Most people who make enough money generally have to pay some of it back to the government, usually by filing a tax return. They then send the necessary part of their income to the government. However, it is important to know how much of the income is taxable and what is tax-exempt, which is not always easy for people to calculate without the help of Tax Consultants.
Also, not only individual assessed who have to pay taxes but also Organization, Public & Private Company, NGO & PPP Company submits the income tax return. The individual assesse has a connection with the company tax function which creates complexity for the individual & company. But the Tax lawyer or consultant can provide a one-stop solution for both parties.
When you need to complete a tax return & the procedure of income tax return is being complicated for the manual process. Manual filing is the most common way to complete tax file preparation in Bangladesh but online submission is stated from the financial year 2019-2020. The Tax consultant will help the assessee for reducing the complexity.
It is important to know what type of Income Tax Return is required to file the tax return. The number of modules is related to the source of income, for example. Income from salary, housing, agriculture, businesses & Profession, and another source, etc. which might be seemed critical for the non –professional. The Professional expertise of the tax consultant will reduce the mental & tax burden.
What happens if someone doesn’t file a tax return? There can be a number of very undesirable penalties. Tax penalties for not filing, filing a tax return, and taking other actions can be up to two times the amount owed but the tax consultant can be provided an effective solution to reduce the complexity.
In other cases, in addition to taxes already owed, some penalties must be paid. For this reason, online & manual tax preparation and filing can be helped by tax consultants. Rarely (almost never) will penalties be incurred during the manual filing process.
It is very easy to complete the manual process but the company tax return must be submitted in the manual process and the documentation of the company is more complex than the individual assets. Most online tax preparation services that use electronic filing automatically calculate the amount of tax due. Without electronic filing, determining the amount owed could be difficult. Users who want to store electronically generally need to log in, create a password, and make sure their information is secure.
They then enter their income details from the correct form. If there is no additional income, they simply confirm their income and make the payment. The online process is newly established in Bangladesh so the process is not highly flexible for non-professionals. Eliash & Associates has the Skilled & professional team members to complete the taxation procedure. The Team member creates a lawful opportunity for the clients by complying with existing laws.
All required forms can be downloaded online & the IT11GHA2016 form is required for the individual assess, it can be submitted to the income tax office. Full details and instructions are available and users can be guided through each step by answering a series of simple questions.
When taxes need to be paid, they can be filed and paid online & manually by a tax consultant. What could be easier? It is also very safe and secure. One of the great benefits of electronic filing is the ability to get support online. The team member is providing 27/4 services with high quality and accountable service. Proper documentation & calculation will be completed as a tax consultant in lieu of assesse of the individual & the company and the after services are also available for any kind of correspondent with the government authority.
Reliable tax preparation services often guarantee the maximum tax refund. When it comes to choosing the correct way to file your tax return, filing it without avoiding Income Tax Ordinance & Rules 1984 is clearly the best option for most taxpayers.
Eliash & Associates as Tax consultancy firm offers clients a wide range of consultancy services on Accounting – Taxation, Corporate laws. Our tax experts have extensive local work experience in managing direct tax in Bangladesh. We help both global and local companies manage their tax compliance obligations locally on a day to day basis. We work closely with clients to deliver timely, high quality corporate, Individual tax services to minimize tax burden & maximizing opportunities, and find the right ways to reduce the tax barrier in their particular businesses.