Automation of tax collection will ease the taxpayers’ hassles while filing up their income tax and this digital process will also increase the overall tax collection by the NBR, said Barrister Md. Sameer Sattar, President, Dhaka Chamber of Commerce & Industry (DCCI) at a workshop.
The workshop on “Personal Income Tax & Tax Return” was organized by Dhaka Chamber of Commerce & Industry (DCCI) recently.
Sattar said that in the new Income Tax Act 2023 there were many positive changes that are friendly for the tax payers like reducing submission of reports from 29 to 12 now, simplification of law of adjustment of loss, provision of self-assessment method etc.
He also said that people should be aware of this new Act and this workshop arranged by DCCI would help the participants to understand different aspects of the new Income Tax Act 2023 in details which would help businesses to be more compliant.
Snehasish Barua, FCA, Director, SMAC IT Limited and Adviser, Customs VAT, Income Tax & NBR Related Standing Committee, DCCI presented a detailed paper on the subject. During his presentation he focused on various aspects of personal income tax payment and guided the participants of the workshop about how to calculate their income tax properly and submit them accurately.
He also highlighted return submission procedures, refund guidelines, perquisite, share based payment, admissible deduction, income from business, income from rent, income from capital gain, financial assets, surcharge issues, tax liability, delay filling etc.
Md. Iqbal Hossain, Member, Taxes Appeal & Exemption, National Board of Revenue (NBR) was present as the Guest of Honour.
He said that the new Income Tax Act 2023 aims to make the tax return process easier and complication free. But, there is a need of awareness among the tax payers as this is a new law in place. He appreciated DCCI for arranging such workshop to create awareness and knowledge-sharing session with the businessmen.
Mohammad Humayun Kabir, FCA, Former President of The Institute of Chartered Accountants of Bangladesh (ICAB) stressed on increasing the tax net for more revenue collection. He also recommended that NBR may bring the informal sector into the main stream in order to widen the tax net in the country. Reasonable tax rate and easier tax submission process will encourage the peopleto pay tax willingly.
B. N. Dulal, President of Dhaka Taxes Bar Association said that tax return submission process is more uncomplicated now than it was few years back as taxpayers can file their own income tax through e-Return, an online platform introduced by the NBR. Despite, the taxpayers still find some challenges while filing their returns online due to lack of proper guidelines.
