Follow today’s discussion carefully to know the income tax payment rules and income tax calculation. From today’s discussion, you will know the percentage of income tax to be paid on how much money and when and how to pay it. Let’s find out more about it today.
Citizens of all countries have to pay income tax. Similarly, as Bangladeshi citizens, we should file income tax returns at the right time and in the correct manner.
Generally, a prescribed income tax return has to be filed on a specified income in a specified process at a specified time of the year.
Income Tax Return Online
Income tax may be complicated, but it is a straightforward concept. Generally, confident citizens of the country have to pay income tax on their fixed income as per the rate prescribed by the government. Through this income tax, the income of the citizens of the country is recognized by the government.
If the income tax is not filed, the citizens’ income will be treated as black money by the government, and appropriate legal action will be taken against them. Therefore paying income tax on time is the duty of a citizen.
To Whom the Income Tax Return or Income Tax Applies
Not all citizens of the country have to file income tax returns. Certain citizens have to pay income tax. Those holding a TIN certificate must file the income tax return.
However, suppose a person does not register the teen certificate. In that case, whether he is a professional, businessman, doctor, lawyer, teacher, or company owner, his income is considered black money and penalized by the government.
That is why the upper classes of society and those involved in various professions or businesses must file income tax returns.
They do not have to file a tax return if their income is not within the tax limit. Only filing of zero income tax return will do.
The Sectors of Income Tax
Now let’s know an important thing. That is, you must know which sectors you have to file income tax in.
Citizens of a country may have many sources of income. Income tax returns do not apply to all sources.
You have to pay income tax only on those sources that the government determines. The sectors on which you have to pay income tax are-
- Income from any employment
- Income related to interest in security
- Income from large-scale agriculture
- Income from various businesses
- Income from any other profession
- Income-related to profit derived from fixed capital
- Tax on house property or agricultural land
- Income from any other source
On all these sources, you have to file an income tax return at a certain time of the year if your income from these sources is within the tax limits.
Who Should Pay the Income Tax?
Now let’s know another important topic. That is the amount of your income you have to pay income tax.
You don’t have to pay income tax if your income is not that much. Let’s take a look at how the government has determined the income tax on your fixed income-
- In the case of an average male person below the age of 65, if the annual income is more than 300,000 TK, he will have to pay income tax.
- In the case of ordinary women and men above 65 years of age, if the annual income is more than 3,50,000 TK, he has to pay income tax.
- Those who are disabled have to file income tax returns if their annual income is more than TK 4,50,000.
- In the case of any gazetted freedom fighter, if the annual income is more than 4,50,000, he has to submit income tax.
How Much Tax Should be Paid According to the Income?
You must file an income tax return if your income falls within tax limits, and if your income is outside the tax limit, which means your annual income is less than your tax limit, then you don’t have to pay income tax.
Only filing of zero income tax return will do. Now let us know how much tax is mandatory on your money and at what percentage rate –
Normal and in men aged less than 65 years
- Income up to TK 2,50,000 is exempt from tax if the income exceeds TK 300,000 up to 1,00,000. Total 400,000, then he has to pay income tax at 5%
- If he has more than 3,00,000 Tk, which means up to 6,00,000 TK, he will have to pay a 10% income tax.
- After Tk 300,000, if the income is up to Tk 4,00,000, which means if Tk 700,000, he will have to pay income tax at 15%.
- If the income is more than Tk 5,00,000 over Tk 300,000, which means if the total is Tk 8050,000, then he has to pay income tax at 20%
- He will have to pay a 25% income tax on the excess income
For normal women and men over 65 years of age
- Income up to TK 3,50,000 is exempt from tax
- If the income of TK 1,00,000 after TK 3,50,000 is TK 4,50,000, then he will have to pay income tax at 5%.
- If the income is 3,50,000 is more than 3,50,000, which means 6,50,000 thousand, he has to pay a 10% income tax.
- If Tk 4,00,000 is more than Tk 3,50,000, a total of Tk 7,50,000, he will have to pay income tax at 15%.
- If 5,00,000 is more than 3,50,000 TK up to 8,50,000 TK, he has to pay income tax at 20%
- If the income is above this, then he has to file a total income tax of 25%
When You Should Pay Your Tax
Now let’s find out when you must file your income tax return. We know that income tax is generally due at a particular time of the year.
But many of us do not know when to do it. Every year 30th November is observed as tax day in our country.
That is why everyone must file the income tax return by 30 November. So as a taxpayer, you must file your tax by 30 November.
Income Tax Paying Rules
Usually, one has to go to the nearest income tax office to file the income tax return. By going to the Income Tax Return Office, you fill out a form, and they have to deposit the tax at the prescribed rate according to the specified tax rate.
However, Bangladesh is now much more advanced with the touch of technology. Usually, going to the office and filing income tax returns is a bit difficult for us.
That’s why we can file our income tax returns from home if we want. For that, you have to follow some processes. These processes are mentioned below.
Income Tax Online Payment Process
Now let’s know about the rules of paying income tax online.
- To file income tax or income tax returns online, you need a computer or laptop and an internet connection. Then you can file your income tax return very quickly.
- To file an income tax return, visit this link: e-Return (etaxnbr.gov.bd).
- After entering this link, you will see a page like the image below.
- Here there is an option called eReturn. Here you have to click. Then a new interface will show.
- Here you need to complete the registration for income tax filing. You will see the registration button below the options on the right side.
- Clicking this button will take you to the registration page. On the next page, you must enter your 12-digit TIN certificate number, and below, you must provide your mobile number.
Now talking about where you can find the 12-digit number of the TIN certificate.
To get the 12-digit number of the TIN certificate, you have to complete teen certificate registration first.
After completing the TIN Certificate registration, you will get a TIN Certificate with a 12-digit number mentioned in the certificate. So if you have not registered, go to the below page and register it.
- After giving the mobile number on the income tax return submission page, a captcha will be given at the end.
- You have to fill in this captcha and click on verify button. Your registration will be completed by clicking on the verify button.
- After registration, you need to click on the sign-in option. After clicking on the sign-in option, you will see a new page.
- From here, you will get an option called return submission. You have to click on this option.
- After clicking here, a form will appear in front of you in which you have to give certain information about your income tax. All these forms must be filled step by step with correct information, and click on the submit button.
- After clicking the submit button, a form will appear in front of you. This form will show all the information you provided.
- Then below, you will see a word called Verify written on the side, and a tick mark box is given on the left side.
- From here, you have to tick and click on submit return option. Clicking on the submit return option will complete the submission of your returns process.
- Next, you will see a button called Pay Now. You have to pay income tax by clicking this button.
- Click on this button, and you will see several options to pay income tax. You can pay from a bank account or your credit card.
- So complete your income tax return by paying in the specified process with any account information at your convenience. Once payment is made, you will see a preview page again. You can print this page.
This is the income tax payment rule. I hope you learn about the rules of paying income tax online.
You can inform us through the comment box if you face problems or have difficulty understanding anything while filing your income tax return. Our team will reply to you as soon as possible. Stay with our website to get more various online-based services. Thank you.