“Tax Compliance 2021” book will guide you from beginning to end to run a business in Bangladesh. Mandatory tax filings, prescribed formats, filing deadline and penalty for non-compliance of tax requirements are discussed in this book.
Tax compliance is very important for businesses to reduce the significant tax burden. In case of any non-compliance, the tax authority may disallow the full expenses incurred by the business resulting in penalties and punishment. So, tax compliance saves a huge tax burden on your business. Tax Deduction 2021, another book published by the same author will help you to know everything about TDS and VDS in Bangladesh.
Why is the “Tax Compliance 2021” book your complete guide for business in Bangladesh?
When the tax filings shall be submitted to the tax authority, where you will get the prescribed formats and how the forms or statements shall be prepared are discussed in detail in this book. So, this practical guide will help a business to comply with tax requirements in Bangladesh.
You will learn following important issues from this book:
- Mandatory tax filings, statements, certificates etc. discussed with section references;
- Prescribed formats according to rules included and also discussed how to prepare these formats for tax filings;
- A compliance calendar for the income year 2021-22 is provided to meet the deadline;
- How to calculate advance income tax has been discussed using an example;
- Time limit and manner of TDS payment, and VDS also covered;
- Major changes in income tax and VAT included which will help you to understand the changes that shall be maintained in 2021-22;
- How much penalties may impose in case of failure to comply tax requirements are discussed including example;
….and much more!
See the below content of the book, and it will help you to understand that from incorporation of your business to discontinue the operation are included which will guide you to maintain with all the tax compliance requirements.
CHAPTER ONE: INTRODUCTION
1.1 Importance of Tax Compliance
1.2 Formation of Company in Bangladesh
1.3 Doing Business in Bangladesh as LO/RO/BO
1.4 Payment of Corporate Tax on Income
1.5 Payment of Personal Tax on Income
1.6 Changes in Income Taxes 2021
1.7 Changes in Value Added Tax 2021
CHAPTER TWO: TAX AND VAT DEDUCTED AT SOURCE
2.1 When You Have to Deduct Tax at Source?
2.2 Time Limit and Manner of Payment of TDS
2.3 Issuance of Certificate for Deduction or Collection of Tax
2.4 Particulars to Be Furnished by Persons Making Deductions at Source
2.5 Consequences of Failure to Deduct and Deposit Tax to The Government Treasury
2.6 Withholding VAT – All About VAT Deducted at Source
CHAPTER THREE: ADVANCE INCOME TAX (AIT)
3.1 When You Have to Pay Advance Income Tax
3.2 Computation of Advance Tax
3.3 Consequences of Failure to Pay Advance Tax
CHAPTER FOUR: TAX FILINGS
4.1 Statement of Tax Deducted or Collected at Source
4.2 Statement of Deduction of Tax Under the Head “Salaries”
4.3 VAT Return Filing
4.4 Return of Withholding Tax
4.5 Statement Regarding the Payment of Salary
4.6 Statement Regarding Filing of Return by Employees
4.7 Statement for Transfer Pricing
4.8 Statement on Interest on Securities
4.9 Statement Regarding Payment of Dividend
4.10 Statement Regarding Payment of Interest Other Than Interest on Securities
CHAPTER FIVE: ANNUAL TAX RETURN
5.1 Annual Corporate Income Tax Return Filing
5.2 Appeal Procedures
5.3 Consequences of Failure to File Annual Corporate Tax Return
CHAPTER SIX: OTHER TAX COMPLIANCES
6.1 Compliances for Persons Leaving Bangladesh
6.2 Compliances for Tax Exemption
6.3 Compliances for Shipping and Transport Businesses of Non-resident
6.4 Compliances for TIN and TCAN
6.5 Approval for PF and GF
6.6 Assessment in Case of Discontinued Business
Appendix
Appendix 1: Tax Compliance Calendar
Appendix 2: Salary Certificate
Appendix 3: Certificate for Tax Deducted Under Any Section Other Than Section 50
Appendix 4: Certificate for Tax Collected Under Chapter VII of Income Tax Ordinance 1984
Appendix 5: Statement of Tax Deducted or Collected at Source Under Rule 18(7)
Appendix 6: Statement of Deduction of Tax Under the Head “Salaries” Under Rule 21
Appendix 7: Return of Withholding Tax
Appendix 8: Statement Regarding the Payment of Salary U/S 108
Appendix 9: Statement Regarding Filing of Return by Employees U/S 108A
Appendix 10: Statement Regarding Payment of Dividend
Appendix 11: Statement Regarding Payment of Interest Other Than Interest on Securities
Appendix 12: Time Extension Form for Annual Tax Return Filing
Appendix 13: Tax Return Form IT-GHA2016
Appendix 14: Exemption Form Under Rule 61
Appendix 15: Statement of international transaction under section 107EE
Appendix 16: Form of report under section 107F
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