Income tax law for individual tax payer & tax calculation

Abstract

Tax Route Is an accounting based service provider farm. It mainly focuses on income tax related work however it also performs other accounting based works for its clients. Tax Route work for its customer’s satisfaction through performance. It has been able to attain and retain its loyal customers through its performance. This report is conducted on Income Tax law for individual tax payer and return calculation, the intention behind this report is to spread awareness about income tax among its readers, to make income tax laws of Bangladesh easier to the general masses so that they are able to understand the laws and the importance of paying taxes. Here I have talked about past performance of NBR (National Board of Revenue) for collecting tax, expected tax collection and achieved portion for assessment year 2015‐2016, I have also talk about the income tax law according income tax ordinance 1984, the changes brought to the law for assessment year 2015‐2016 and the process of filling up a income tax return. I have also tried to provide a few recommendations for improving future performance. I hope this report will be helpful for both new and old tax payers to understand the dynamics of taxation laws of Bangladesh and encourage them in the future.