Who will give the account of flat, house-car, what assets should be shown in the return

You have to declare your assets while filing your income tax return. The tax officials ask for a statement of assets to see whether assets are commensurate with income.

However, submission of statement of assets is not mandatory for all taxpayers. If there are more assets then only asset statement has to be submitted.

The National Board of Revenue (NBR) has made it mandatory for three types of taxpayers to submit a statement of assets. Form IT 10B (2023) of income tax return is given for information on assets, liabilities and expenditure statement of the taxpayer.

1. Government officials-employees

If a taxpayer holds a government job, he/she has to submit a statement of assets at the time of filing income tax return every year. Here it is mandatory according to the grade of government officer. Because, tax officials want to see whether the wealth of government officials-employees has increased or decreased.

1. If assets are more than 50 lakh rupees

If the total value of the taxpayer's assets located in the country and abroad is more than 50 lakh rupees, the asset statement must be filed.

That is, if the value of various types of immovable assets including houses, plots, apartments is Tk 50 lakhs, the asset statement must be submitted. The price at which you bought it or the market price when you acquired it should be calculated.

1. Even if the asset value is less than 50 lakh rupees...

Taxpayer whose total assets are less than 50 lakh rupees but owned a motor vehicle at any time during the income year or invested in house or apartment within the city corporation area or owned any assets abroad or became a shareholder director of a company – you have to file a statement of assets.

What needs to be said

Now let's see what to show in the asset statement. You have to declare assets in Income Tax Form 10B. This form should be filled while submitting the return online.

The value and information of the assets to be reported include – assets located in Bangladesh, including business assets, liabilities and capital, shares and partnership investments, non-agricultural and agricultural land – houses, bank deposits, savings bonds, shares – bonds, loans, provident funds, motor vehicles, ornaments, furniture and other assets including cash. Apart from this, even if there are assets located abroad, it should be reported. The sum of all the assets in rupees and the total assets must be written and declared with the name, signature and date of the taxpayer.