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Filing of Audited Financial Reports by Companies and Other Entities Under Section 73 of the Bangladesh Income Tax Act, 2023 |
Filing of audited financial reports by companies, etc under Section 73 | Bangladesh Income Tax Act -2023"
As per section 73(ITA-2023),
Filing of Audited Financial Statements by Companies and Other Entities — Every person, except an individual or a Hindu Undivided Family, and every person earning income from long-term contracts, shall submit with the income tax return a copy of the income statement and financialstatements certified by a Chartered Accountant(CA) confirming that—
(a) The accounts have been maintained and the financial statements prepared and submitted in compliance with the International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), and the applicable laws in force in Bangladesh for the relevant assessment year;
(b) The criteria prescribed by the Board from time to time have been duly followed; and
(c)The accounts have been audited in accordance with the International Standards on Auditing (ISA).
Provided that this requirement shall not apply to the following entities:
(i) Any firm, trust, association of persons, foundation, society, or cooperative society whose gross receipts do not exceed Tk. 5 crore; and
(ii) Any educational institution engaged solely in primary and pre-primary education.
Frequently Asked Question(FAQ):
1. What is Section 73 of the Bangladesh Income Tax Act 2023?
Section 73 requires eligible companies and certain entities to submit audited financial reports along with their income tax filings to ensure transparency, compliance, and accurate tax assessment.
2. Who must file audited financial reports under Section 73?
Companies and other taxpayers specified under the Bangladesh Income Tax Act 2023 that are subject to audit requirements must file audited financial reports with the relevant tax authority.
3. Why are audited financial reports important for tax compliance?
Audited financial reports provide verified financial information, helping tax authorities assess taxable income correctly and reducing the risk of errors, penalties, and disputes.
4. What happens if a company fails to submit audited financial reports?
Failure to submit audited financial reports may result in penalties, additional scrutiny, assessment complications, or other consequences prescribed under the Bangladesh Income Tax Act 2023.