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Questions and Answers
What is the total income computed for Mr. Rahman as a resident?
What is the total income computed for Mr. Rahman as a resident?
- Tk. 150,000
- Tk. 250,000
- Tk. 180,000
- Tk. 360,000 (correct)
Which of the following income sources is NOT taxable for Mr. Rahman?
Which of the following income sources is NOT taxable for Mr. Rahman?
- Profits from business in Chittagong
- Property income in South Africa
- Agricultural income in Bhutan (correct)
- Income from employment in Afghanistan
How much is the property income from South Africa that is included in Mr. Rahman’s total income as a resident?
How much is the property income from South Africa that is included in Mr. Rahman’s total income as a resident?
- Tk. 60,000
- Tk. 180,000
- Tk. 150,000
- Tk. 90,000 (correct)
What is the total income computed for Mr. Rahman as a non-resident?
What is the total income computed for Mr. Rahman as a non-resident?
Which income source is considered to have accrued in Bangladesh, even if received in another country?
Which income source is considered to have accrued in Bangladesh, even if received in another country?
What is the exempted amount from taxation for the rent from property received in Canada?
What is the exempted amount from taxation for the rent from property received in Canada?
Which income type is classified as 'non-taxable' according to the details provided?
Which income type is classified as 'non-taxable' according to the details provided?
How much total income is considered for taxation purposes when Mr. Rahman is classified as a non-resident?
How much total income is considered for taxation purposes when Mr. Rahman is classified as a non-resident?
What is Mr. Jashim Uddin's total number of days he stayed in Bangladesh during the income year 2021-22?
What is Mr. Jashim Uddin's total number of days he stayed in Bangladesh during the income year 2021-22?
How many total days did Mr. Jashim Uddin stay in Bangladesh in the previous four years before the income year 2021-22?
How many total days did Mr. Jashim Uddin stay in Bangladesh in the previous four years before the income year 2021-22?
Which condition does Mr. Jayed fulfill to be considered a resident for the income year 2021-22?
Which condition does Mr. Jayed fulfill to be considered a resident for the income year 2021-22?
If Mr. Jayed had stayed for 85 days in 2021-22, what would his residential status be?
If Mr. Jayed had stayed for 85 days in 2021-22, what would his residential status be?
What is the tax rate on dividend income received by a company from another company registered under Company Act 1994?
What is the tax rate on dividend income received by a company from another company registered under Company Act 1994?
What would Mr. Jayed's residential status be if he had stayed for 185 days in 2021-22 but only total 360 days over the last four years?
What would Mr. Jayed's residential status be if he had stayed for 185 days in 2021-22 but only total 360 days over the last four years?
In which year did Mr. Jashim Uddin not come back to Bangladesh?
In which year did Mr. Jashim Uddin not come back to Bangladesh?
What is the tax rate applicable to non-resident foreigners on their income?
What is the tax rate applicable to non-resident foreigners on their income?
For the income year 2021-22, what is the minimum number of days Mr. Jayed needed to stay in Bangladesh to be considered a resident?
For the income year 2021-22, what is the minimum number of days Mr. Jayed needed to stay in Bangladesh to be considered a resident?
Which of the following is NOT considered taxable income for an individual?
Which of the following is NOT considered taxable income for an individual?
What is the total number of days Mr. Jayed stayed in Bangladesh during the four years leading up to 2021-22?
What is the total number of days Mr. Jayed stayed in Bangladesh during the four years leading up to 2021-22?
What tax rate applies to winnings from online games or similar activities?
What tax rate applies to winnings from online games or similar activities?
Which schedule of the Income Tax Act, 2023 specifically addresses tax exemptions, rebates, and credits?
Which schedule of the Income Tax Act, 2023 specifically addresses tax exemptions, rebates, and credits?
What is the tax rate on income from capital gains for companies?
What is the tax rate on income from capital gains for companies?
What is the primary objective of income taxation as highlighted in the content?
What is the primary objective of income taxation as highlighted in the content?
At which rate are partnerships taxed on their share income?
At which rate are partnerships taxed on their share income?
Which schedule deals with the computation of profits and gains from mineral deposits?
Which schedule deals with the computation of profits and gains from mineral deposits?
What tax rate is imposed on dividends remitted outside Bangladesh by a foreign company, if there is a Double Taxation Avoidance Agreement with Bangladesh?
What tax rate is imposed on dividends remitted outside Bangladesh by a foreign company, if there is a Double Taxation Avoidance Agreement with Bangladesh?
What percentage of total tax revenue in Bangladesh is accounted for by income tax?
What percentage of total tax revenue in Bangladesh is accounted for by income tax?
What tax is levied on capital assets sold after 5 years of acquisition?
What tax is levied on capital assets sold after 5 years of acquisition?
Which set of rules has replaced certain provisions in the IT Rules, 1984 concerning tax deduction?
Which set of rules has replaced certain provisions in the IT Rules, 1984 concerning tax deduction?
What is the significance of a progressive income tax system?
What is the significance of a progressive income tax system?
Which schedule outlines the computation of profits and gains of the insurance business?
Which schedule outlines the computation of profits and gains of the insurance business?
Which entity has the flexibility to amend rules in the Income Tax framework?
Which entity has the flexibility to amend rules in the Income Tax framework?
What is the duration of an assessment year as defined in the ITA, 2023?
What is the duration of an assessment year as defined in the ITA, 2023?
In the case of banks, when does the income year end for determining the assessment year?
In the case of banks, when does the income year end for determining the assessment year?
Under what condition may the assessment year and income year be the same?
Under what condition may the assessment year and income year be the same?
What happens to the total income of an individual leaving Bangladesh as per section 193?
What happens to the total income of an individual leaving Bangladesh as per section 193?
What type of income can be taxed in the year it is earned for non-resident companies?
What type of income can be taxed in the year it is earned for non-resident companies?
How does the ITA, 2023 define the term 'assessment year'?
How does the ITA, 2023 define the term 'assessment year'?
Which of the following statements about the assessment year is incorrect?
Which of the following statements about the assessment year is incorrect?
When can income from a discontinued business be taxed according to section 191?
When can income from a discontinued business be taxed according to section 191?
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Study Notes
Bangladesh Income Tax Information
- Individuals are subject to tax on income from employment, rent, agriculture, business, capital gains, financial property, and other sources
- Income from employment received in Bangladesh for services rendered outside of Bangladesh is taxable
- Income from a profession that accrues in Bangladesh is taxable even if received outside of Bangladesh
- Income from agricultural activities carried out outside of Bangladesh is taxable if it is remitted to Bangladesh
- The income of a partnership firm is calculated at the normal slab rate
- The share of income from a partnership firm is added to each partner's personal income
- Companies are separate from their owners (shareholders) and managers (directors)
- The current financial year is known as the income year, and the immediately preceding year is the assessment year
Residential Status
- If a person remains in Bangladesh for at least 90 days during the income year and at least 365 days in the previous four years, they are considered a resident for tax purposes
- A person who is outside Bangladesh for an employment contract for at least two years is considered a non-resident
- A person staying in Bangladesh for more than 182 days in the income year and 365 days in the previous four years is considered a resident for tax purposes
Tax Rates & Assessment Year
- The assessment year begins on July 1st of each year and includes any deemed assessment year under the Income Tax Act
- The income year is the period in which income is earned
- The assessment year generally follows the income year
- Income from a discontinued business is taxed in the assessment year in which the business is discontinued
- The income of individuals leaving Bangladesh is taxed in the assessment year that includes the date of departure
- Non-resident shipping companies and airlines are taxed in the year they earn income in Bangladesh, provided they lack representatives in Bangladesh
- The tax rate for companies is 27.5% subject to certain conditions
- Trust, Funds, Associations of Persons (AoP), and other taxable entities are taxed at a 27.5% rate
- The tax rate on dividends for the assessment year 2023-24 is 20% for companies receiving dividends from a company registered under the Company Act 1994 or a foreign company remitting profits outside of Bangladesh
- Companies receiving dividends from a foreign company with a Double Taxation Avoidance Agreement with Bangladesh have a tax rate of 10%-15%
- Resident and non-resident Bangladeshi individuals, firms, and other taxpayers pay normal slab rates on dividends
- Non-resident foreigner individuals pay a 30% tax rate on dividends
- The tax rate for non-resident foreigners is a flat 30%
- The tax rate on income from capital gains is 15% for companies, and for other taxpayers, it is dependent on whether the sale of capital assets occurs within five years of acquisition (regular slab rate) or after five years (15% tax rate)
- Winning from lotteries, puzzles, card games, online games, or similar games is taxed at a 25% rate
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