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INCOME TAX STRUCTURE IN BANGLADESH AND TAXATION OF A NON-CORPORATE INDIVIDUAL TAXPAYER

By Sakia-Tisha Oct 17, 2014 5061 Words


“Income Tax Structure in Bangladesh and Taxation of a Non-Corporate Individual taxpayer”

LETTER OF TRANSMITTAL
Date:
Prof. Y
School of Business,
Z University.
Subject: Assignment on “Taxation on a Non-Corporate Individual taxpayer, Asst. Year 2014-2015.

Dear Sir,
It is my pleasure to submit the report of my assignment on “Taxation on a Non-Corporate Individual taxpayer, Asst. Year 2014-2015”. As an instructor and advisor to the report, you provided valuable insights to improve the quality of my work. I have tried my best to implement the relevant theories that you have taught in the class. It is really an enormous opportunity for m to prepare this report. This has enabled me to gain valuable knowledge and experience that is essential in my career development.

Therefore, I would like to take this opportunity to convey my deep regard for your valuable guidance and sincere inspiration. I hope you will enjoy reading this paper. We are looking forward for your kind appraisal of this report.

Thanking you in anticipation,
Yours obediently
X
Table of Contents

Details
Page Number

Introduction
4

What is Taxation
4

Income & Assessment Year
5

Who Should Pay Tax
5

Return of Income Tax
5
Who and When to Submit Return and Where
6
The Form of Return
6
When is to File the Return
7
Penalty for Non-Submission of Return
8

Income
8

Total Income and its Sources
9

Investment Tax Rebate
10

Example of Computation of Total Income
10
Income from Salary
10
Income from Interest on Securities
12
Income from House Property Income
12
Income from Agriculture
14
Income from Business and Profession
15
Income from Capital Gain
15
Income from Other Sources
17
Computation of total Income
18
Computations of Tax Liability
19

Conclusion
20

Introduction

A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state. Taxes consist of direct taxes and indirect taxes. Of all the direct taxes, Income Tax is foremost in the rank. By nature and heritage, many of us tend to be just “free riders” in the society. We are little emotional and sometimes unreasonable in demanding more and more state services without the mentality to yield our due share to the cost of the exchequer. Tax laws and personnel connected therewith are many often thought to be inimical by the taxpayers. But it’s a reality that to safeguard our existence and interest in the society, every one of us must pay tax according to our abilities to keep the statecraft running. Taxation is not only a major means of public finance but also it plays a crucial role ensuring a social and economic justice. We shall confine ourselves to the contents only without going into the details of relevant sections of the laws which can be extracted from the Income Tax (IT) Ordinance, 1984 as amended from time to time through annual Finance Act. What is Taxation?

Taxation can be explained as a mean that is imposed of a non-penal yet compulsory levy for transfer of resources from private to public sector, which is imposed by the public representative based on pre-determined criteria and without reference to any specific commitment. Taxation in a country is accomplished for the nation’s economic and social objective and they are the dues that we pay for the privileges of membership in an organized civil society. Tax is imposed in the assessment year based on income year which is explained in later sections. Bangladesh inherited a system of taxation from its past British and Pakistani rulers. The system, however, developed based on generally accepted canons and there had been efforts towards rationalizing the tax administration for optimizing revenue collection, reducing tax evasion and preventing revenue leakage through system loss. Taxes include narcotics duty (collected by the Department of Narcotics Control, Ministry of Home Affairs), land revenue (administered by the Ministry of Land and collected at local Tahsil offices numbered on average, one in every two Union Parishads), non-judicial stamp (collected under the Ministry of Finance), registration fee (collected by the Registration Directorate of the Ministry of Law, Justice and Parliamentary Affairs) and motor vehicle tax (collected under the Ministry of Communication). Income & Assessment Year

Under the law of Taxation the assessment year is the12 month period following the income period and it is used as means of computation for as assesse total income and tax payable. On the other hand income year is the year when the income of the assesse is earned. To be clear with the concept of assessment year and income we have used the following as an example: The assesse has earned Tk. 800,000 during the fiscal year 2010-2011. So his income year is 2010-2011 which is the year in which he or she has earned the income and the assessment of that income is carried on the following year of 2011-2012 which is its assessment year. Who Should Pay Tax

For the purpose of socio-economic stabilization, taxpayers have been classified either as corporate or non-corporate and for the relevancy of our project we have focused on the non-corporate tax of and individual. Companies, banks, corporations and other statutory bodies have been taken as corporate and the rest e.g. Individuals, firms, H.U.F, A.O.P are designated as non-corporate. Taxability of a person is determined on the basis of his residential status. Anyone stays in the taxable territory for 182 days or more in the income year or 365 days at a time or consecutively within 4 years immediately before the income year just preceding the assessment year plus a minimum of 90 days in the income year shall be deemed to be resident. Otherwise, a non-resident, except a Bangladeshi non-resident has to pay tax at the maximum rate irrespective of total income. Moreover, a Non-Resident shall not be entitled to any sort of tax rebate like investment tax rebates. Return of Income Tax

Income tax return means a structured form approved by the government which includes taxpayer’s income, expenditure, assets and liabilities information and it is subject to submission by the assesse in the income tax office. Non-corporate tax payers have different types of return and they are:

Who and when to submit return & where?
a) Any assesse being taxed at any time within the last 3 years and assesses having got taxable income for the current year shall have to submit I.T. return. Admitted tax has to be deposited along with return (Sec. 74). b) Any person residing within a city corporation or a Poroshobha or a divisional headquarters or district headquarters whose income does not exceed the maximum taxable amount, will have to submit a return if: He owns a building which is more than 1 storied and it exceeds 1600 Square feet; or He owns a motor car; or

Subscribes a telephone; or
Owns a membership of a club registered under VAT Act, 1991; or Runs any business or profession having trade license from a city corporation, a Poroshobha or union Porishod, & operates a bank account; Has registered with a recognized professions body as Doctor, dentist, lawyer, income tax practitioner, chartered accountant, cost and management accountant, engineer, architect or surveyor or any other similar profession. In the case of an individual, such returns including the returns under Universal self-assessment shall be accompanied by particulars of his personal and family expenditures as per the prescribed form IT-10BB. The form of return

The return shall be as follows:
a) A furnished in the prescribed form (Form ‘A’ in rule of 24 of the income tax rule, 1984) setting forth therein such particulars and information as many be required thereby including total income of the assesse ; b) Signed and verified by the following

In the case of an individual, by the individual himself;
In the case of Hindu undivided family, by the Karta, and, where the Karta is absent from Bangladesh or is mentally incapacitated from attending to his affairs by any other adult member of such family. In the case of Local authority, By the principal officer thereof;

When is to file the return
For the non-corporates in Bangladesh, the return must be filed by the 30th day of September next to the following of income year. So, for the income year 2010-2011, the return by the assesse must be filed within 30th September of 2011. A table is shown below for detailed non-corporate time of return in accordance with the IT Ordinance 1984. Person

Time Schedule
Verification
Individual
Within 30th day of September next following the income year By the individual himself; or when the individual is absent from Bangladesh, by the individual himself or by some person duly authorized by him; and when the individual is mentally incapacitated from attending to his affairs HUF

Within 30th day of September next following the income year By the Karta; and when the karta is absent from Bangladesh or is mentally incapacitated from attending to his affairs, by any other adult member of such family. Firm

Within 30th day of September next following the income year By any partner( not being a minor)
Association of persons
Within 30th day of September next following the income year By any member of the association or principal officer

Penalty for Non-Submission of Return
Any person failing to file the return within time may have to pay a penalty of 10% of the last assessed tax but not lesser than Tk.1000/- and in cases of continuous defaults, a further sum of Tk.50/- per day till the default continues. Non submission of returns within due date unless extended by the NBR or by the Deputy Commissioner of Taxes (DCT) in individual cases for a maximum periods of six months, shall entail a mandatory penalty as stated before. The return has to be submitted to the concerned income tax circle. The taxable territories of the country have been divided into Zones, Ranges and Circles. Zones and Ranges are headed by Commissioners and Additional Joint commissioners and the Circles are by Deputy or Assistant Commissioners on the basis of its revenue importance. The assesse has to file the return to the concerned income tax circle under whose jurisdiction the assesse falls as per order of the Tax Authorities. Income

The meaning of Income in terms of Taxation can mean anything received in cash or in another kind unless it is exempted by laws of IT ordinance 84. The types of income for a non-corporate are shown below along with their attributes: Assessable Income: These are the incomes of the assesse which are included in the determination of total income of a taxpayer under the IT ordinance 84. There are two types of assessable income: i. Taxable Income: These are the incomes on which tax is to be paid by the assesse. ii. Non-Taxable Income: These are the income taken into total income determining the taxation rate purpose but no tax is paid on this part of income by the assesse. Non-Assessable Income: These are the incomes of the assesse which are not included in the determination of total income.

Total Income and its Sources
Any income subjected to tax must fall within a definite source as defined under section 20 of IT Ordinance 84. These are income from salaries, profession or business income, interest on securities, house property income, agriculture, capital gains and income from other sources. Except for the last two heads, all others are more or less self-explanatory. An income from other sources is the one, which cannot be attributed to any of the defined sources as above. For example, income from gambling, lotteries, dividends, royalties or any income deemed to be as such for reasons of investments and expenses not being adequately explained. Trading liabilities and personal loans not being paid off within three years are also be deemed to be income on the 4th year. Interest received from Fixed Deposits of Postal Savings Banks or any other scheduled Banks, Dividend income are also specified as income from other source under section 33. Extraction from Section 43(2)

“All non-taxable income shall be included in total income but not the non-assessable income. Non-assessable income is totally ignored for tax purposes” Extraction from Section 43(4)
“Income of wife or minor children shall have to be included in total income of the husband or father unless it can be reasonably explained. The only exception is in the case of wife or minor child when such income arises from assets transferred by way of gift by the husband or father.” Investment Tax Rebate

Amount of allowable investment is either actual investment in a year or up to 25% of total income or Tk. 10, 00,000/- whichever is less. Tax rebate amounts to 10% of allowable investment. Types of investment qualified for the tax rebate are:-

Life insurance premium ,
Contribution to deferred annuity ,
Contribution to Provident Fund to which Provident Fund Act, 1925 applies , Self-contribution and employer's contribution to Recognized Provident Fund , Contribution to Super Annuation Fund ,
Investment in approved debenture or debenture stock, Stocks or Shares , Contribution to deposit pension scheme approved by the government, Contribution to Benevolent Fund and Group Insurance premium , Contribution to Zakat Fund ,

Donation to charitable hospital approved by National Board of Revenue , Donation to philanthropic or educational institution approved by the Government, Donation to socio-economic or cultural development institution established in Bangladesh by Aga Khan Development Network , Donation to ICDDR,B, Dhaka Community Hospital,

Donation to philanthropic institution- CRP, Savar, Dhaka,
Example of Computation of Total Income
According to section 20 of the IT ordinance 84, there are 7 heads of income and they are as follows: Income from salary (sec-21)
Income from securities (sec-22)
Income from house property (sec-24)
Income from agriculture (sec-26)
Income from business and profession (sec-28)
Income from capital gain (sec-32)
Income from other sources (sec-23)
Income from Salary (Sec. 21)
Salary is the first head out of the seven head and it is in the section 21 and it specifics following three types of income shall be classified and computed under the head of salary: Due salary from an employer to the assesse;

Paid or allowed salary; and
Arrears of salary
The term ‘salary’ has been defined in section 2 (58) of the ordinance. It states that ‘salary’ includes: Any wages;
Any annuity, pension or gratuity
Any fees, commissions, allowance, etc. or profits in lieu of, or in addition to, salary or wages Any advance of salary;
Any leave encashment
In calculating salary income certain exemption from allowances are: House rent allowance: 50%of the basic or 15000 per month; whichever is less Rent-free accommodation: If the employer provides employee a resident, in that case 25% of the basic salary or the rental value of the accommodation, whichever is less shall be taken. Conveyance provided exclusively for private use: When conveyance is provided for personal use, 7.5% of the basic salary will be added to the total income. Conveyance allowance: When no conveyance facilities are given, but conveyance allowance is given then an allowance of Tk. 24,000 is exempted from tax. Medical allowance: The amount exceeding actual expenditure will be added. Computation of Total Taxable Income for Mr. Rahman

For the Income Year 2011-2012 Assessment Year 2012-2013

Details
Amount Tk.
Amount Tk.
Basic salary (60000 pm X 12)
 
720000
House rent (60% of basic salary)
360000
 
Less: exemption 50% of the basic of 300,000 or,
Tk. 15000 pm; (180000), whichever is less

(180000)
 
 
180000
Conveyance (4000 pm X 12)
48000
 
Less: Maximum allowance exemptions
(24000)
 
 
 
24000
Medical allowance (25% of the basic)
180000
 
Less: Actual expenses
(110000)
 
 
 
70000
Dearness allowance (25% of basic)
 
180000
Special allowance for overtime
 
30000
Bonus
 
50000
Examination of scripts
 
12000
Employer’s contribution to RPF
 
60000
Entertainment
 
24000
Income from salary
 
13500000

Income from Interest on Securities (Sec. 22)
Section 22 of the income tax ordinance specifies that the following income of the assesse shall be classified and computed under the head ‘interest on securities’ namely: a) Interest receivable by the assesse on any security of the government or any security approved by government; and b) Interest receivable by him on debenture or other securities of money issued by or on behalf of a local authority or a company. For the income year 2011-2012, Mr. Rifat has invested Tk. 120,000 in approved securities which was supported by bank loan and paid interest of TK 40,000. He received interest on securities of Tk. 50000 and debenture: Tk. 35000. Details

Amount Tk.
Interest on securities
50000
Interest on debentures
35000
Total income from securities
85000
Less: Interest on bank loans
(40000)
Income from Interest on Securities
45000

Income from House Property (Sec. 24)
Section 24 of the IT ordinance 84 specifies that tax shall be payable by the assesse in respect on an annual value of any property whether used for commercial or residential purpose consisting of any building and lands appurtenant thereto of which he is the owner, other than such portions of the property as he may occupy for the purposes of any business or profession carried on by him, the income from which is assessable to tax under this ordinance. Annual value: It is the reasonable rent at which the house owner is expected to get from time to time or the actual rent or the annual rent from let out whichever is higher. Statutory allowance: This refers to the allowances, which are to be allowed in determining total income irrespective of its actual expenses or not. 25%or 1/4th of annual value for residential house and 30% of annual value for commercial house is given as statutory allowance. For the Income year 2011-2012, Mr. Rifat had the following income for House property. He had a three storied house at Banani. The 1st and the 2nd floor were let out from 1st July at Tk. 50,000 & Tk. 30,000 per month respectively and the ground floor was occupied as his residence.

Details
Amount Tk.
 Amount Tk.
Amount Tk.
Annual Letting Value:
 
 
 
(50,000 pm × 12)
600000
 
 
(30,000 pm × 12)
360000
 
 
 
 
 
960000
Deductions from the letting value:
 
 
 
Statutory allowance of 1/4 for repair, maintenance etc.
 
240000
 
City corporation tax
60000
 
 
Insurance premium
70000
 
 
HBFC loan interest
20000
 
 
 
150000
 
 
Since he occupied 1/3rd of his residence, So, proportional expenses are disallowed (50000)
 
 
 
 
100000
 
The 2nd floor of the house was vacant for two months, so there is vacancy allowance

60000
 
Total deductions
 
 
(400000)
Net income from house property  
 
560000

Income from Agriculture (Sec. 26)
According to section 2(1) of the IT ordinance, 1984, “Agricultural Income” means: a) Any income derived from any land in Bangladesh & used for agricultural purposes: By means of agriculture; or

By the performance of any process ordinarily employed by a cultivator to render marketable the produce of such land; or By the sale of the produce of the land raised by the cultivator in respect of which no process, other than that to render the produce marketable, has been performed; or By granting a right to any person to use the land for any period; or b) Any income derived from any building which:

Is occupied by the cultivator of any such land as is referred to in sub-close Is on, or in the immediate vicinity of such land; &
Is required by the cultivator as the dwelling house or store house or other out-house by reason of his connection with such land. Allowance in income from agriculture
Agriculture income will be determined after allowing a reduction of 60% from the amount of receipts, where no acceptable evidence can be produced for cost production. If the assesse does not have any other income except agriculture, he will get an additional exemption of Tk. 50000 in additional to normal tax exemption, which is Tk. 180000 for male and it will be exempted like this (180000+50000) =230000. For the income year 2011-2012, Mr. Rifat owns 4 acres of land of double crop. It yields20 tons of paddies per acre and per ton earnings is 450Tk. also the production cost was Tk.80, 000. Details

Amount TK.
Sale of Agricultural Product:

Total production 20 tons× 4 acres × 2 crop = 120 tons × 450 per ton 54000
Less:60% of sales proceeds being the cost of cultivation
(32400)
Income from Agriculture
21600

Note: Tk. 80,000 but allowable expense should not exceed 60% of the sale proceeds thus the production cost of Tk. 80,000 was not allowed as expense and 60% of sales proceeds was used. Income from Business and Profession (Sec. 28)

From all the heads of income, business and profession income is said to be the most important one, as because the maximum amount of tax is collected from this income head. This term business has defined under section 2 (14) to include any trade, commerce or manufacture of any adventure of concern in the nature of trade, commerce or manufacture in economic sense, business means the work concerning with buying, producing and selling of goods for profit. The characteristics of business include:

Production or acquisition of any goods
Sales or transfer of title of the business
Deal in goods and services in order to make profit
Mr. Rifat had an export income of Tk. 3400,000 for the income year 2011-2012 and its income from Business and Profession is shown below:

Details
Amount Tk.
Export income
34000000
Less: Exempted (3400000 X 50%)
(1700000)
Income from Business & Profession
1700000

Income from Capital Gain (Sec. 32)
Capital gain arises as a result of disposal of capital assets except personal effects like wearing apparel, jewelries, furniture, vehicles and equipment’s. It also does not include as a capital gain by the sale of agricultural land, which is situated beyond 5 miles of the radius of the municipality or city corporation area. Laws regarding Capital gain:

Tax realized at the time of registration @ 3% on the deed value will be deemed to be final discharge of the tax liability under the head of capital gain arising out of disposal of land property. If the difference between deed value and the fair market value is more than 15%, the Deputy Commissioner of Tax (DCT) may with prior approval of his joint commissioner, estimate the fair market value. However, if the difference goes further to more than 25%, the government may opt to buy it as per the provision of Income Tax Ordinance, 1984. Capital gain earned by both corporate and non-corporate taxpayer is liable to be taxed, but the rate of tax is different. For corporate the rate is 15%. On the other hand, individuals pay tax at normal rate along with income if the gain occurs within 5 years of acquisition of the capital asset. If the gain is accrue after 5 years then the individual will pay tax at normal rate along with other income or normal rate on the other income, if there is any, plus 15% on the portion of capital gains; whichever is beneficial for the tax payer.

The excess of the salvage value over the book value subject to deduction of maximum depreciation amount allowed so far will be taken as a capital gain and deducted amount of depreciation shall be deemed to be business income. For the income year 2010-2011, Mr. Rahman had sold a machinery of his personal photocopy machine, at Tk.500000 more than 3 years ago at Tk.400000 and so far depreciation was charged of Tk. 100000. Also he disposed a land property in the Dhaka city and from there earned a capital gain of Tk. 600000 and taxes @ 2% of deed value were realized during registration. In this case , capital gain of TK 600,000 shall not be taxed again because tax deducted at the time of land registration is deemed to be final discharge of tax and it will be treated under section 82 c(4) as aforesaid. Capital gain arising out of the sale of machinery shall be treated as follows: Details

Amount Tk.
Salvage value
400000
Less: book value
(100000)
Surplus
300000
Less: Depreciation so far allowed Is taken as revenue income (100000)
Capital gain
200000

Income from Other sources (Sec. 33)
The last head of income is “Income from other Sources”. This head includes not only some specific income but also any form of income which does not come directly under any of the heads specified in sec.20 of the income tax ordinance, 1984. Sec.33 specifies that the following incomes are specifically chargeable to tax under this head: Dividend & interest

Royalties & fees for technical services
Income from letting of machinery, plants or furniture belonging to the assesse& also of buildings belonging to him if the letting of buildings is inseparable from the letting of the machinery, plants or furniture. Any income to which section 19(1), (1), (2), (3), (4), (5), (6), (7), (8), (9), (10), Any other income from any kind or from any source which is not classifiable under any of the other heads specified in section 20. For the income year 2011-2012, Mr. Rahman invested Tk.400, 000 in approved share of a public company, which was supported by bank loan for which he paid bank interest of Tk. 50000. He also received dividends of Tk. 60,000 for the year. Furthermore, 30% of his expenses in travelling and buying a car (tk. 1000000) were explained only. His income from other sources is computed below: Details

Amount Tk.
Income from dividend from public company
60000
Less: Interest on bank loan for investment
(50000)
Net income from Dividend
10000
Unexplained expenditure (1000000 Tk. X 70%)
700000
Net income from Other Sources
710000

Computation of Total Income
Computation of Total Income of Mr. Rifat
For the assessment year of 2012-2013 and the income year 2011-201

Details
Amount Tk.
1) Income from Salary
13500000
2) Income from Interest on Securities
45000
3) Income from House Property
560000
4) Income from Agriculture
21600
5) Income from Business & Profession
1700000
6) Income from Capital Gain
200000
7) Income from Other Sources
710000
Total Income of Mr. Rifat for the assessment year of 2012-2013 4586600
Mr. Rahman has invested Tk. 100,000 in IPO (share) of public limited company and contributed at Zakat Fund Tk. 50, 000. Furthermore, he has also donated Tk. 50,000 to Aga Khan Development Network, thus he is subject to investment tax rebate as per the IT ordinance 84. Computation of Investment Allowances

Actual Investment made by Mr. Rahman
Details
Amount Tk.
Purchase of IPO Share
100000
Donation of Zakat Fund
50,000
Donation to Aga Khan Development Network
50,000
Total Investment Allowance claimed
200,000

Allowable Investment Allowances
As per Section 44(3) of the IT Ordinance 84, the allowable investment allowance is limited to: 20% of the total income excluding the employer’s contribution to Recognized provident fund (RPF). So in case of Mr. Rifat it is 20% of (4586600 – 60000) = Tk.905320, or Actual Investment made, and in case of Mr. Rifat it is Tk. 200000, or Tk. 1 Core, whichever is less

Thus, Mr. Rifat will get 10 % of his actual investment made as Investment Tax rebate. Computations of tax liability
Tax Calculation of Mr. Rahman as per Finance Act. 2012

Details
Amount Tk.
On 1st Tk. 200,000 - Tax @ 0%
0
On next Tk. 300,000 - Tax @ 10%
30000
On next Tk. 400,000 - Tax @ 15%
60000
On next Tk. 300,000 - Tax @ 20%
60000
On balance of Tk.3386600 - Tax @ 25%
846650
Tax Payable in Total Income
996650
Less: Investment Tax Rebate (10% of Tk. 200,000)
(20000)

Total Tax
976650
Less: Tax deducted at source (Tk. 5000 pm X 12)
(60000)

Net Tax Liability
916650

Mr. Rahman will have to pay Tk. 916650 and will have to pay this by a pay order of any scheduled bank.

Conclusion
The tax imposed on a person or entity under the orbit of Income Tax Law is called income tax. Provisions of Income Tax Act become operative only when the Finance Act determines the rate at which different classes of assesses are to be taxed. The basic feature of the Income Tax Act is that the various liabilities created by it arise only when their extent is determined by The Finance Act. Income tax is a typical example of a direct tax. It is imposed on a person in relation to his income. It is calculated and assessed with reference to the income of assesses for a given year. The machinery provided by the Income Tax Act for the enforcement of a liability comes into motion only when the Finance Act determines the rate or rate of tax on the total income of different classes of assesses for the previous year. When those rates have been specified, then, by virtue of section 3, tax at these has to be charged for the assessment year in accordance with the provisions of the Income Tax Act in respect of the total income of the ‘previous year’. If there be no Finance Act, the Income Tax Act remains a dormant statue, but with the passing of the Finance Act, it comes at once into activity and the machinery created by it immediately gets into gear to enforce the liabilities of different classes of assesses. Income Tax Ordinance, 1984, that is currently in operation in Bangladesh does not directly define income tax. However, analysis of section 16 of the Ordinance provides some indication to this end. It provides that income tax is one, which is imposed, charged, payable and collected in relation to the income of a person for income year/years, on the basis of tax rate of the assessment year.

References

Halim, M. A. (2011). Understanding Income Tax Law. Dhaka: CCB Foundation: Lighting The Dark. Ministry of Finance Bangladesh. (2011). The Finance Act 2011. Retrieved August 1, 2012, from Business Laws: http://www.businesslaws.boi.gov.bd/components/com_eregistry/attach/FA%202011.pdf NBR. (2011). Finance Act 2011. Retrieved August 2, 2012, from National Board of Revenue: www.nbr-bd.org/f3.pdf Rahman, P. M. (2008). BASICS OF TAXATION (Income Tax Ordinance, 1984) Updated till Finance Act. 2011. Retrieved August 5, 2012, from Law Advisory Centre: http://taxadvisors-bd.com/basics_of_tax.html

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