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Deduction of Tax from Advertisement Income of Media under Section 92 of the Bangladesh Income Tax Act, 2023. |
Deduction of Tax from Advertisement Income of Media under Section 92 | Bangladesh Income Tax Act -2023
As per section-92(ITA-2023),
Deduction of Tax from Advertisement Income of Media—A specified person shall, at the time of making payment to, or crediting the account of, a newspaper, magazine, private television channel, private radio station, or any other person (excluding a media buying agent) for advertisement, promotion, or any similar purpose, deduct tax at the rate of 5% (five percent) of the amount payable or credited.
You may learn More-
Complete Section List of Income Tax ACT-2023(ITA) in Bangladesh
Exercise of the power of the Tribunal under Section 14 | Bangladesh Income Tax Act -2023
Frequently Asked Question (FAQ):
FAQ 1
What is the deduction of tax from advertisement income of media under Section 92?
Answer:
Section 92 of the Bangladesh Income Tax Act, 2023 requires tax to be deducted
at source from payments made for advertisement income earned through media. The
applicable deduction rate depends on the provisions of the Act and the
taxpayer's compliance status.
FAQ 2
Who is responsible for deducting tax on media advertisement income?
Answer:
The person or organization making the payment for advertisement services is
generally responsible for deducting tax at source before making payment to the
media organization or service provider.
FAQ 3
When should tax be deducted from advertisement payments?
Answer:
Tax should generally be deducted at the time of payment or when the amount is
credited to the recipient's account, whichever occurs first, in accordance with
Section 92 of the Bangladesh Income Tax Act, 2023.
FAQ 4
What happens if tax is not deducted under Section 92?
Answer:
Failure to deduct tax under Section 92 may result in penalties, interest, or
other legal consequences under the Bangladesh Income Tax Act, 2023. Timely
compliance helps avoid these liabilities.