PAYMENT
OF TAX BEFORE ASSESSMENT (ACI
ENF IC GDP)
Advance
payment of tax - Section 64
(1) Except
as provided in sub-section (2), tax shall be payable by an assessee
during each financial year by way of advance payment of tax, if the
total income of the assessee for the latest income year in respect of
which he has been assessed by way of regular assessment, or has been
provisionally assessed under this Ordinance, or the Income-tax Act,
1922 (XI of 1922), exceeds
four lakh taka.
(2) Nothing
in sub-section (1) shall apply to any income classifiable under the
heads "Agricultural income" and "Capital gains"
excluding gain from transfer of share of a company listed with a
stock exchange.
Computation
of advance tax - Section 65
(1)
The amount of advance tax payable by an assessee in a financial year
shall be the amount equal to the tax payable on his total income of
the latest income year as assessed on regular basis or provisionally,
as the case may be, as reduced by the amount of tax required to be
deducted or collected at source.
(2)
The tax payable under sub-section (1) shall be calculated at the
rates in force in respect of the financial year referred to therein.
Installments
of advance tax - Section 66
Advance
tax shall be payable in four equal installments on the fifteenth day
of September, December, March and June of the financial year for
which the tax is payable.
Estimate
of advance tax - Section 67
(1)
Where, an assessee who is required to pay advance tax under section
64 estimates, at any time before the last installment is due, that
the tax payable by him for the relevant assessment year is likely to
be less than the amount of tax as computed under section 65, he may,
after giving to the Deputy Commissioner of Taxes an estimate of the
tax payable by him, pay such estimated amount of advance tax, as
reduced by the amount, if any, already paid, in equal installments on
the due dates of payment under section 66.
(2)
The assessee may furnish a revised estimate of such amount at any
time before any of such installments become payable and may thereby
adjust any excess or deficiency, by reference to the amount already
paid by him under this section, in any subsequent installment or
installments payable in such financial year.
Advance
payment of tax by new assesses - Section 68
Any
person who has not previously been assessed by way of regular
assessment under this Ordinance or the Income-tax Act, 1922 (XI of
1922), shall before the fifteenth day of June in each financial year,
if his total income, subject to section 64 (2), of the period which
would be the income year for the immediately following assessment
year is likely to exceed
four lakh taka,
send to the Deputy Commissioner of Taxes an estimate of his total
income and advance tax payable by him calculated in the manner laid
down in section 65 and shall pay such amount on such dates specified
in section 66 as have not expired by installments which may be
revised according to section 67(2).
Advance
tax on certain income – Section 68A
(1)
A manufacturer of cigarette shall pay advance tax at the rate of
three percent (3%) on net sale price in every month.
(2) The
advance tax paid under sub-section (1) shall be adjustable against
the quarterly installments of advance tax payable under section 66.
Explanation.-
In this section, “net sale” shall be A- B, where, A is the gross
sale and B is the value added tax and the supplementary duty, if any,
on such gross sale.
Advance
tax for the owners of private motor car –Section 68B
(1)
Every person owning a private motor car shall be deemed to have an
income by which the motor car is maintained and shall pay advance
income tax to be collected at the rate and in the manner as mentioned
in sub-section (2).
(2)
Subject to the provision of sub-section (3), the authority
responsible for the registration and fitness renewal of motor car
shall collect, on or before the date of registration or fitness
renewal of the motor car, advance tax at the following rate-
-
Sl. #Type and engine capacity of motor carAmount of tax (in taka)1A car or a Jeep, not exceeding 1500cc15,000/-2A car or a Jeep, exceeding 1500cc but not exceeding 2000cc30,000/-3A car or a Jeep, exceeding 2000cc but not exceeding 2500cc50,000/-4A car or a Jeep, exceeding 2500cc but not exceeding 3000cc75,000/-5A car or a Jeep, exceeding 3000cc but not exceeding 3500cc1,00,000/-6A car or a Jeep, exceeding 3500cc1,25,000/-7A microbus20,000/-
Provided
that the rate of tax shall be fifty percent (50%) higher for each
additional motor car if the owner has two or more motor cars in his
name or in joint names with other person or persons.
Failure
to pay installments of advance tax - Section 69
Where,
an assessee who is required to pay advance tax fails to pay any
installment of such tax, as originally computed or, as the case may
be, estimated, on the due date, he shall be deemed to be an assessee
in default in respect of such installment.
Levy
of interest for failure to pay advance tax - Section 70
Where,
in respect of an assessee who is required to pay advance tax, it is
found in the course of regular assessment that advance tax has not
been paid in accordance with the provisions of this Chapter, there
shall be added, without prejudice to the consequences of the assessee
being in default under section 69, to the tax as determined on the
basis of such assessment, simple interest thereon calculated at the
rate and for the period specified in section 73.
Credit
of advance tax - Section 71
Any
sum, other than a penalty or interest, paid by or recovered from an
assessee as advance tax, shall be treated as a payment of tax in
respect of the income of the period which would be the income year
for an assessment for the year next following the year in which it
was payable and shall be given credit for in the assessment of tax
payable by the assessee.
Interest
payable by Government on excess payment of advance tax - Section 72
(1)
The Government shall pay simple interest at ten per cent per annum
on the amount by which the aggregate sum of advance tax paid during a
financial year exceeds the amount of tax payable by him as determined
on regular assessment.
(2)
The period for which interest under sub-section (1) shall be payable
shall be the period from the first day of July of the year of
assessment to the date of regular assessment in respect of the income
of that year or a period of two years from the said first day of
July, whichever is shorter.
Interest
payable by the assessee on deficiency in payment of advance tax -
Section 73
- Where, in any financial year, an assessee has paid advance tax on the basis of his own estimate and the advance tax so paid together with the tax deducted at source, if any, is less than seventy-five per cent. of the amount of tax payable by him as determined on regular assessment, the assessee shall pay, in addition to the balance of tax payable by him, simple interest at ten percent per annum on the amount by which the tax so paid and deducted falls short of the seventy-five per cent of the assessed tax.
Provided
that the rate of interest shall be fifty percent (50%) higher if the
return is not filed on or before the Tax Day.
(2)
The period for which interest under sub-section (1) shall be payable
shall be the period from the
first day of July of the year
in which the advance tax was paid to the date of regular assessment
in respect of the income of that year or a period of two years from
the
said first day of July,
whichever is shorter.
(3)
Where, as a result of appeal, revision or reference, the amount on
which interest was payable under sub-section (1) has been reduced,
the amount of interest payable shall be reduced accordingly and the
excess interest paid, if any, shall be refunded together with the
amount of tax that is refundable.
Delay
Interest for not filing return on or before the Tax Day- Section 73A.
(1)
Where an assessee is required to file a return of income for an
assessment year under section 75 and fails to file the same before
the expiry of the Tax Day, the assessee shall, without prejudice to
any other consequences to which he may be liable to, pay a delay
interest at the rate of two percent (2%) per month on the difference
between the tax assessed on total income for the assessment year and
the tax paid in advance for the assessment year including the tax
deducted or collected at source;
Explanation.-In
this section, the expression “tax assessed on total income” as
mentioned in clause (a) of sub-section (1) means-
(i)
where the return is subject to assessment under section 82BB, tax on
total income under sub-section (1) or sub-section (2) or sub-section
(3), whichever is higher.
(ii)
where the return is not subject to assessment under section 82BB,
tax on total income as assessed by the Deputy Commissioner of Taxes.
(2)
The delay interest under sub-section (1) shall be calculated for a
period from the first day immediately following the Tax Day to-
(a)
where the return is filed, the date of filing the return;
(b)
where the return is not filed, the date of regular assessment
74.
Payment of tax on the basis of return.—
(1) Every
person who is required to file a return under sections 75, 77,
78, 89(2), 91(3) or 93(1) shall, on or before the date on which he
files the return, pay the amount of the tax payable by him on the
basis of such return as reduced by the amount of any tax deducted
from his income or paid by him in accordance with the provisions of
this Chapter.
(2)
Any amount paid under sub-section (1) shall be deemed to have been
paid towards the sum as may be determined to be payable by him after
regular assessment.
(3)
A person who, without reasonable cause, fails to pay the tax as
required by sub-section (1) shall be deemed to be an assessee in
default.
Posts
