6 Steps to File Income Taxes for Beginners in Bangladesh
First-time taxpayers often find it difficult and confusing to file taxes in Bangladesh. This is because of the complexities of understanding the taxation terms and procedures. However, the National Board of Revenue (NBR) has introduced and discussed the taxation process through tax/finance acts, laws, regulations, guidelines, and parapatric. Still, it remains tough for most first-time taxpayers. Here comes the BDTaxation, which will simplify taxation for you and everyone else.
How to File Taxes in Bangladesh?
In Bangladesh, a taxpayer can file taxes through two methods: online and the other paper return. The paper return process is much error-prone compared to the online filing process and required to appear physically to the tax office. Online tax filing is the most convenient method in Bangladesh for managing taxpayer’s obligations. This doesn’t require you to be physically present in the tax office. So, we only discuss the online tax filing process in Bangladesh;
Step-1 Register for a TIN
Visit the NBR e-TIN registration portal and fill the registration form with your personal details to obtain your TIN certificate and TIN number.
Step-2 Prepare Your Documents:
Gather all the necessary documents like proof of income, investment details, bank statements, and property ownership papers.
Step-3 Log in to the Online Tax Portal
Visit the NBR’s e-filing website and create an account if you are a new user of e-tax filing system.
Step-4 Fill Out The Return Form
After creating your account, log in to your account and click on submission from the left panel of the webpage. There, you must provide accurate details of your income, investments, and expenses to prepare your income tax return. You can use the tax calculators of BDTaxation for accuracy.
[Note: Inaccurate financial details on the return form are subjected to penalties as imposed by the NBR]
Step-5 Submit and Pay
Once you’ve done with providing financial details, review the return for errors. If you find it accurate, submit the return form and pay the taxes. You can pay your taxes through the designated payment gateways (e.g., MFS, online banking).
Step-6 Collect the Tax Receipts
After completing the payment, download and save the online receipt.
Now, you’ve completed the tax filing process. Congratulations on your first tax filing
Conclusion
Filing a tax isn’t that hard nut to crack, even when you are a newbie in this task. It’s now easier with online taxes as taxpayers can file their taxes on the go. Keep visiting BDTaxation to get updates on income tax at your fingertips. That’s a wrap for today.
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