Mobile phone recharge and internet package purchases are in the new list of nine required details from taxpayers, when submitting their income tax returns starting from this year.
As per the new Income Tax Act, these details have to be provided while filing the statement of living expenses while filing the return, as per the National Board of Revenue (NBR).
Sources say this was enacted as part of the amended Income Tax Act 2023, which was not prevalent in the previous years.
Apart from this, gas, water, electricity bill information should also be given. Living expenses-related items are to be given in Form IT 11C (2023).
However, if the annual income is more than Tk5 lakh and assets are more than Tk40 lakh, then only the statement of the assets should be submitted.
Any taxpayer who does not exceed this limit can submit his/her lifestyle statement.
9 types of information
According to the new law, nine types of information must be given in the statement.
These are: personal and family maintenance expenses, housing expenses, vehicle expenses, service expenses, education expenses, travel and vacation costs at own expense, festival expenses, tax accounts from other sources including savings certificates, institutional and other sources, as well as loan interest payment information, if any.
Travelers will now need to know and keep record of their cost details, as these accounts must be given in the tax documents.
NBR also wants to know what kind of educational institution you are sending your child to, sources say.
Through education expenditure, the tax officials want to know whether your income is proportionate with the education expenditure of the child or not, they also said.
Similarly, purchasing details of a new car, house or flat should also be reported.
Apart from this, you will also keep an account of how much you spent on various festivals and events including Eid, and New Year. At the end of the year, the NBR should be informed.
The rich get away, again
In this year's budget, some more concessions have been given to the rich.
Until now it was mandatory to pay surcharge along with income tax if the assets are more than Tk3 crore.
In this year's budget, this limit has been increased and it has been said that if the assets are more than four crore rupees, the surcharge will be mandatory.
According to the new rules, if the net worth is between Tk4 crore and Tk10 crore, the individual taxpayer will have to pay a surcharge of 10% of the tax.
If you have more than one car in your name or house-property of more than 8,000 square feet, you have to pay a 10% surcharge.
Apart from this, if the amount of net assets is between Tk10 crore and Tk20 crore, 20% of the tax paid, if the amount of assets is between Tk20 crore and Tk50 crore, 30% of the tax and if the wealth is more than Tk50 crore, 35% of the tax has to be paid.
