Taxable Income
In Bangladesh, taxable income for income tax purposes includes various sources of earnings. As of the latest updates, here's a general overview of what constitutes taxable income and how it's typically categorised:
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1. Salary and Wages:
This includes basic salary, allowances, bonuses, and any other compensation received from employment.
2. Business Income:
Profits derived from businesses, whether they are sole proprietorships, partnerships, or companies, are considered taxable.
3. Investment Income:
This includes income from interest on savings accounts, fixed deposits, bonds, and other financial instruments.
4. Rental Income:
Income earned from renting out properties is taxable.
5. Capital Gains:
Profits earned from the sale of assets like property, stocks, or other investments are subject to capital gains tax.
6. Other Sources:
This can include income from royalties, pensions, and any other sources that do not fall into the above categories.
Tax Rates and Exemptions
The tax rates and thresholds can vary and are subject to changes based on annual budget announcements. For individuals, there are typically progressive tax rates, meaning higher income brackets are taxed at higher rates. The Bangladesh government often provides tax-free thresholds and rebates for different categories of income.
Tax-Free Thresholds
As of the most recent updates:
For Male and Female Taxpayers:
There is a basic tax-free threshold, which means individuals up to a certain level of income do not have to pay tax. This threshold is subject to changes, so it's important to check the latest figures from the National Board of Revenue (NBR) or official government sources.
For Senior Citizens:
Higher tax-free thresholds may be provided to senior citizens, typically those aged 65 and above.
Filing Requirements
Individuals and businesses are required to file annual tax returns with the NBR. The tax year in Bangladesh is usually from July 1st to June 30th of the following year. Tax returns must be filed by the deadline specified by the NBR to avoid penalties.
For the most current information, including specific thresholds and tax rates for the current fiscal year, it's best to consult the National Board of Revenue (NBR) or a tax professional in Bangladesh. They can provide the latest updates and detailed guidance tailored to your specific situation.
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