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    The document discusses personal income tax issues in Bangladesh. It outlines the various heads of income that are taxed, including salary income, income from interest on securities, income from house property, income from agriculture, income from business or profession, income from capital gains, and income from other sources. It also discusses the valuation of perquisites such as house rent allowance, rent-free accommodation, conveyance allowance, conveyance for personal use, and medical allowance. Finally, it provides an example tax calculation for an individual.

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    The document discusses personal income tax issues in Bangladesh. It outlines the various heads of income that are taxed, including salary income, income from interest on securities, income from house property, income from agriculture, income from business or profession, income from capital gains, and income from other sources. It also discusses the valuation of perquisites such as house rent allowance, rent-free accommodation, conveyance allowance, conveyance for personal use, and medical allowance. Finally, it provides an example tax calculation for an individual.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    22 views6 pages

    Personal Income Tax Issues

    Uploaded by

    raf1413
    The document discusses personal income tax issues in Bangladesh. It outlines the various heads of income that are taxed, including salary income, income from interest on securities, income from house property, income from agriculture, income from business or profession, income from capital gains, and income from other sources. It also discusses the valuation of perquisites such as house rent allowance, rent-free accommodation, conveyance allowance, conveyance for personal use, and medical allowance. Finally, it provides an example tax calculation for an individual.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
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    Personal Income Tax Issues Heads of Income :

    Salary Income ( Section 21/Rule 33 ) Income from Interest on Securities ( Sec 22) Income from House Property (Sec 24 & 25 ) Income from Agriculture ( Sec 26 & 27 ) Income from business or profession ( Section 28 , 29 & 30 ) Income from capital gain ( Section-31 & 32 0 SectionIncome from others sources ( 32 & 33 )

    Personal Income Tax Issues

    Valuation of Perquisites ( Rule 33 )


    A.House Rent Allowance: Amount received in excess of 50% of basic salary or Tk. 15000/= per month whichever is lower to be added with Income. B. Rent free accommodation : 1.Rental value of the accommodation or 25% of Basic Salary whichever is lower is to be added with Income 2.Accommodation Provided at a concessional rate- difference between the rent ratepaid and amount determined as above is to be added with total Income

    Personal Income Tax Issues

    C. Conveyance Allowance :
    Amount received in excess Tk. 2000/= per month is to be added with Income. D. Conveyance for personal or private use : 7.5% of Basic Salary is to be added with Income. E. Medical Allowance : Amount received in excess of actual expenditure is to be added in the total Income F. Leave Fare Allowance : Amount received in excess as per employment offer.

    Personal Income Tax Issues


    

    Rate of Income Tax for resident individual: 1st 165,000 of Income NIL For Male 1st 180,000 of Income Nil Female On Next 2,75,000 of Income 10% On Next 3,25,000 of Income 15% On Next 3,75,000 of Income 20% Remaining amount 25% Minimum Tax Payable Tk.2000.00 Investment Limit 25% of Taxable Income but notover Tk. 10 Lac. Investment Rebate : 10%

            

    Personal Income Tax Issues


    Practical Problem : Mr. Riyad Hossain is a employee of Eastern Bank Limited. He has been given the following Salary & Allowance monthly For the year ended 30th June 2010--2010--Basic Salary Tk. 70,000/= House Rent Tk. 50000/= Conveyance Allowance Tk. 20000/= Medical Allowance Tk. 10000/= Entertainment Tk. 5000/=
    

    Personal Income Tax Issues


    Festival Bonus ( Two Times ) Tk. 140000/= Incentive Bonus Tk. 400000/= PF ( Banks Cont ) Tk. 7000/= During the Income Year he has purchased a Laptop Tk. 120,000/=, Defense certificate Tk. 3000000/=. Compute the Total Income for the income Year and determine the Tax of Mr Riyad for the assessment year 2010-2011. 2010-

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