Tips for submitting tax returns
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Loading... - Aadya Rana
- 21 Sep 2022
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Paying taxes is considered a civic duty and doing so, is a stringent requirement of the law of every country as well. In Bangladesh, the National Board of Revenue or NBR is the governing body that oversees the collection of taxes and revenues. Every year, 30 November is commemorated as National Income Tax Day and it also marks the last date by which you have to report your earnings to the NBR by submitting your tax return memos to them.
For a newbie job-holder who has recently stepped into the 9-to-5 job-life and cycle of adulthood, filling out tax returns and submitting them initially sounds like the most perplexing and complex task ever. ASM Nazrul Islam, Manager, Corporate Affairs & Tax at The Daily Star, is a veteran in the arena of tax returns and management and has been facilitating the tax returns process for employees from different walks of life for the past three decades.
According to him, the process follows a series of basic steps.
Getting a TIN
The first step is to register for and collect a Tax Identification Number (aka TIN).
"Any earning individual who is above the age of 18 can have his/her own TIN," Islam stated. Those who register must submit tax returns at least annually.
Calculating your taxes
"Your share of taxable income is calculated on the basis of your past fiscal year's total income (for example, this year's taxable income will be based on income earned between 1 July 2021 to 30 June 2022)," Islam elaborated. Read More...
