Tax Return Submission for Company, Branch Office and Person in Bangladesh
“INCOME tax return means submission of return of income in the prescribed form to the Deputy Commissioner (DC) of Taxes by a person whose total income during the income year exceeds the maximum amount of non-chargeable income or the income of any other person in respect of which he is assessable to tax under the Income Tax Ordinance (ITO), 1984”. It must be noted that a non-resident Bangladeshi may file his return of income along with the bank draft which is equivalent to the tax accountability to the Bangladesh mission and the mission will issue a receipt of the return with their official seal and send the return to the National Board of Revenue (NBR). If an individual earns more than Tk 220,000 during an income year then she or he has to file income return along with the sources of income. However, the limit of maximum non-taxable income is Taka 275,000 for women along with the senior tax payers of 65 years and above age. For physically challenged individuals and retarded persons it is Tk. 350,000. The amount is Tk. 400,000 for all gazetted enlisted war wounded freedom fighters. Nevertheless, the following person also has to submit his or her income tax return though s/he did not earn much than the highest limit, this is applicable if s/he:
i) resides in city corporation or paurashava or divisional Head Quarters (HQ) or district HQ and owns motor car including jeep/micro-bus or holds membership of a club registered under the VAT law;
ii) runs any business or profession having trade licence and operates a bank account;
iii) has registered with a recognised professional body as a doctor, dentist, lawyer, income-tax practitioner, chartered accountant, cost and management accountant, engineer, architect, surveyor or any other similar profession;
iv) member of a chamber of commerce and industries or a trade association;
v) is a candidate for an office of any paurashava, city corporation, or a Member of Parliament;
vi) assessed to tax for any of the three years immediately preceding the income year;
vii) participates in a tender floated by the Government, semi- Government, autonomous body or a local authority. In addition, any registered company/Non-Government Organisation (NGO) shall file a return of its income or the income of any other person for whom the company/NGO is assessable to the authority.
There is a time limit to submit all formal documents and the tax return document is no exception. A company or Non-Gvernmental-Organization shall submit the income tax return, by the 15th (fifteenth) day of July next following the income year or where the 15 (fifteenth) day of July falls before the expiry of six months from the end of the income year, before the expiry of such six months and in all other cases, by the 13 (thirteenth) day of September next following the income year. However, the last date for the submission of return may be extended. This can be done by the DC of Taxes, but only up to six months with the approval of the Inspecting Joint Commissioner. However, even besides this, the Government can also prolong the time limit.