Changes between Income Tax Bill & Income Tax Act, 2023

 

Changes between Income Tax Bill & Income Tax Act, 2023 are:

1. Savings instruments and debentures issued by the govt included in the definition of government securities, which was missing in the income tax bill. This makes individuals eligible for investment tax rebates, subject to a maximum investment amount of BDT 5,00,000.

2. The inclusion of incentive bonuses in the definition of perquisite. These bonuses will now be considered when calculating the admissible limit of perquisite BDT 10,00,000. Previously, they were excluded from the definition of perquisites in the Income Tax Bill of 2023 and the Income Tax Ordinance of 1984.

3. Partnership firms with a yearly turnover of BDT 3 Core are now obligated to submit audited financial statements. This requirement has been raised from the previous threshold of BDT 2 Core stated in the Bill. Under the Income Tax Ordinance of 1984 submission of audited financial statements for partnership firms was not mandatory.

4. A correction has been made to the wording concerning capital gains from the sale of shares. The updated provision clarifies that a 15% tax should be paid on the difference between the acquisition cost and the fair market value of shares both for private and public non-listed companies.

5. The obligation to submit a statement of assets and liabilities, proposed in the income tax bill as compulsory for individuals personally traveling abroad, has been removed from the Act.

6. The National Board of Revenue (NBR) has been granted the authority to amend schedules of the act, with the condition that such amendments cannot result in an increase in taxes. This condition was not mentioned in the bill.

7. The option to invest undisclosed money in the land has been excluded in the Income Tax Act of 2023, despite being improposed in the Income Tax Bill of 2023. The act permits undisclosed money investments in buildings and apartments only, subject to paying taxes at a specified rate. Also, the rates of taxes have been increased compared to the original bill.

8. The exemption of perquisites in the hands of employees has been revised. Now, either 1/3 of the salary income or BDT 4,50,000, whichever is lower, will be excluded from the calculation of taxable income from salary. This represents a change from the previous provision in the bill, which allowed for an exemption of 2/3 of salary income. Notably, the Income Tax Ordinance of 1984 had separate limits for the exemption of house rent allowance, medical allowance, and conveyance allowance.

How to overcome procrastination?

 

There are many ways to overcome procrastination. Here are a few tips:

• Break down large tasks into smaller, more manageable ones. This will make the task seem less daunting and more achievable.
• Set realistic deadlines for yourself. Don't try to do too much at once, or you'll just end up feeling overwhelmed and discouraged.
• Eliminate distractions. Find a quiet place to work where you won't be interrupted. Turn off your phone, close your email, and put away any other distractions.
• Reward yourself for completing tasks. This will help you stay motivated and on track.
• Don't be afraid to ask for help. If you're struggling with a task, don't be afraid to ask a friend, family member, or coworker for help.
• Take breaks. Don't try to work for hours on end without taking a break. Get up and move around every 20-30 minutes, or take a longer break every hour or two.
• Find a partner. Working with a partner can help you stay accountable and motivated.
• Visualize yourself completing the task. This can help you stay focused and motivated.
• Change your environment. If you're always procrastinating in the same place, try working in a different location.
• Make a to-do list. This will help you keep track of what needs to be done and when it needs to be done by.
• Prioritize your tasks. Not all tasks are created equal. Decide which tasks are most important and focus on those first.
• Delegate tasks. If you can, delegate tasks to others so you can free up some of your time.
• Avoid multitasking. Multitasking can actually make you less productive. Instead, focus on one task at a time.
• Take care of yourself. Make sure you're getting enough sleep, eating healthy foods, and exercising regularly. When you take care of yourself, you'll have more energy and focus to tackle your tasks.

It's important to remember that everyone procrastinates from time to time. The key is to not let procrastination become a habit. If you find yourself procrastinating on a regular basis, try some of these tips to overcome it.