The document provides guidelines for VAT deduction at source (VDS) in Bangladesh, including a table comparing VAT rates for services for the 2022-2023 and 2021-2022 fiscal years. Key points:
- Withholding entities must deduct VAT from payments to suppliers, except when Mushak-6.3 forms are provided. VAT is mandatorily deducted for certain services marked "Yes" in column 6.
- VAT rates for many services increased slightly or remained the same as the previous fiscal year, as shown in the table.
- Requirements are outlined for withholding entities, suppliers, and penalties for non-compliance with VAT deduction.
TDS rate in Bangladesh for the FY 20-21 in comparison with FY 19-20 and regul...Masum Gazi
Tax Deducted at Source (TDS)/Collected at Source (TCS) in Bangladesh for the FY 2020-21 in comparison with the FY 2019-20 and regular requirements/compliance under Income Tax Ordinance and Rules 1984 in Bangladesh.
Guidelines for vat deduction at source and vat rate for 2021 22-updated 02 ju...Masum Gazi
Guidelines for VAT Deduction at Source (VDS) and VAT & SD Rate for the FY 2021-2022 compared with the FY 2020-2021 updated as per SRO 240/2021; dated: 29 June 2021.
TDS u/s 52 for payment against contract/supply of goodsMasum Gazi
All about Tax Deduction at Source (TDS) under section 52 and rule 16 for the execution of a contract, supply of goods, manufacture, process or conversion, printing, packaging or binding, etc. applicable for Financial Year (FY) 2021-2022.
In a manufacturing and trading business, almost 50%-70% deduction falls under section 52 and rules 16. So if the deduction under section 52 complies, then 50%-70% deduction compliance has been made by the organization.
(1) The document discusses technical service fees charged for providing various technical services to foreign entities. It provides definitions and examples of different types of technical fees - professional service fees, technical service fees, technical know-how or technical assistance fees.
(2) Guidelines are given on calculating the rate for technical service fees, which is the number of foreign employees multiplied by a certain percentage of their salary. Registration of agreements related to technical service fees must be done according to the Registration Act.
(3) Examples are given of technical services that can be provided and the types of technical fees that can be charged for those services.
The document provides guidelines for VAT deduction at source (VDS) in Bangladesh, including a table comparing VAT rates for services for the 2022-2023 and 2021-2022 fiscal years. Key points:
- Withholding entities must deduct VAT from payments to suppliers, except when Mushak-6.3 forms are provided. VAT is mandatorily deducted for certain services marked "Yes" in column 6.
- VAT rates for many services increased slightly or remained the same as the previous fiscal year, as shown in the table.
- Requirements are outlined for withholding entities, suppliers, and penalties for non-compliance with VAT deduction.
TDS rate in Bangladesh for the FY 20-21 in comparison with FY 19-20 and regul...Masum Gazi
Tax Deducted at Source (TDS)/Collected at Source (TCS) in Bangladesh for the FY 2020-21 in comparison with the FY 2019-20 and regular requirements/compliance under Income Tax Ordinance and Rules 1984 in Bangladesh.
Guidelines for vat deduction at source and vat rate for 2021 22-updated 02 ju...Masum Gazi
Guidelines for VAT Deduction at Source (VDS) and VAT & SD Rate for the FY 2021-2022 compared with the FY 2020-2021 updated as per SRO 240/2021; dated: 29 June 2021.
TDS u/s 52 for payment against contract/supply of goodsMasum Gazi
All about Tax Deduction at Source (TDS) under section 52 and rule 16 for the execution of a contract, supply of goods, manufacture, process or conversion, printing, packaging or binding, etc. applicable for Financial Year (FY) 2021-2022.
In a manufacturing and trading business, almost 50%-70% deduction falls under section 52 and rules 16. So if the deduction under section 52 complies, then 50%-70% deduction compliance has been made by the organization.
(1) The document discusses technical service fees charged for providing various technical services to foreign entities. It provides definitions and examples of different types of technical fees - professional service fees, technical service fees, technical know-how or technical assistance fees.
(2) Guidelines are given on calculating the rate for technical service fees, which is the number of foreign employees multiplied by a certain percentage of their salary. Registration of agreements related to technical service fees must be done according to the Registration Act.
(3) Examples are given of technical services that can be provided and the types of technical fees that can be charged for those services.
Summary of changes in vat deduction at source sandra & associatesKhalid Iftekhar
Every year Bangladesh Government brings changes in the VAT law. In 2019, Bangladesh Government brought a new law called Value Added Tax and Supplementary Duty 2012.
This snapshot reflects the differences between the two laws in respect to withholding VAT regime. I hope the users will find this helpful
EPCG, ADV. LICE. AND EXPORT INCENTIVESLalit Bansal
The document discusses various export promotion schemes in India including the Export Promotion Capital Goods (EPCG) Scheme, Advance Authorization Scheme, and Duty Drawback Scheme. The EPCG Scheme allows import of capital goods for production and export at zero customs duty with an export obligation. Advance Authorization allows duty-free import of raw materials for export production. Duty Drawback directly deposits a calculated amount in the exporter's account as an export incentive based on export product, quantity, and customs duty rates. The document provides details on applying for these schemes, export procedures and documentation requirements, and examples of duty drawback calculations.
The Income Tax Rules 1984 updated up to July 2021Masum Gazi
The document is a compilation of the Income Tax Rules, 1984 of Bangladesh. It contains an introduction, a table of contents listing 75 rules and their corresponding sections in the Income Tax Ordinance, 1984. The rules cover various tax procedures and compliance requirements such as registration of firms, maintenance of accounts, tax deductions, tax returns, assessments, appeals, recovery of taxes owed, and exemptions.
This document summarizes key aspects of income tax in Bangladesh. It outlines different types of taxpayers and their tax-free income limits. It then describes various types of income that are taxed, including salary income and the treatment of items like bonuses, allowances, and retirement contributions. It also discusses taxation of income from property, agriculture, capital gains, and exempted capital gains. The document concludes by covering tax avoidance in Bangladesh and strategies to prevent tax evasion and avoidance.
The document provides information on input tax credit under GST in India. It defines key terms like input tax, input service, capital goods, output tax, inward and outward supplies. It explains the process of availing and utilizing input tax credit and conditions that must be met like having a valid tax invoice and the supplier depositing the taxes. Certain items are ineligible for input tax credit like motor vehicles, food and beverages, life and health insurance, and works contract services for construction of immovable property. The time limit to claim input tax credit is within one year from the invoice date or the due date of filing annual return, whichever is earlier.
This document summarizes the new TDS and TCS provisions introduced under sections 194Q and 206C(1H) respectively. It provides details on who is required to deduct/collect (entities with turnover over Rs. 10 crores), calculation of amount (0.1% of transaction value excluding/including GST), due dates of payment and return filing (monthly and quarterly), and exceptions when TDS/TCS is not applicable. It also discusses section 206AB which provides for higher rate of TDS (twice the specified rate or 5%) in case of non-filers of return.
This document contains information about accounting for various GST related transactions including purchases, sales, input tax credit, output tax liability, refunds, and advances received. It provides accounting entries for intra-state and inter-state transactions under CGST, SGST, and IGST and explains concepts like set-off of taxes, separate ledgers for input and output taxes, and accounting for imports. It also covers accounting for tax refunds for exports and output tax on advances received.
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
offices
of
NSDL
within
the
due
date.
NSDL will act as intermediary and upload the
data to the Income Tax Department's central
system.
1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
This document discusses Form 15 CB/15 CA and provides guidance on properly completing and using these forms.
It begins by outlining the target audience for the discussion, which includes professionals looking to start or expand their practice in this area as well as those without much experience.
The presentation then covers the key takeaways, which are understanding the objective and importance of Form 15 CB and 15 CA, the procedures and processes for implementation, how to determine the nature of remittances, understanding chargeability under the Income Tax Act and DTAAs, and how to protect one's own and client's interests.
It emphasizes the growing importance of Form 15 CA/CB due to increased cross-border payments, revenue
TDS Rate for F.Y. 19-20 comparative with F.Y. 18-19 and other regular require...Masum Gazi
TDS Rate for F.Y. 19-20 comparative with F.Y. 18-19 and other regular requirements of Income Tax required to be complied by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance companies/NGOs etc. (where applicable)
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input tax, output tax, and reverse charge. It outlines the conditions for claiming ITC and lists items for which ITC is ineligible. It also discusses proportionate credit, adjustments to ITC, transition provisions for claiming ITC on stock, and the process for claiming ITC on inter-state and intra-state supplies.
Summary of changes in vat deduction at source sandra & associatesKhalid Iftekhar
Every year Bangladesh Government brings changes in the VAT law. In 2019, Bangladesh Government brought a new law called Value Added Tax and Supplementary Duty 2012.
This snapshot reflects the differences between the two laws in respect to withholding VAT regime. I hope the users will find this helpful
EPCG, ADV. LICE. AND EXPORT INCENTIVESLalit Bansal
The document discusses various export promotion schemes in India including the Export Promotion Capital Goods (EPCG) Scheme, Advance Authorization Scheme, and Duty Drawback Scheme. The EPCG Scheme allows import of capital goods for production and export at zero customs duty with an export obligation. Advance Authorization allows duty-free import of raw materials for export production. Duty Drawback directly deposits a calculated amount in the exporter's account as an export incentive based on export product, quantity, and customs duty rates. The document provides details on applying for these schemes, export procedures and documentation requirements, and examples of duty drawback calculations.
The Income Tax Rules 1984 updated up to July 2021Masum Gazi
The document is a compilation of the Income Tax Rules, 1984 of Bangladesh. It contains an introduction, a table of contents listing 75 rules and their corresponding sections in the Income Tax Ordinance, 1984. The rules cover various tax procedures and compliance requirements such as registration of firms, maintenance of accounts, tax deductions, tax returns, assessments, appeals, recovery of taxes owed, and exemptions.
This document summarizes key aspects of income tax in Bangladesh. It outlines different types of taxpayers and their tax-free income limits. It then describes various types of income that are taxed, including salary income and the treatment of items like bonuses, allowances, and retirement contributions. It also discusses taxation of income from property, agriculture, capital gains, and exempted capital gains. The document concludes by covering tax avoidance in Bangladesh and strategies to prevent tax evasion and avoidance.
The document provides information on input tax credit under GST in India. It defines key terms like input tax, input service, capital goods, output tax, inward and outward supplies. It explains the process of availing and utilizing input tax credit and conditions that must be met like having a valid tax invoice and the supplier depositing the taxes. Certain items are ineligible for input tax credit like motor vehicles, food and beverages, life and health insurance, and works contract services for construction of immovable property. The time limit to claim input tax credit is within one year from the invoice date or the due date of filing annual return, whichever is earlier.
This document summarizes the new TDS and TCS provisions introduced under sections 194Q and 206C(1H) respectively. It provides details on who is required to deduct/collect (entities with turnover over Rs. 10 crores), calculation of amount (0.1% of transaction value excluding/including GST), due dates of payment and return filing (monthly and quarterly), and exceptions when TDS/TCS is not applicable. It also discusses section 206AB which provides for higher rate of TDS (twice the specified rate or 5%) in case of non-filers of return.
This document contains information about accounting for various GST related transactions including purchases, sales, input tax credit, output tax liability, refunds, and advances received. It provides accounting entries for intra-state and inter-state transactions under CGST, SGST, and IGST and explains concepts like set-off of taxes, separate ledgers for input and output taxes, and accounting for imports. It also covers accounting for tax refunds for exports and output tax on advances received.
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
07. payment of tax before assessment ICAB, KL, Study Manual
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
offices
of
NSDL
within
the
due
date.
NSDL will act as intermediary and upload the
data to the Income Tax Department's central
system.
1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
This document discusses Form 15 CB/15 CA and provides guidance on properly completing and using these forms.
It begins by outlining the target audience for the discussion, which includes professionals looking to start or expand their practice in this area as well as those without much experience.
The presentation then covers the key takeaways, which are understanding the objective and importance of Form 15 CB and 15 CA, the procedures and processes for implementation, how to determine the nature of remittances, understanding chargeability under the Income Tax Act and DTAAs, and how to protect one's own and client's interests.
It emphasizes the growing importance of Form 15 CA/CB due to increased cross-border payments, revenue
TDS Rate for F.Y. 19-20 comparative with F.Y. 18-19 and other regular require...Masum Gazi
TDS Rate for F.Y. 19-20 comparative with F.Y. 18-19 and other regular requirements of Income Tax required to be complied by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance companies/NGOs etc. (where applicable)
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input tax, output tax, and reverse charge. It outlines the conditions for claiming ITC and lists items for which ITC is ineligible. It also discusses proportionate credit, adjustments to ITC, transition provisions for claiming ITC on stock, and the process for claiming ITC on inter-state and intra-state supplies.