B Mirror Desk: In Bangladesh, it is not mandatory for all taxpayers to file their income tax returns. However, it is mandatory for those who have a certain amount of income or assets or meet certain conditions. The National Board of Revenue (NBR) has prescribed this obligation for six categories of taxpayers.

For this purpose, Form IT-10B (2003) is used, which requires information regarding the taxpayer’s assets, liabilities, expenses, and investments.

For whom it is mandatory to file an asset declaration
1. Government officials and employees

It is mandatory for government employees to file an asset declaration with their annual returns. This makes it easier to assess changes in their assets and the transparency of their income.

2. If you have assets of more than 50 lakh taka

If the total value of the taxpayer’s movable and immovable assets (at acquisition cost, not current market value) is Tk 50 lakh or more, then a statement of assets must also be submitted.

3. If you have a house or flat in the city corporation area

If someone has a house or flat in any city corporation area, including Dhaka and Chittagong, it is mandatory to file a report even if its value is not Rs. 5 million.

4. If you own a car

An asset declaration must be submitted only if you own a motor vehicle, even if the total value of the assets is less than 5 million.

5. If you have any assets abroad

If you have land, houses, bank accounts, investments, or any other assets abroad, they must be disclosed in the asset statement on the return, regardless of the amount of assets in the country.

6. Shareholder Director of the company

It is mandatory for those who are shareholders and directors of a company to file a declaration of assets, regardless of the amount of assets.

What should be reported in the asset statement?

The following details of assets and liabilities must be provided:

Business assets and capital, shares and partnership investments, agricultural and non-agricultural land, buildings, bank deposits, savings certificates, shares and bonds, cars, jewelry, furniture, cash, provident funds and loans, assets located abroad.

Total assets must be calculated by specifying the monetary amounts of everything and submitted with the taxpayer’s signature and declaration.

Although not all taxpayers are required to file an asset declaration, it is mandatory for those who meet any of the above conditions. Failure to file or providing false information may result in fines or penalties. It is the taxpayer’s legal responsibility to file an accurate and complete declaration.