Jasim Uddin Rasel

While the cost of living remains high, with the inflation rate hovering at over 9 percent throughout the year, no ray of hope came for the common people in the budget declared yesterday. This is upsetting for the low and middle-income groups of society. 

While the cost of living remains high, with the inflation rate hovering at over 9 percent throughout the year, no ray of hope came for the common people in the budget declared yesterday.

When inflation is nearly 10 percent but the increase of income is lower than the rate, how a person then will manage his personal finance to save for the future?

How can we increase our income level by following a few simple habits? Why are few of us successful in our financial life?

Saving a handsome amount from regular incomes is mostly difficult and takes a long time. An extra income is a blessing to grow your savings faster. But how can you earn extra money?

Family expenses are increasing day by day but the earnings from the job have increased once a year and it’s becoming more difficult to maintain the monthly expenses.

According to Income Tax Act 2023, taxpayers don’t need to apply for a time extension and you may submit your tax return anytime

taxable income calculation for private service holders is easier this year compared to last year

Failure to file the income tax return by Tax Day, which is observed on November 30, will result in a double penalty compared to last year. So, try to avoid additional penalties by submitting your income tax return within the stipulated time.

The Income Tax Act 2023 has specified the amount of tax rebate you will get to reduce your tax liability. But your investment allowance is not specified.

There is a certain limit for investments in particular areas to avail tax rebate benefits by individual taxpayers as per the Income Tax Act 2023. Tax rebate is important for taxpayers to reduce tax liabilities significantly and save money for financial security in the future.

It’s been long since we had been following the Income Tax Ordinance 1984 and the most important issue is that the International Monetary Fund (IMF) has imposed a condition at the time of approval of the loan to the government to introduce a new tax act.

The proposed Income Tax Act includes 43 service receivers to submit proof of tax filing and if the taxable income does not exceed the tax-free threshold, they have to pay a minimum tax of Tk 2,000.

Setting aside a portion of money can be a great help during the worst time. People don’t know what is going to happen in the near future. Any sudden accident may occur and he may require emergency money for treatment.

Considering the available investment areas in Bangladesh, saving certificates are a secure investment sector because these instruments are issued by the government and they will give you the highest return.

Your savings need to be invested to grow your money. So, the main target is the rate of return. But sometimes, a higher return involves risks and you may even lose your money.

Invest your savings in such areas from where you can earn the highest return to allow your money to grow fast. And this will help you reach your goal quickly. So, the highest return on investments is one benefit.

The cost of living is increasing significantly. As a result, managing family expenses relying only on the monthly income is becoming more difficult nowadays.

If you miss your tax filing by December 31 this year, you will lose a significant amount of tax credit due to strict deadline of tax submission. So, if you have not yet been able to lodge your tax return then decide to submit within the stipulated time.

Today Abdul Karim is happy because he is going to complete the tax return form and he will be ready to submit it to the tax circle.