How a salaried person can prepare tax return easily!
Majority of the taxpayers are salaried person and today you will know how to prepare your tax return this year following the new tax form IT – 11GA(2023).
In the first page of the return, provide basic information related to you which you will find from NID, TIN and salary certificate. Now calculate your tax.
First schedule of the return is applicable for salaried person. This schedule has two parts; first part is applicable for government employees and second part for the private service holders.
If you are a government employee, write all the figures in the first column in the first table of the page. Write the same amount in the second column as exemption except basic salary, festival bonus and any other kinds of bonus, because these three items are taxable which shall be written in third column and the sum of these are your taxable income.
The taxable income calculation for the private service holders is easier this year compared to last year. Write all the amounts one by one per your salary certificate. Now sum up all of them and write in the serial number 13 and exclude 1/3rd of the total amount from total salary. But you have to remember, your maximum exempted amount in serial number 14 shall be Tk 450,000. After deducting the exempted amount, you will get the taxable income from salary which shall be written in serial 15 and this amount shall be transferred to the second page in serial number 1.
Now apply the slab wise tax rates to calculate tax liability and write in serial 12 in the same page under the tax computation table.
Tax rebate on your investment shall be deducted from gross tax. If you have any allowable investment, then write down all of them in schedule 5. Apply 15% on total investment but it shall not exceed by 3% of your taxable income. Net tax amount shall be after deducting tax rebate from gross tax. If your tax amount is less than your minimum tax, then minimum tax shall be your tax amount.
In addition, “statement of expenses relating to lifestyle” shall be included if taxable income exceeds Tk. 500,000 and “statement of assets, liabilities and expenses” shall be fill up if your assets exceed Tk 4,000,000 or owns a motor car or has an investment in a house property or an apartment in the city corporation area or owns assets outside Bangladesh or being a shareholder director of a company, otherwise not mandatory. All is done! Try to submit the tax return by Tax Day, otherwise you will lose tax rebate fully which will increase your tax significantly. Moreover, you have to pay interest on your tax at 4%.
