Do you have submitted annual company tax return?

In case of company, annual tax return shall be submitted by 15^th day of the 7^th month following the end of the income year. where the said date falls before the 15^th day of September then the Tax Day will be 15^th day of September following the end of the income year. If the above specified day is a public holiday then the next working day will be the due date for filing annual tax return.

What is the income year?

As per section 2(35) of Income Tax Ordinance 1984, income year means financial year immediately preceding the assessment year.

In case of bank, insurance or financial institution or any subsidiary thereof, the period of twelve months commencing from the first day of January of the relevant year. And in any other case, the period of twelve months commencing from the first day of July of the relevant year.

Provided that the Deputy Commissioner of Taxes (DCT) may allow a different financial year for a company which is a subsidiary or a holding company of a parent company incorporated outside Bangladesh or a branch or liaison office if such company requires to follow a different financial year for the purpose of consolidation of its accounts with the parent company.

You may know that the company tax preparation starts after the completion of financial statements audit by statutory auditor. And after tax liability calculation, you have to fill-up tax return form at prescribed format to submit the company tax return including required documents. Below video will help you to know about corporate tax preparation.

Where you will get prescribed return form?

Prescribed return of income form IT-GHA2016 has been provided under rule 24 for a company as defined under section 2(20). There are several parts in this prescribed form, you may skip any part which are not related for your company. After completing all the required fields, you have to submit the return of income form including related documents to the tax circle within the above specified due date.