Individual Tax Assessment

The DCT (Deputy Commissioner of Taxes) may impose a fine of 10% of the last assessed tax or Tk 1,000, whichever is higher, along with an additional penalty of Tk 50 for each day the default continues. However, for individuals, the penalty cannot exceed Tk 5,000 if the taxpayer’s income was not assessed previously, or Tk 1,000, or 50% of the tax liability based on the last assessed income.

If the return is filed after the Tax Day, the taxpayer will be required to pay a delay interest of 2% per month, but the interest will not exceed one year. Additionally, a penalty of 15% of the tax that could have been avoided will be imposed for concealing income in any manner. Although November 30 is the final deadline for submitting income tax returns, it is advisable to file your return well before the deadline to avoid any last-minute issues. Keep in mind that receiving a tax return acknowledgement does not mean the process is final, as your file may be reopened in the future. Therefore, it is crucial to keep all tax-related documents, such as a copy of the return, acknowledgment, tax clearance certificates, and other relevant papers, safely stored for future reference and clarification to prevent complications down the line.

Wealth statements should be filled out with care, and any changes in wealth must be properly explained.

Nevertheless if you are submitting your tax return through a FCBL, pls review carefully to ensure that all the information presented is accurate before you sign.