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Understanding Incomplete or Incorrect Accounts Under Section 75 of the Bangladesh Income Tax Act 2023 |
Incomplete or Incorrect Accounts, etc.
(1) Nothing contained in this Chapter shall limit or affect the power of the Income-tax Authority to disregard any return, statement, document, or claim furnished by an asessee during audit or assessment proceedings if such return, statement, document, or claim cannot be verified.
(2) Where—
(a) no recognized method of accounting has been consistently employed by the assessee;
(b) the Deputy Commissioner of Taxes is not satisfied as to the correctness or completeness of the accounts maintained by the assesses; or
(c) the accounts have not been prepared and maintained in accordance with the requirements of section 73,
the assesses shall be assessed in such manner as the Deputy Commissioner of Taxes considers appropriate.
You may learn more-
Frequently Asked Questions(FAQ):
Q1. What does Section 75
of the Bangladesh Income Tax Act 2023 say about incomplete or incorrect
accounts?
Section 75 empowers the tax authority to examine a taxpayer's records and take
appropriate action when accounts are found to be incomplete, inaccurate,
misleading, or improperly maintained under the provisions of the Income Tax Act
2023.
Q2. What happens if a
taxpayer submits incorrect accounts under Section 75?
If incorrect accounts are submitted, the tax authority may reject the records,
reassess taxable income, request additional documents, and impose penalties or
other actions as permitted by law.
Q3. How can taxpayers
avoid issues under Section 75 of the Income Tax Act 2023?
Taxpayers can avoid issues by maintaining accurate books of accounts,
preserving supporting documents, recording transactions properly, and ensuring
compliance with all tax reporting requirements.
Q4. Why is maintaining accurate accounts
important under Bangladesh tax law?
Accurate accounts help determine the correct taxable income, reduce the risk of
disputes with tax authorities, support legal compliance, and prevent penalties
resulting from incomplete or incorrect financial records.