What is the Bangladesh standard on Audit(BSA-300) ? Describes in details

Corporate Accounting Treatment

Net Tax Liability Calculation (individual) (FY 2024-2025)-With Practical Example:

For Bangladesh, the tax liability calculation for an individual taxpayer follows a different set of tax rates, exemptions, and deductions than India. The income tax system is governed by the National Board of Revenue (NBR), and taxpayers are subject to progressive tax rates based on their income level.

Below is a Net Tax Liability Calculation Sheet for the FY 2024-2025 based on Bangladesh's tax regulations for individual taxpayers. The rates and limits are based on the Bangladesh Income Tax Ordinance, 1984, which has undergone periodic updates. This sheet assumes you are an individual taxpayer in Bangladesh for the FY 2024-2025.

Total Taxable Income (if any of  your income)						708970
Calculation of Gross Tax Liability:
	Particulars	Total Income	Taxable Income	Tax Rate	Income tax Payable
	On first	3,50,000	3,50,000	0%	-
	On Nest	1,00,000	1,00,000	5%	5,000
	On Nest	4,00,000	2,58,970	10%	25,897
	On Nest	5,00,000	0	15%	-
	On Nest	5,00,000	0	20%	-
	On remaining balance		0	25%	-
	Total		708970		30897
	(A)  Total tax liability before investment Tax credit					30,897
	Calculation of Investment Tax credit (Part-6, 1st Chapter, Section-78)
	Higher Limit				10,00,000
	3% of (Taxable Income less any income under section 163)				18,269
	15% of Allowable Investment				1,09,145
	(B) (3% of taxable income or Tk. 10,00,000 or 15% of allowable investment whichever is Lower)					18,269
	Tax Liability after investment tax credit  (A-B)					12,628
	Less: Tax already paid     (C)					10,000
	Finally, Tax To be deposited  Through   "A" Challan  by online (A-B-C)					2,628
Calculation of Allowable Investment (6th Schedule Part-3)
SL NO.	Nature of Investment				Amount(Tk.)	Remarks
01	Life Insurance Premium or Contractual Deferred Annuity Paid in Bangladesh Tk.5,00,000				50,000	10% policy value
02	Contribution to Deposit Pension Scheme(TK.5,00,000)				1,20,000	1,20,000 limit
03	Investment in Government Securities, Unit Certificate, Mutual Fund, ETF orJoint Investment Scheme Unit Certificate				-	5,00,000 Limit
04	Investment in Securities listed with Approved Stock Exchange				2,50,000	No Limit
05	Contribution to Provident Fund to which Provident Fund Act, 1925 applies				-	No Limit
06	Self & Employer’s Contribution to Recognized Provident Fund				-	No Limit
07	Contribution to Super Annuation Fund				7,633	No Limit
08	Contribution to Benevolent Fund / Group Insurance Premium				-	No Limit
09	Contribution to Zakat Fund				3,00,000	No Limit
10	Others, if any (provide details)				-
	Total Actual Investment				7,27,633

 

Any income under section 163
SL NO.	Nature of Investment	Amount(Tk.)	Remarks
01	Deduction from payment to workers' participation fund	50,000	Sec-88
02	Collection of tax on sales by public auction	50,000	Sec-133
03	Payment to contractors & sub- contractors	-	Sec-89
04	Deduction from the payment services		Sec-90
05	Deduction of tax from advertising bill of media broadcasting	-	Sec-92
06	Deduction or collection at source from commission, discount, fees etc.	-	Sec-94
07	Deduction from insurance commission		Sec-100
08	Deduction from interest on saving deposit and fixed deposit etc.	-	Sec-102
09	Deduction at source from interest on securities		Sec-106
10	Deduction of tax at source from freight forward agency commission	-	Sec-113
	Total Income  under section 163	1,00,000

 

Calculation of Tax already paid
SL NO.	Nature of Deduction of TDS	Amount(Tk.)	Remarks
01	TDS( From Employee salary)	5,000	Sec-343A
02	AIT (any online Shopping)	5,000	Sec-343A
03	If any Others TDS deduction	-	Sec-343A
	Total TDS deduction  under section 343 A –ITA-2023	10,000

 

Minimum Income Tax Calculation:
If any  Individual Tax payer having Taxable  Income more than Tax Exempted Income ,They must pay Minimum Tax as per  living location
SL NO.	Area of place of Living	Amount(Tk.)	Remarks
01	Dhaka city Corporation, Dhaka North City corporation, Chattagram City corporation	5,000	Sec-343A
02	Others City corporation(If any)	4,000	Sec-343A
03	Any area other than City corporation(if any)	3,000	Sec-343A

 

In Finally:

This Net Tax Liability Calculation (individual) (FY 2024-2025), provides a framework for calculating tax liability in Bangladesh. Always check for updates to tax slabs, exemptions, and deductions by referring to the latest government notifications or consulting with a tax professional.