Lifestyle Expenses extends to the following categories of individual assessees:
(i) If the value of total income exceeds Tk. 5 lac
The primary condition for mandatory filing of a Lifestyle expenses IT 10BB Form dependent on the total income of the assessee. Specifically, if the total income exceeds Tk. 500,000 within any given financial year (July to June in Bangladesh), individuals meeting this criterion are obligated to submit a Lifestyle expenses IT 10BB Form. This threshold serves as a pivotal determinant, necessitating compliance with the requirement to disclose lifestyle expenses for individuals whose total income exceeds Tk. 5 lac during the specified financial period.
Example 1
Say, Mr. Rahim had the following income sources as on 30 June 2022:
| Source of Income | Amount |
| Salary Income: | |
| Basic Salary | 485,000 |
| Festival bonus | 80,833 |
| House rent allowance | 242,500 |
| Medical allowance | 48,500 |
| Conveyance allowance | 20,000 |
| Other source of income: | |
| Bank Interest | 12,000 |
| Total | 888,833 |
Does he have to submit a Lifestyle Statement?
Solution 1
In the given scenario, Mr. Rahim is obligated to file a Lifestyle expenses IT 10BB Form for the financial year 2022-2023. This requirement stems from the fact that his total taxable income has exceeded Tk. 500,000, thereby meeting the threshold specified for filing a Lifestyle Statement. In adherence to the provisions outlined in Section 168 of the Income Tax Act 2023, individuals like Mr. Rahim, whose total income exceeds Tk. 5 lac during the relevant financial year, are compelled to submit details of their lifestyle expenses as part of their tax obligations.
(ii) Owns motor car
In the specified scenario, the requirement to file a Lifestyle expenses IT 10BB Form is not contingent upon the individual’s income. Instead, if an individual assessee owns a motor car at any point during the income year, irrespective of their income level, they are obligated to submit a Lifestyle expenses IT 10BB Form. This criterion emphasizes ownership of a motor car as the determining factor for the necessity of filing lifestyle expenses, independent of the individual’s overall income status during the specified income year.
Example 2
Ms. Farjana Chowdhury resides in the Rampur area of Dhaka. She is working as Brand Manager in a FMCG company. His salary details are as follows:
| Source of Income | Amount |
| Salary Income: | |
| Basic Salary | 395,000 |
| Festival bonus | 65,833 |
| House rent allowance | 197,500 |
| Medical allowance | 39,500 |
| Conveyance allowance | 25,000 |
| Other source of income: | |
| Bank Interest | 12,000 |
| Total | 734,833 |
Moreover, she owns a private car below 1500cc of Toyota Axio Brand.
Shall she be required to file lifestyle statement?
Solution 2
In the given scenario, although Ms. Farjana Chowdhury’s total income does not exceed Tk. 5 lac, she is still required to file Lifestyle expenses IT 10BB Form. This obligation arises from her ownership of a motor car, which, according to the specified criteria, mandates the submission of lifestyle expenses documentation. In this case, the requirement to file a Lifestyle Statement is not contingent upon the total income exceeding Tk. 5 lac but is triggered by the ownership of a motor car. Therefore, Ms. Farjana Chowdhury is obligated to submit Lifestyle expenses IT 10BB Form despite her total income falling below the specified threshold.
(iii) Have income from Business
Moreover, the requirement to file a Lifestyle expenses IT 10BB Form is linked to the presence of income from business during any financial year. Unlike the previous criterion with a specific income threshold, there is no correlation to a Tk. 5 lac threshold in this case. If an individual has income derived from business activities, irrespective of the total income amount, they are obligated to file Lifestyle Expenses. This criterion emphasizes the engagement in business activities as the determining factor for the necessity of filing lifestyle expenses, without considering a specific income threshold.
Example 3
Mr. Solaiman owns a business called “Solaiman Trading” in Mirpur 2, Dhaka. For the year ending June 30, 2023, the business made a profit of Tk. 400,000.
Does he have to submit a Lifestyle Statement?
Solution 3
Yes, based on the provided information, Mr. Solaiman is required to file a Statement of Lifestyle expenses IT 10BB Form. The obligation to file this statement arises from the fact that Mr. Solaiman has income from his business, Solaiman Trading, with a profit of Tk. 400,000 during the financial year ending on June 30, 2023. According to the criterion stated earlier, if any person has income from business during a financial year, they are required to file lifestyle expenses, and there is no specified income threshold in this case. Therefore, Mr. Solaiman is obligated to submit a Statement of Lifestyle expenses IT 10BB Form due to the income generated from his trading business.
(iv) Shareholder director of a company
If an individual works as a shareholder director in a company, they are required to file their Lifestyle expenses IT 10BB Form. In the provided scenario, the obligation to file a Lifestyle Statement is not contingent upon the individual’s income. This requirement emphasizes the position and role held by the individual as a shareholder director, making it obligatory for them to submit details of their lifestyle expenses, regardless of the specific income or asset threshold.
Example 4
Mr. Mahbub Karim is the founder of ABC Limited. He bought 20,000 shares in the company and holds the position of executive director. During the year from July 01, 2022 to June 30, 2023, he received an honorarium of Tk. 450,000 from ABC Limited.
Is he supposed to submit a Lifestyle Statement?
Solution 4
In the provided scenario, even though Mr. Karim’s income is below Tk. 5 lac, he is still required to file a Lifestyle Statement. This obligation stems from his role as a shareholder director in a company. The requirement to file a Lifestyle Statement, in this case, is not contingent upon the income threshold but is associated with Mr. Karim’s position and responsibilities as a shareholder director. Therefore, despite the income being below Tk. 5 lac, Mr. Karim is obligated to submit a Lifestyle Statement due to his role in the company.
(v) Made investment in house property or Apartment in city corporation area
The requirement to file a statement of Lifestyle expenses IT 10BB Form is triggered by a distinct condition: if an individual makes an investment in house property or apartments located in any city corporation area. Importantly, this condition is independent and does not have any correlation with the individual’s asset value or income. Therefore, regardless of the overall income level, if a person has invested in house property or apartments within a city corporation area, they are obligated to file Lifestyle expenses IT 10BB Form.
Example 5
Mr. Shamin Hossain lives in an apartment in Badda, Dhaka. On May 22, 2023, he bought a 1500 square feet apartment. He has following assets as of June 30, 2023.
| Particulars | Amount |
| Bank balance: | |
| Dhaka Bank | 113,050 |
| Dutch Bangla Bank | 342,800 |
| AB Bank | 127,300 |
| Cash in hand | 502,000 |
| Total | 1,085,150 |
Does he need to file a lifestyle expense statement?
Solution 5
Yes, based on the provided information, Mr. Hossain is required to file a Lifestyle expenses IT 10BB Form. The obligation arises from his investment in house property located in a city corporation area. As per the independent condition mentioned earlier, making an investment in house property within a city corporation area triggers the requirement to file Lifestyle expenses IT 10BB Form.
(vi) Voluntary Submission of IT 10BB FORM
As per the conditions specified for mandatory filing of Lifestyle expenses IT 10BB Form, certain individuals are obligated to submit these statements. However, it’s important to note that even if an individual assessee is not required to file Lifestyle expenses IT 10BB Form mandatorily based on the specified criteria, they still have the option to file such statements voluntarily. In other words, individuals who do not meet the mandatory filing requirements can choose to submit Lifestyle Statements on a voluntary basis if they wish to provide additional information about their lifestyle-related expenditures. This voluntary filing option allows individuals to proactively disclose such details, even if it is not a mandatory requirement for them.
Lifestyle expenses IT 10BB Form
Conclusion - Lifestyle expenses IT 10BB Form
As per Section 168 of Income Tax Act 2023 an individual assessee is required to file a statement of Lifestyle expenses IT 10BB Form if certain conditions are met. Hope this blog post will help you to understand the exact law requirements. In case of any questions please drop your query in the comment section below.
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