Taxpayers will have to be provided nine types of their personal information in the life statement of the income tax returns, according to the new Income Tax Act 2023 (ITA 2023).
The information includes personal and family maintenance expenses, housing expenses, vehicle expenses, service expenses, education expenses, travel and vacation expenses at own cost, festival expenses, source taxes including savings certificates, institutional and other sources loan interest payment information.
As per the new Income Tax Act, these details have to be provided in the statement of living expenses while filing the return. This was not the case in the previous law.
Mobile phone recharge and internet packages’ information except utility bills will have to be provided in the statement which was not included in the previous Income Tax Ordinance 1984.
Disclosing such information is now mandatory for taxpayers if the annual income surpassing Tk 5 lakh and assets valued at over Tk 40 lakh.
Living expenses-related items are to be provided in IT-11GA 2023. Travelers’ expenditures need to be reported in the tax records, as per the new income tax act.
The National Board of Revenue (NBR) seeks information about travel particulars, encompassing expenses related to accommodations, whether it in the capital or beyond outside Dhaka.
NBR also wants to know the details about children’s education as education expenditure is commensurate with the tax details in the returns. Similarly, information of the car, house or flat should also be provided in the statement.
The Income Tax Bill 2023 was passed in parliament on June 18 to curb tax evasion, widen tax net and reduce the discretionary powers of income tax officers.
Instead of the ordinance made in English language, the new act has been made in Bengali language by making it more contemporary and modern. The contents of the provisions have been converted into simple Bengali.