Tax Deduction 2023: Everything You Should Know About TDS and VDS in Bangladesh

Why is the “Tax Deduction 2023” book a practical guide for you?

In each lesson, real life examples have been used to explain the TDS and VDS issues that you are regularly facing in your corporate life. How to calculate tax and VAT at source if invoice includes tax and VAT or what will be the TDS and VDS amount if invoice issued excluding tax and VAT?

Sometimes, you may fail to deduct or deposit the deducted tax to the government treasury then what will be the procedures to deposit tax? What shall be the penalty amount and how will you calculate the penalty? All these issues are discussed using examples. So, you will get a detailed tax deduction guideline from this book.

And the most important issue is that whatever you will learn, it should be complete. Tax Deduction 2022 is a complete solution for you which includes tax and VAT calculation as well as how to prepare treasury challan, Mushak 6.3, Mushak 6.6 etc. So, this book will help you to know everything about the withholding tax system in Bangladesh for the financial year 2023-24.

You will learn following important issues from this book:

1. In-depth discussion on complex tax and VAT issues
2. Related sections and rules are mentioned for references
3. How to calculate TDS and VDS in different situation discussed using example
4. Lots of real-life example used in complex matters
5. How to calculate penalty in case of failure to deposit tax and VAT
6. Shown how to fill-up treasury challan, Mushak 6.3, Mushak 6.6
7. TDS rates, VAT rates, SD rates with references are included

….and much more!

What areas are covered in the “Tax Deduction 2023” book that I am telling you the book is an income tax deduction guide for you?

See the below contents that are covered in the book and you will understand that everything that you should know about TDS and VDS are included in the book.

CHAPTER ONE: INTRODUCTION

1.1   Tax Deduction at Source

1.2   Time Limit for Payment of Tax Deducted or Collected at Source

1.3   Payment of Tax Deducted at Source to The Government Treasury

1.4   Consequences of Failure to Deduct or Collect Tax at Source

1.5 Minimum Tax Under section 82C

CHAPTER TWO: TAX DEDUCTED AT SOURCE

2.1   TDS on Salaries

2.2   Deduction of Tax from Payment to Contractors U/S 52

2.3   Deduction from Payment of Royalties U/S 52A

2.4   Deduction from the payment of Certain Services U/S 52AA

2.5   Deduction at source from interest on saving instruments U/S 52D

2.6   Payment to Beneficiary of Worker’s Profit Participation Fund (WPPF) U/S 52DD

2.7   Deduction of tax for services from convention hall, conference centre U/S 52P

2.8   Deduction of tax from any income remitted from abroad in connection with any service, revenue sharing U/S 52Q

2.9   Deduction of tax from any payment in excess premium paid on life insurance policy U/S 52T

2.10 Deduction from payment on account of local letter of credit U/S 52U

2.11 Deduction at source from house property U/S 53A

2.12 Deduction or collection at source from commission, discount, fees U/S 53E

2.13 Deduction of Tax on Interest on Savings Deposits, Fixed Deposits and Term Deposits U/S 53F

2.14 Deduction of tax from advertising bill of newspaper or magazine or private television channel or private radio station U/S 53K

2.15 Deduction of tax from any sum paid by real estate developer to land owner U/S 53P

2.16 Deduction of tax from dividends U/S 54

2.17 Deduction from income of non-residents U/S 56

CHAPTER THREE: TAX COLLECTED AT SOURCE

3.1   Collection of tax from travel agent U/S 52JJ

3.2   Collection of Tax from Importers U/S 53

3.3   Collection of Tax on Sale Prices of Goods or Property Sold by Public Auction U/S 53C

3.4 Collection of tax from persons engaged in real estate or land development business U/S 53FF

3.5 Collection of Tax on Transfer of Property U/S 53H

CHAPTER FOUR: VAT DEDUCTED AT SOURCE

4.1   Primary discussion on VAT deducted at source

4.2   Withholding Entity

4.3   Withholding VAT Applicable

4.4   Withholding VAT Applicable FOR 43 Services

4.5   Withholding VAT not Applicable

4.6   Mushak 6.3

4.7   Withholding VAT on Procurement Provider

4.8   Responsibilities of Withholding Entity

4.9   Responsibilities of Supplier

4.10 Mushak 6.6

4.11 Treasury Challan

4.12 Interest and Penalty

APPENDIX: TAX AND VAT RATE CHART AND FORM

Appendix 1: Tax Zone Wise Account Code

Appendix 2: TDS Challan

Appendix 3: TDS Calculation on Salaries

Appendix 4: TDS Rates with Section References

Appendix 5: Collection of tax from importers

Appendix 6: Collection of tax on transfer of property

Appendix 7: VAT Rates with H. S. Code

Appendix 8: List of 43 Services

Appendix 9: VAT Exempted Goods and Services

Appendix 10: Mushak 6.3

Appendix 11: VAT Challan

Appendix 12: Mushak 6.6

Appendix 13: VAT Exempted Goods and Services by SRO 163

Appendix 14: Supplementary Duty Rates