Course Materials_Taxation_Part 2

Course Materials_Taxation_Part 2 - BBA Course ACN 4135...

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BBA Course: ACN 4135. Taxation Direct Taxation A. Income Taxation B. Property Taxation Property-related Tax under Income Tax Laws Gift Tax Income Taxation in Bangladesh Income Tax is the tax collected on various types of income under the provisions of the Income Tax Ordinance 1984. Scope of Income Tax Laws in Bangladesh: 1. Income Tax Manual, Part I: Income Tax Ordinance 1984 2. Income Tax Manual, Part II: Income Tax Rules 1984 3. Annual Finance Act to amend the Income Tax Ordinance 1984 4. Statutory Rules and Order (S.R.O.) to make amendments to Income Tax Rules 1984 and to issue various statutory general or special orders made by the NBR (National Board of Revenue), the apex tax authority 5. Other general or special orders made or explanations given by the NBR 6. Verdicts of court cases on income tax issues. Page 1 of 19
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BBA Course: ACN 4135. Taxation Assessment Cycle under Income Tax Assessment cycle is the sequential steps followed in case of submission of income tax return, assessment thereof, and other administrative and judicial actions taken by the income taxpayers and the income tax authority. Page 2 of 19 Assessee Preparation of Return Payment of tax as per Return Assessment Submission of Return Issuance of Notice of Demand Tax Payment as per Notice of Demand Appeal/Revision/ Reference Recovery of Tax Refund of Tax TDS/AIT If further tax liability arises
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BBA Course: ACN 4135. Taxation Formula to Calculate Income Tax Liability: Aggregate Income Exclusions = Gross Income Allowable Deductions = Taxable Income [Total Income as defined under ITO ] × Tax Rate = Gross Tax Tax Credit, Tax Rebate & Tax Relief = Tax Payable Tax deducted at sources (TDS) & Advance income tax (AIT) = Tax Payable at the time of submitting return Obligations under Income Tax Laws Following are the tax compliance activities as per various sections the Income Tax Ordinance 1984: (1) As an assessee (taxpayer): - Collection of TIN (Tax-payer’s Identification Number) Certificate: u/s (under section) 184B, 184A - Advance income tax payment, if applicable u/s 48, 64-73 - Preparation of tax return u/s 75 - Payment of tax as per tax return u/s 74 - Filing of tax return and statements in prescribed forms u/s 75 - Maintenance of accounts and documents: u/s 35 - Production of accounts and documents: u/s 79 - Cooperation with income tax authority during inspection (u/s 114), survey (u/s 115), enquiry (u/s 116), and search and seizure (u/s 117) - Compliance with Notice of Demand (u/s 135) and other notices by tax authority [to file return u/s 77, to file statement of assets and liabilities u/s 80, to attend hearing u/s 83(1), to inform re-assessment u/s 93(1) and others], and Page 3 of 19
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BBA Course: ACN 4135. Taxation - Joint liability in case of partner of partnership firm (u/s 98 and 99), member of association of persons (AOP) [u/s 98], director of a private company (u/s 100), liquidator of a private company (u/s 101).
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