Amendment of Income Tax Rules, 1984

SRO no. 167/AIN/Income Tax/2023
SRO 167 outlines the amendments made to Income Tax Rules 1984.
– Rate of withholding tax on the supply of tobacco items including cigarette, bidi, chewing tobacco and gul has been proposed to be increased from 7% to 10%.
– Rate of withholding tax on the supply of locally produced cable of 33 to 500 KV has been proposed to be decreased from 7% to 3%.
– Rate of import tax on the supply of manganese ores/concentrates, including ferruginous manganese ores and concentrates with a manganese content of 20% or more calculated on the dry weight has been proposed to be decreased from 3% to 2%.
– Rate of import tax on supply of gold ores by VAT compliant gold refinery having Industrial IRC and Other respectively will be 0%.
– Rate of tax on transfer of property has been proposed to be doubled for all areas.
– The return under section 75A has been updated to include the following returns abolishing the requirement of submission of these returns independently:
– Salary return under Section 50 (Rule 21)
– Monthly withholding tax return under Section 58 (Rule 18)
– Interest return under Section 109 (Rule 20)
– Dividend return under Section 110 (Rule 19)
– Rule 33 regarding computation of income chargeable under salary, valuation of perquisites and other allowances and benefits has been omitted.
– Rule 33A regarding house rent allowance has been omitted.
– Rule 33B regarding rent free accommodation has been omitted.
– Rule 33C regarding conveyance received in cash has been omitted.
– Rule 33D regarding conveyance provided for personal use has been omitted.
– Rule 33E regarding additional conveyance allowance has been omitted.
– Rule 33F regarding conveyance used for partial personal or business use has been omitted.
– Rule 33G regarding allowance provided to employees for free or concessional travel in and outside Bangladesh has been omitted.
– Rule 33H regarding entertainment allowance has been omitted.
– Rule 33I regarding medical allowances has been omitted.
– Rule 33J regarding any other benefits other than those covered by sections 33A to 33I has been omitted.
– Rule 64C regarding Tax Collection Account number and the table will be omitted.

This SRO will be effective from 01 July 2023.

Any complaints or recommendation regarding the amendments and additions introduced in this SRO must be submitted to designated authorities within 25 June 2023.

If no complaints or recommendations regarding the amendments and additions introduced in this SRO are received within the timeline specified above, this SRO will be considered final.

This SRO has been replaced by SRO no. 209/2023