Complete Procedures to File an Individual Income Tax Return

There are two types of Assessees e.g., Company and Individual (Person). However, this Newsletter is going to confer elaborately on Individual Income Tax Return obligations. Before doing so, it is necessary to know who an Individual person is as per ITO-1984.

Defining the Person

According to the ITO-1984, a person includes an Individual, a Firm, and an Association of Persons, a Hindu Undivided Family, a Trust, a Fund, a Local Authority, a Company, and every other artificial Judicial Person.

Individual Assessee

• A person whose income is assessable under ITO-1984.
• A person who is required to file a return U/S: 75/89/91.
• A Person who desires to be assessed and submits his return of income under ITO-1984.
• Any person who is deemed to be an assessee under any provision of ITO-1984.

 Individual Income Tax Return

Individual Income Tax Return means a return in which an Individual person discloses Taxable Income & Tax Liabilities as per ITO-1984.

Processes to file an Individual Income Tax Return

Last date of Submission of Return

• 30th November (the Tax Day)
• Before 30th June 2023 (who will submit the return for the first time) and applicable only for the current assessment year.

Consequences (penalty) of non-submission

• Five thousand Taka for every assessment year with due tax & penalties.
• The above non-compliance penalties will be exempted for individuals who will submit first-time Return-only for the current assessment year.

Reference

i. The Income-tax Ordinance, Sixth Schedule & Finance Act (U/s:2(46),20,44), (2022-23)