How to submit Income tax return online in BD 2024

How to Submit Tax Return Online in Bangladesh 2024

What is Tax?

Well, tax is a debt to individual and businessman. via a governmental entity on a taxpayer to make contributions for the purpose of financing public expenditures. Taxes impose a financial burden on taxpayers, and the government may enforce the payment of taxes by levying penalties.

Who Should Pay Taxes?

Taxes are levied in Bangladesh, to individuals or entities, either corporate or otherwise. Here is a simplified summary of those upon whom taxes should be imposed.

Individuals: Anyone receiving income above the minimum threshold set by the government.

Company: Any company registered in Bangladesh.

Partnerships, trusts and other income-earning organizations

Why You Should Pay Taxes?

There are a few reasons why it is important to pay taxes:

Tax: It is used to fund public services like healthcare, education, infrastructure and so on.

Paying taxes is a legal obligation.

Economic Stability: By financing numerous government endeavours and services, taxes assist to keep the economy of the nation stable.

Required Documents

To file your tax return online in Bangladesh, you will need the following documents:

1. National ID card or TIN certificate
2. Salary statements or income certificates
3. Bank statements
4. Investment documents
5. Property documents
6. Previous year’s tax return (if applicable)
7. Any other documents that support your income and expenditure claims

A Step-by-Step Guide to Filing Your tax return online

Registering with the e-Return System

Before you can file your tax return online, you must register with the e-return system provided by the National Board of Revenue (NBR).

Registration Process:

1. Visit the NBR e-Return website.
2. Click on the ‘Register’ button.
3. Fill in the required details: name, TIN, email, phone number, etc.
4. Verify your email and phone number.
5. Create a username and password.
6. Log in to your account.

Step 1: Enter the e-Return System and Log In

1. Go to the NBR e-Return portal.
2. Enter your username and password.
3. Click ‘Log In’.

Step 2: Tax Assessment Information

1. Select the tax year (2024).
2. Enter your TIN.
3. Provide your assessment zone.

Step 3: Income Details

1. Enter your total annual income.
2. Include income from all sources such as salary, business, investments, etc.

Step 4: Additional Information

1. Provide details of any additional income not covered in the previous section.
2. Enter information on any foreign income.

Step 5: IT10B Requirements

Fill in the details required for IT10B form which is necessary for individuals.

Step 6: Income Details (Consolidated)

Consolidate all income details from various sources.

Step 7: Investment Category

1. List all your investments eligible for tax rebates.
2. Enter the amounts invested.

Step 8: Expenditure

1. Provide details of allowable expenditures that can be deducted.
2. Include medical expenses, educational expenses, etc.

Step 9: Tax and Payment

1. Calculate your total taxable income.
2. Determine the tax payable based on the NBR tax slab.
3. Enter any advance tax paid.

Step 10: Return View

1. Review all the information entered.
2. Ensure accuracy and completeness.

Step 11: Download Acknowledgement Receipt

1. Once the return is submitted, download the acknowledgment receipt.
2. Keep it safe for future reference.

Conclusion

Here are the steps to file your tax return online in Bangladesh, which if followed carefully should make this a breeze! Make sure all your documents are ready and the fields are filled correctly. That way, you are following the law and also helping to build the nation.

FAQ

Q: What is the deadline for filing taxes online?

When is the deadline?A: Look at the NBR website for changes or extensions.

Q: Is it possible to file my tax without TIN?

 No, a TIN is required to file tax returns.

Q: What if I don’t file my tax return?

You could be subject to penalties, interest on taxes owed or potentially even litigation.

Q: Where can I get assistance in filing my tax return?

How to get help in this regard? A: Tax consultants will always be there for you or the NBR has already published guidelines on its website.

I can submit an income tax return online.

You can submit online income tax return in Bangladesh via NBR e-Return portal. It enables persons and enterprises to file their returns digitally, which can streamline the tax filing procedure and save time. Before heading over to the portal, ensure you have all necessary documents available.

Online Income Tax Payment Process in BD

How to Pay Income Tax Online in Bangladesh:

Step 1: NBR E-Return Portal: Access the e-payment segment of the portal by signing in.

Step 2: Choose Payment Method Select a payment option like bank transfer, credit/debit card or mobile banking (bKash/Nagad)

Tax Details — Fill in the tax liability along with the assessment year for a tax payment.

Payment Confirmation & Payment Process: Confirm with you and make payment.

Payment Receipt will appear: Download it and print it for future reference.

With these steps, you can experience peace of mind during tax filing. Visit the NBR website whenever necessary to keep up with tax policy changes. If you are looking for how to file and pay a tax return online in Bangladesh then you have come to the right place because filing an income tax return has never been easy as it is now. Simply put, If you use the NBR e-Return portal, then filing and paying return becomes a matter of a few clicks. Submitting your taxes online and in due time allows you to stick to legal demands while also helping the nation grow by building roads, hospitals and schools. You get an idea of the process so that without having to deal with all that paperwork and unnecessary visits to offices, you will be within your control for taxes.

Ever filed your tax with the help of wayback of dying threat WILDY? How hard was that process, or was it straightforward? Let us know your experiences or questions in the comments below and we will assist you if possible!