There are several options available for tax returns in Bangladesh. But interestingly, all approaches extend to online submissions.
Basically, we have three different kinds of tax-return methods to make it easier for citizens with varying internet literacy.
Let’s understand the options available and the processes for filing your yearly income tax return.
How to File Tax Return By Yourself
Visit the NRB website to do it yourself. Next, find the 2020 tax return form on the website to download it.
You will have to provide a bundle of information. So, Include every piece of the necessary information. Next, you pay the tax and get a receipt.
Note: Tax return is free.
Here is exactly how you do it.
Step 1: Sign up for the e-return System
Visit this link to register with your TIN and cellphone number: https://etaxnbr.gov.bd/#/auth/sign-up
After that, confirm the number on your phone and enter a password to log in to this ID.
Remember, you must register on this site. Otherwise, you can’t submit your tax file. Additionally, you will need this ID for future tax returns as well.
Step 2: Give Information on Your Tax Assessment
In this step, you have to fill out all details on your income tax. So, you will need to specify the information like:
- The income year
- Head of income, etc.
Step 3: Breakdown of Your Income
In this step, you have to provide information like:
- Assent liabilities
- Tax rebates and so on.
Step 4: Mention Your Income Source
Specify “salary” if that is your only source of income. And if you have additional sources of income, choose all the categories that apply to you.
Also, you have to mention any tax-exempt income. Later in this step, you give an income summary of your yearly earnings and business expenses.
Step 5: Present Your Total Information on Expenses
In this step, you must now consider your total assets. However, this step is not for everyone.
So, keep in mind that if the total value of your assets is Tk 4000000 or more, you must include the expenditure data. The form you need for that is IT10B–find it on the website.
And if your assets are less than Tk 4000000, you do not need to fill out this form. But you must provide a summary of your yearly personal and family expenses.
Step 6: Submit Your Tax Return & Get a Receipt
Now, you need to submit the file online. You will be asked to complete the more required fields, including signing the document. And this way, you submit your tax return file.
Alternatively, you could bring a printout of your income tax return form to the Income Tax Circle Office. And they will submit it for you. Finally, you will also receive a receipt for your tax return.
Finding this method difficult? Check the next methods.
Visit the Tax Fair In November
You can also submit your file to a tax fair for free. For more than 10 years, NRB has been organizing this program to make it simple for citizens to pay their taxes.
At the fair, you will find several stalls. All you need to do is talk to the government representatives sitting in the stalls.
They will do the rest of the work for you once you tell them you want to return your tax. Besides, they will provide the necessary information and assistance and complete the tax return process correctly.
Going to a Tax Return Service
You can pick this alternative if the other three methods are not suitable. Typically, businesses take tax-return services since they have a variety of income streams.
Note that this method isn’t free. Since you will be hiring someone else to do the job for you, you need to pay them.
Besides, a tax return has a lot of specifics that everybody doesn’t generally understand. As a result, some people or businesses need external help for this.
With the help of this discussion, hopefully, you will be able to submit your Tax correctly. At least, you have some direction here, if you were clueless before.
For uploading tax return files, you can quickly register online. The income tax office and fairs also accept physical tax returns from citizens in addition to the online option.
And remember that, you will be subject to penalties if your tax return files are submitted after the deadline. Therefore, prevent penalties and any relevant issues–be sure to file your tax return on time.