The National Board of Revenue (NBR) on Tuesday published 'Income Tax Nirdeshika (guidelines) 2021-22' for individual taxpayers to facilitate them fill-up tax returns and comply with the other provisions of tax law devised for the current fiscal year (FY).
With the help of the guidelines, individual taxpayers will be able to prepare their tax returns without taking help of the other tax or accounting professionals as it has explained the income tax related measures in a simplified way.
Basic issues of the tax system including registration of taxpayer's identification number, filling up income tax return forms, determination of aggregate income, calculation of tax liability and surcharge, and credit of advance income tax have been explained in the new publication.
The book has incorporated details on calculation of taxable income and payable tax of an individual taxpayer through giving several examples to make it understandable to everyone.
All of the account codes, on the basis of tax jurisdiction, have been given in the guidelines for helping both taxpayers and taxmen to deposit income tax to the public exchequer.
It has enlisted individual taxpayers under 22 categories who have to submit annual tax returns irrespective of having taxable income.
Under the income tax law, individual taxpayers enjoy a tax-free limit up to Tk 0.3 million on their annual income.
However, only three categories of taxpayers are exempted from the mandatory submission of tax returns which are non-resident taxpayers having no permanent base in Bangladesh, individuals obtained TIN for selling land or taking credit cards but do not have taxable income.
The book is available on the NBR website.
