Income tax is an amount you must pay the government from a portion of your income. It needs to be paid at the end of every fiscal year. Usually, the tax submission timeline starts from July 1 and extends until November 30.
In the old fashion way, people download the form from the NBR website. After completing the form, you need to go to the tax circle. Separate income tax circles based on the different taxpayers. People submit their tax information forms to the tax circle office by providing all the accurate information.
But now, the government is walking towards digital. It means you can submit the online tax return Bangladesh from home and submit it instantly. Although paper-based tax return is also available, the e-return system will make your life easier and hassle-free.
This article will give an overview of how to file a tax return online.
Register with the e-Return System.
There are 8 steps to filing an income tax return online in Bangladesh.
Visit the website https://etaxnbr.gov.bd/#/auth/sign-up to register. When you come to the welcome page, you must sign up first.
Follow the below steps:
- Enter your Taxpayer’s Identification Number (TIN)
- Put your registered mobile number
- Correctly put the captcha code.
- After putting everything in, select the verify button.
- Your mobile phone will get an OTP password.
- Verify the OTP and set a new password to sign in to the system.
- A dashboard will appear when you log in to the system. Click “Return Submission.” at the left side of the menu bar.
Tax Assessment Information
First, you will find information on income tax in the dashboard. You must provide income for related year, source information and all the income related to tax. After giving all the information, click on Save and Continue button and go to the next step.
Income Information
You must provide details about your source income, asset expenditure, liabilities, rebate on tax and so on.
Income Details
In the income details box, you can select various income sources. There is a dropdown list menu. From there, select Salary if your income source is salary. Click on the Income from Other Sources option if you have income from other sources.
From the Income Summary option, you must show your all of your income of the year and all of the expenses related to business. Make sure you fill in all the required fields and click the Save and Continue button.
Expenditure Information
Here, you have to fill up the information regarding expenditure. There is an IT10B form. If the total wealth from your income are Tk 40 lakh or more, you must fill out the form.
You do not need to fill the box if the total wealth are less than Tk 40 lakh. All the expenses related to personal and family must be fill out in the form.
Tax and Payment
If you have made any payments in relation to advance and source tax, you can demonstrate those payments in this section. Your taxable income will immediately be reduced.
The Payable amount is zero if your income shows no tax. Individuals whose Payable Amount is zero return are said to have a zero return.
The return for your income tax is finished at this point. You can now return your file online or print a hard copy of the form and mail it to the income tax circle.
Paper Return
There are 2 ways to return the paper. These are online and offline.
Offline Return
Click on the offline return of the income tax and submit the paper. Take a print copy of the paper. After that, you must submit the print copy to the Income Tax Circle Office. You do not have to pay anything.
Online Return
Click on the online return of income tax return. After submitting the paper, you will see the preview of the form. There is a Verification and Signature option you will find at the bottom. Select on Yes button to give consent.
The return copy of the income tax will be submitted once you click the Yes button. Once you submitted, you are unable to change the form. If you have any confusion about any errors in the form, try to double-check it.
Download the Receipt for Acknowledgement
You will receive a message if you successfully submit the tax return form. The message will read, “Congratulations! Your return submission was successful.” You will find a download option regarding the Acknowledgement receipt and Reference ID.
What Is the Penalty for Late Submission?
If a return is not filed by the deadline, you will get a penalty. A one-time penalty imposed by the Deputy Tax Commissioner may be up to 10% of the tax due under the most recent tax assessment.
The fine that is charged, however, cannot be at least Tk. 1,000. Also, there is a fine of Tk. 50 for each day if the income tax return is not filed on time or within the allotted time frame.
Conclusion
If you follow the above mentioned steps, you can submit the tax return properly. Try to gather all the essential documents first and then fill up the form for the income tax return.
Besides, if the process is complicated, you can physically submit the income tax file by going to the office of the income tax circle.
