What is tax incentive ?

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Answer :

Tax reduction which will encourage any person or organization to contribute to the economy of the country.
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Related questions

VAT Act 1991 What is the provision of new law regarding exemption of ATV or advance tax on import through VAT-6 ?

Last Answer : VAT-6 or any similar item does not exist under Value Added Tax and Supplementary Duty Act 2012 and Value Added Tax and Supplementary Duty Rules 2018. In other words, in the previous law, import was done ... case of all types of companies, 5% advance tax has to be paid at the time of import. ]

What is the provision of income tax in case of admission of students in English medium school ?

Last Answer : Answer : A new Clause (x) has been added after the Clause (w) of Sub-Section (1) of Section 184A in the Income-tax Ordinance through Finance Act , 2015 . In case of admission of ... verify the validity of the 12 digit TAON after receiving the acknowledgment of receipt of such certificate / return.

What is the penalty for not submitting income tax return ?

Last Answer : In order to give the taxpayer a chance to defend himself, subject to giving notice under section 130, the defaulting taxpayer may impose a penalty of 10% of the last imposed income tax or at least Rs. 1,000, ... levied on his last assessed income or Rs.1,000 / - , whichever is higher . Will not |

How to file an income tax return ?

Last Answer : : Any income tax office or www.nbr.gov.bd should collect the return form from this web site and fill it by the taxpayer. If you are a new taxpayer, you need to attach one copy of ... of Taxes or any officer authorized by him after submission of return is considered as a tax assessment order.

What are the requirements for filing income tax return ?

Last Answer : Income tax return is the means of presenting a brief statement of the taxpayer's annual income to the income tax authority . Taxpayer's annual income-expenditure and assets and liability ... the stipulated time , the concerned taxpayer will be penalized by the Deputy Commissioner of Taxes.

What kind of action will be taken if someone does not submit income tax return on time ?

Last Answer : In case of non-submission of income tax return within the stipulated time , 10% or at least Rs . , Whichever is more , the Deputy Commissioner of Taxes may impose a fine. Provided that- (1) The total ... on his last assessed income or Rs.1,000 / - , Whichever is more , the penalty will be levied

At what time do I have to file my income tax return ?

Last Answer : In case of taxpayers of all classes except company, income tax returns have to be filed within the period of 3 months from 1st July to 30th September every year. If it is not ... is possible to file returns under the general or universal self-determination procedure within the extended period.

Where to file income tax return ?

Last Answer : : Income tax circle is specified for filing returns of each category of taxpayer. For example , all the civil government functionaries / employees and pensionable officers / employees who are located ... filing income tax returns from the nearest Income Tax Office or Tax Advice Center if required.

Which type of investment is eligible for tax rebate ?

Last Answer : The appropriate investment sector to get tax rebate: The list of taxpayer investment sector is given below: Life Insurance Premium. Contributions to the Provident Fund of Government Officials. ... the Government of Bangladesh ; Invest in purchasing a computer or laptop within certain limits.

What type of investment or donation is eligible for tax rebate ?

Last Answer : If a taxpayer invests or donates in the following cases, he will get 15% direct income tax rebate on the investment and donated amount. Investment Sector: Below is a list of investment and donation sectors of a ... applicable) or 1 , 50 , 000 , 000 /. = Money or actual investment, whichever is less

What is the tax provision in Bandroll ?

Last Answer : Provisions relating to sale of Bandrol of Bidi: According to the existing provisions of Section 52B of the Income Tax Ordinance, during the sale of Bandroll of handmade cigarettes , also known as Bidi , the ... bidi band roll will be treated as final tax on the income of the said business as before.

What is a tax year ?

Last Answer : Generally, the year following the income year is called tax year. For example , the income year earned from 1st July 2014 to 30th June 2015 will be 2014-2015 and the tax year will be the next year i.e. 2015-2016.

What is tax assessment ?

Last Answer : : Tax assessment is a method of calculating total income and taxes. At the end of the financial year, the taxpayer can file income tax in one of the two conventional ways (general , universal self- ... order to identify the specified error deviation in some cases and to pay less tax due to it .

In which sectors is tax leave applicable ?

Last Answer : Industrial Undertaking Eligible for Tax holiday : active pharmaceuticals ingredient industry and radio pharmaceuticals industry; barrier contraceptive and rubber latex; basic chemicals or dyes and chemicals; ... facility as the Government may, by notification in the official Gazette, specify.

What is tax holiday ?

Last Answer : Tax holiday is a temporary tax deduction. Tax leave has been given to those industrial establishments which have pledged their industry and established physical infrastructure between 1 July 2011 and 30 June 2019 by fulfilling all the conditions.

Which services are subject to income tax deductible at source ? What is the tax rate ?

Last Answer : Fees for professional services Fees for technical services No fees or fees or commissions in whatever name they are paid to a director , which is not in the nature of salary Income Royalty Any aggregate income referred to in clause ( VA) of Chapter 28 Related to incomplete payments

Who is responsible for deducting advance income tax ?

Last Answer : Government or any other authority authorized by the government to authorize the sale of government company or body company bank , insurance co-operative bank, NGO, customs commissioner, bendroll.

What is advance income tax ?

Last Answer : Advance Income Tax (AIT) is a type of tax levied on goods imported for commercial purposes. This tax system was introduced in 2006 to bring unregistered importers under the tax net. Note that AIT will be treated in the same way as withholding tax at the time of filing the return.

What is the tax rate applicable on expatriate income ?

Last Answer : The tax rate for non-resident persons in Bangladesh except non-resident Bangladeshis is 30%. However, if the non-resident person-taxpayer is a Bangladeshi citizen, income tax and surcharge of 0% , 10% ... , 25% and 30% will be payable on his income at the applicable rate for Bangladeshi residents .

What is the structure of tax rate for company income tax ?

Last Answer : The existing tax rate for publicly traded companies has been fixed at 25%. Moreover, the previous provision of 10% tax rebate facility has been repealed if a publicly traded company pays more ... cigarette manufacturers other than company and 45% on income from sale business of co-operative society.

What is the structure of tax rate for personal income tax ?

Last Answer : Under the Finance Act 2015, every person who is taxpayer (including non-resident Bangladeshis) , Hindu joint family , partnership firm , individual association and artificial person created by law will be considered eligible ... (C) 15% on total income up to next Rs . 25% on Total Income up to Rs.

What is the limit of income tax ?

Last Answer : : The government will be deemed fit to pay income tax if it exceeds the declared income. The income taxable limits are: 1) Individual taxpayer (including non-resident Bangladeshi) , Hindu joint family , partnership firm , ... . 3,00,000 / - (3) Income Limit of Disabled Taxpayers Rs . 3,75,000 / =

What is Income Tax Certificate ?

Last Answer : : The certificate issued to the taxpayer at the end of the selection and evaluation of the tax circle in the submission of income tax return of the previous tax year by the taxpayer is called income tax certificate.

How do I understand my income tax jurisdiction ?

Last Answer : There are certain methods of assessing the income tax jurisdiction of each category of taxpayers, such as taxpayers are selected in the tax jurisdiction considering the workplace , taxpayer employer ... does not need to personally determine the jurisdiction or go to the circle and apply.

Why is registration required for income tax ?

Last Answer : A taxpayer is identified as a taxpayer through registration. Registration is required if the income limit of individual taxpayer (including non-resident Bangladeshi) , Hindu joint family , ... the international curriculum located in a city area of a city corporation or district headquarters.

What is Income Tax Registration ?

Last Answer : In case of exceeding the minimum tax-free income limit under the Income-tax Ordinance 1974 or in the case of return listed in section 75 (1A) , filing of return is not compulsory. Is. This is called income tax registration.

Is there an age limit for paying income tax ?

Last Answer : Under the Finance Act 2015, every individual is a taxpayer but there is no specific age limit for the taxpayer. However, the tax exemption limits for women and persons aged 65 years and above, persons with ... ,50,000 / =, tax is applicable on that income , in that case age is not considered.

What is the minimum tax ?

Last Answer : According to the Finance Act 2015, the tax-free income limit is generally 150000/00. If the tax-free income limit is exceeded, the minimum tax that the taxpayer has to pay by area is called ... 4000/00 (other city corporation area) , 3000/00 (any other area outside city corporation ) respectively.

What types of taxes are levied under Income Tax Ordinance , 1984 ?

Last Answer : : Under the Income Tax Ordinance 1974, two types of taxes are levied: 1) Personal Income Tax 2) Corporate Income Tax

What are the sources of income for income tax ?

Last Answer : : According to the Income-tax Ordinance, 1974, the sources of income are as follows: Salary, security, security, interest on securities, income from house property, income from agriculture, income from business ... filing returns. Part of the firm's income is the income of the spouse or minor child

Why is income tax called progressive tax ?

Last Answer : Income tax is a tax imposed by a government on an individual or entity , which varies depending on the amount of income or dividend. Progressive tax is the tax system that increases the tax rate as ... levied on the taxpayer's ability to pay taxes. That is why income tax is called progressive tax.

Which person is eligible to pay income tax ?

Last Answer : : Under Roth Act 2015, every person will be considered eligible to pay income tax if the income limit of taxpayer (including non-resident Bangladeshi) , Hindu joint family , partnership firm , individual association and ... is above Rs. 4 , 25,000 / =, he will be eligible to pay income tax .

What is income tax ?

Last Answer : : Income tax is a tax payable on the income or dividends of an individual or entity. Tax under the Income- tax Ordinance 1974 means income tax payable under the ordinance , additional tax , surplus tax ... government to meet the expenses of the state in the interest of all the people of the state.

Do you have to be enrolled in some type of schooling (high school/college) in order to be able to take the ACTs?

Description : Do you have to be enrolled in some type of schooling (high school/college) in order to be able to take the ACTs?

Last Answer : answer:Yes. Why are you retaking them “just to be safe”? Are you putting off college applications until you’re happy with your score? Because if you’ve already been accepted, your ACT’s don’t matter anymore.

How much property will the deceased's own sister get ?

Description : How much property will the deceased's own sister get ?

Last Answer : When the deceased has no son , daughter , son , son, daughter , brother , father , then your sister will get the property as a sharer. If you have one sister, you will get 1/2 of the total property ; ... get 2/3 of the total property. In case of more than one sister, each will get 2/3 equal share.

What is land bata dag ?

Description : What is land bata dag ?

Last Answer : Stain numbers are given to mark each piece of land while preparing the design. In the future, any stain may need to be split into actual needs. If a spot is divided and numbered separately and new spots ... bye number) of the split line. Bata dag number is to be displayed on the side of the seat.

What is the common law in Bangladesh regarding distribution of property ?

Description : What is the common law in Bangladesh regarding distribution of property ?

Last Answer : In the case of distribution of property, the prevailing law in Bangladesh is - Muslim family law.

What are the rules for recording land ?

Description : What are the rules for recording land ?

Last Answer : The Land and Land Reforms Act deals with the procedure for making a record of rights. These methods are: (1) Travers Survey (2) Cadastral Survey (3) Khanapuri (4) Bujharat (5) Tasdiq (6) ... According to the protection and rules, every land owner must have his land recorded in the Record of Rights.

What is a mentally ill person ?

Description : What is a mentally ill person ?

Last Answer : A person who is mentally ill: A person who is unable to think normally is called a person who is mentally ill . Whether a person was mentally ill at the time of concluding the contract is a matter ... mentally ill - if it is not proved then the person who will be harmed has to prove human illness.

What is Compensation for breach of contract ?

Description : What is Compensation for breach of contract ?

Last Answer : The party who suffers a loss due to breach of contract is the one who receives financial redressal from the breach of contract. Failure to do so may result in compensation. [ 5 BLD 159]

What is the specific performance of the contract ?

Description : What is the specific performance of the contract ?

Last Answer : Where compensation is not the appropriate remedy, the court may order the performance of the contract. In case of breach of contract, due compensation is often obtained by financial compensation , and ... the painting. If not, the loss to Rokeya Begum cannot be determined by financial compensation.

What is Proportional Payment ?

Description : What is Proportional Payment ?

Last Answer : Proportional payment is one of the remedies for breach of contract . Example: Israt Jalil Meem is a music artist. He is contracted to sing at Sadman's theater three days a week. But Meem refrains from ... illness. In this case, Sadman can cancel or cancel the contract if he wishes. Price can claim.

What is the punishment for remarrying without the consent of the first wife ?

Description : What is the punishment for remarrying without the consent of the first wife ?

Last Answer : According to the law, polygamy is when one wife is currently married to another or more than one. According to the law, one wife cannot marry another while still alive. However, if a person is ... imprisonment for any term up to seven years , plus a fine. Author: Lawyer , Bangladesh Supreme Court

What is a case under section 106 ?

Description : What is a case under section 106 ?

Last Answer : General Diary The first step in filing a case under Section 106 of the Criminal Procedure Code is the General Diary or GD. In many cases, if the complaint is serious, the police can take action ... (c). The court also gives orders accordingly. Author: Lawyer , Bangladesh Supreme Court

Why is Namjari done ?

Description : Why is Namjari done ?

Last Answer : 01) The names of the heirs have to be recorded in the official records due to the death of the land owner ; In the case of heirs, the Assistant Commissioner (Land) will order the ... property by decree or decree of civil or civil court, namazari can be applied according to that judgment.

What is the penalty for playing loud music in a residential area ?

Description : What is the penalty for playing loud music in a residential area ?

Last Answer : Noise Pollution (Control) Rules were formulated in 2006 under Bangladesh Environmental Protection Act , 1995. Section 9 of this rule deals with various types of noise pollution, including playing loud ... 10,000 and sentenced to 6 months imprisonment. Author: Lawyer , Bangladesh Supreme Court

What is the punishment for underweight ?

Description : What is the punishment for underweight ?

Last Answer : Criminal cases can be filed in the court of the nearest Chief Metropolitan Magistrate and Chief Judicial Magistrate in accordance with Sections 264 , 265 , 28 and 28 of the Penal Code. ... rigorous or non-rigorous imprisonment of any term or both. Author: Lawyer , Bangladesh Supreme Court

What and why notary public ?

Description : What and why notary public ?

Last Answer : The spelling of the name on the voter ID card is wrong. Went to the Election Commission to amend . From there it was said that the misspellings in your name should be notarized. But the notary does ... notary work on white paper. So before doing notary, you have to know well about notary public.

Will there be any problem if the marriage is not registered ?

Description : Will there be any problem if the marriage is not registered ?

Last Answer : Failure to register marriage under Muslim law will be considered as a punishable offense. This can result in imprisonment for two years and a fine of three thousand rupees or both. However, the marriage will not ... i-taufiz) has been given to divorce the wife in room 16 of the cabinet letter.

What is Labor Law ?

Description : What is Labor Law ?

Last Answer : The law that protects the rights of working people is called labor law.