Income tax is a typical example of a direct tax. The tax imposed on a person or entity under the orbit of Income Tax Law is called income tax. it is imposed on a person in relation to his income. It is calculated and assessed with reference to the income of an assess for a given year.
Income Tax Ordinance, 1984, that is currently in operation in Bangladesh does not directly define income tax. However, analysis of section 16 of the Ordinance provides some indication to this end. It provides that income tax is one which is imposed, charged, payable and collected in relation to the income of a person for income year/years, on the basis of tax rate of the assessment year.
Income Tax Ordinance, 1984, that is currently in operation in Bangladesh does not directly define income tax. However, analysis of section 16 of the Ordinance provides some indication to this end. It provides that income tax is one which is imposed, charged, payable and collected in relation to the income of a person for income year/years, on the basis of tax rate of the assessment year.
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