Paper presented by: Ranjan Kumar Bhowmik rcma Former Member National Board of Revenue Ne li _ Presentation outline Introduction Mandatory requirement of filing return Persons who are not required to file return Place where Return is to be submitted What documents to be submitted with return ? Tax day When amended and revised return can be filed ? TIN De-registration Penalty for non-submission of returnEvery person who is required to file return of income shall have to fill-up the return form prescribed by the NBR, which shall also be verified in the manner indicated in that form. For individual assessee the return together with the statement of assets, liabilities and expenditure and also the life style statement shall collectively constitute a valid and complete return. Persons required to file return of income: 1. If his taxable income during the income year exceeded the non-taxable ceiling of income (now it is Tk. 3,50,000/- for the assessment year 2023-24) 2. If he was assessed to tax for any one of the 3 years immediately preceding the year under consideration. [Section 166 of Income Tax Act,2023]GS Company Auy resent of now resent individual having flved base In Bangladesh, Postnership Fim & Its partner Association of Person (| (3)\F the] shareholer director shareholder employee ofa company (2 | person isa a | | SJ anemptoyee holding managerial or executive position in any business Iv any person Is required to be registered as assessee u's 161 500/16 "quired to furnish proof of submission of return wis 164 os any excempted Income or income where reduced tax rate is {b) Educational Institution receiving Govt. benefits ur MPO which does not follow any Eny {e) Statutory Govt. authority or autonomous body who has no income other than fund received from Govt. and interest income. (h) Any person which the NBR exempt from filing return of incomePlace where Return is to be submitted (1) Return is to be submitted at concerned circle office_as per jurisdiction, (2) Non-resident Bangladeshi may file their return at Nearest Bangladesh mission. The missions will then send the return to the NBR and NBR again will send the return to the concerned circle office. (3) Return can also be submitted at Tax Fair organized by the NBR every year. The system of online return filing has been introduced on 1*November,2016 and by so doing _all categories of assessee now can easily submit their tax return through online. (4 What documents to be submitted with return ? It is mandatory to submit audited statement of accounts at the tine of filing return and a separate calculation sheet is to be submitted if income shown at return differs from audited statement of accounts / ‘Shall furnish statements of assets, liabilities and expensesif he (2) has gross wealth exceeding Tk.40,00,000; or (b)ownsamotorcarso (c)[has made investment in a house property or an apartntegt in the city cofporation area {a)[has owned any asset in foreign countries (eas become shareholder director of any company Individual 4+ |Shall also furnish lifestyle statement along with the return if (al}his income exceeds Tk.5,00,000; or (b})he owns a motor car; oF (c)[he has made investment in a house property or an aparyfent in the city (4) he has any income from business hhe has become shareholder director of any comp: oe [Section 167 and 168 of IT Act.2023]Tax day Type of assessee Tax day watin Remarks which retuen must ark aa <1 @ 4% per month ont ank, Insurance and othe now nber | Dey Interest wil be imposed @ 4% per month onthe ankg Far! inten” | UY SEPLEMORY rer er qaen theta asesed on tl came rhe company whichis subslay | Within ig Of [assessment year and tax pad n advance along with tax ehotineconpay tana | aye month |deduted or coteted at source fangadesh uch company | fromtheend of requrestofolow a diferent | the income year icanci yea forthe purpose of consolation of acount with the parent company, Period of delay interest’ the period wal start from the fist day immediately folowing the Tax day to: 1) Te date offing ceturn where return i filed lhe ony Ton aa he date ofegular assessment where eturn so ea Other an compary Sot November 2" a however the period shall not exceed 24 months incon yea Income year Assos year Tax Day ended on For company taxpayer 30.06.2023 202223 73-24 150.2024 30.09.2022 10/21 to 301922 2023-24 15.09.2023 31.12.2022 2022 nzs.04 150092023 31032023. ovar22 to 38723 202308 48.10.2023 34072023 ve22 10317723 7025 15092024 After filing return under universal self assessment scheme if any assessee finds that unintentionally tax has been computed/paid short, then he may file an amended return within 180 days from the date of filing return attaching the following: Ref: Section 180 1. awritten statement about the mistake. 2.a proof of tax paid along with interest @ 5% p.m. which was computed/paid short, + Assessee will get an opportunity to submit amended return against notice u/s 181 relating to any adjustment in respect of any arithmetical error in the return or incorrect tax or rebate computation. DCT can issue such notice within 1 year from the date of filing return. Ref: Section 181 ‘ Revised return can be submitted, without reducing tax liability, before 1% hearing date or before 6 months of time barred whichever is earlier, Ref: Section 175Penalty for non-submission of return Amount of penalty Reference section Pre-conditions i i i 10% of the 266 last on assessee whose income assessed tax + Whichever is was not previously = higher assessed then penalty shall Tk. 1,000/- not exceed Tk. 5,000 2 In case of existing Tk.50 per individual assessee penalty day during shall not exceed 50% of last which the assessed tax or Tk. 1,000 default continues whichever is higher. u