Minimum income tax for potential professional and business taxpayers in rural areas trebles in the current fiscal year (FY).
The rural businesses and professionals, who are under spot-assessment system, will now have to pay Tk 3,000 as minimum tax, according to the draft rules of the National Board of Revenue (NBR).
The lump-sum amount of tax was Tk 1,000 in the just-concluded fiscal.
Officials said the rates of tax under spot assessment have been changed after three years, having been same since 2012-13.
The NBR published the draft income tax rules 1984 on June 29. "The draft rules will come into force if no objections or suggestions are made on the changes within 15 days from the date of notification," says one official.
Businesses with minimum initial capital up to Tk 0.6 million and professionals including doctors and lawyers with length of profession up to three years will have to pay Tk 3,000 as minimum income tax.
The tax rate will be applicable for assesses not located under any city corporation or paurashava in district headquarters.
Minimum income tax has also been raised to Tk 3,500 from Tk 2,000 for businesses and professionals in paurashavas in district headquarters and other areas bar city corporations. The tax amount will be applicable for businesses with initial capital up to Tk 0.7 million and professionals with length of professions being up to four years.
Wholesale businessmen and people having initial capital investment above Tk 1.5 million, or professionals involved in profession for more than 10 years are not eligible for spot assessment.
As per income tax rules, businesses with minimum capital up to Tk 0.8 million, irrespective of location, have to pay Tk 4,000 in income tax instead of earlier Tk 3,000.
Businesses with initial capital up to Tk 1.0 million and up to Tk 1.5 million respectively have to pay Tk 5,000 and Tk 10,000 under spot assessment. Physicians and lawyers whose professional career has not exceeded five years will have to pay Tk 4,000 in income tax in the current FY, up by Tk 1,000, under the spot-assessment system.
© 2024 - All Rights with The Financial Express
