A TIN certificate is an important document of any work related to the business. But many times, due to the information error and various complications associated with the change of ownership, you must cancel your TIN certificate.
But do you know how to cancel the TIN Certificate in Bangladesh? If you don’t, then you are in the right place. This article will tell you how to cancel a TIN Certificate in Bangladesh.
Why Do You Need to Cancel Your TIN Certificate in Bangladesh?
We all know that our lives are about ups and downs. It also happens with the business. Success and loss stay together in business. If you want to celebrate success, you also have the mentality to accept loss.
You must make a TIN certificate and submit your income TAX if a business earns well. But what will you do if there is a sudden loss in that business? What will you do if you have to offer your income tax?
Because when there is a loss in a business, it is very difficult to raise money. So, in that case, you can cancel your TIN certificate.
Then, another incident is that your family has so many properties, but the real property owner suddenly dies. So now, how do you perform the official tasks without that person’s signature?
In that case, you will want to cancel the TIN certificate. But you do not know where to and how to cancel the TIN certificate.
If you want to cancel the TIN certificate, you have to go to the deputy tax office and apply for the cancellation of the TIN certificate.
Because even if the tin certificate is made online, you must go to the office and cancel it. In this writing, you will learn how to cancel the TIN Certificate in detail.
Documents are Required for the TIN Certificate Cancellation in Bangladesh?
If you want to cancel a TIN certificate, keep the following documents.
- Your National Identity Card/Birth Certificate.
- Photocopy of your income tax.
- Your TIN certificate.
- If the owner is dead, his certificate is.
- The real reason for the cancellation (with appropriate evidence).
With all these documents, you have to submit them to the deputy tax department. They will give you a form there. Based on the information on your paper, you will fill out the form and submit it.
The final copy of the cancellation of the TIN certificate will be given to you within the working day. Or you can go and find out if your application has been accepted. Following the above rules, you can easily cancel the TIN certificate.
How to Cancel a TIN Certificate in Bangladesh?
Now, you can easily apply for cancellation of the tin certificate at home. Below, we have given some rules to cancel the tin certificate easily.
The Income Tax Ordinance did not specify how to cancel your tin certificate. However, in conventional cases, you can follow these rules to cancel the TIN.
- Firstly, You must apply for cancellation of your TIN certificate with the Deputy Commissioner of the tax area under which you opened your TIN Number.
This process demands some time-consuming matters. Such as:
- If you do not have the income you need to earn as a taxpayer, you must file zero returns for at least 3 years.
- After three years of giving zero returns, if there is no possibility of taxable income for you, you will have to apply to the Deputy Commissioner of Tax to document your income tax file.
- If the Deputy Commissioner of Taxes is satisfied with your application, he will keep your file on record.
- Later, if you have the income to pay taxes, that file must be reactivated. Note that only one TIN account can be opened with an ID card.
How to Cancel the TIN Certificate of a Dead Person?
If a person dies, there is no need to have a TIN certificate with his name, so to cancel this, his successor has to apply to the Deputy Commissioner of Tax Office. With the application, he needs to take the required documents mentioned above.
The Deputy Commissioner of Taxes may suspend or cancel the Tin Certificate based on the application.
Overall, you can easily create and use a TIN /TIN certificate online but cannot cancel it online. You must cancel the TIN certificate by following the proper rules with the documentation process.
The Disadvantage of the TIN Certificate in Bangladesh
Just as everything has advantages, there are disadvantages as well. You must pay taxes yearly if you have a registered TIN certificate. And if you have not paid any tax for three years in a row.
If you have a TIN certificate, you must file a tax return [about the tax return submission], regardless of whether your annual income is within the taxable limit.
Now, the question may arise in your mind: what can happen if you do not file a tax return or pay regular taxes? In this case, the money or money you earn will be treated as black money, and you can get involved in litigation.
You may also lose the money earned by the National Board of Revenue. Another hassle is you cannot cancel this at home online; you have to go to the Tax office, and most importantly, if your TIN certificate gets stolen, that will cause you a couple of awkward experiences.
TIN certificates are very much needed in our daily work. But in some cases, we may need to cancel it. I hope that through today’s discussion, you have learned how to cancel the TIN Certificate in Bangladesh, which will help to some extent in canceling your tin certificate.