Gift tax presentation • 1. Gift Tax • Sec 2 (d), The Gift Tax Act 1990 Gift means the transfer by one person to another of any existing immovable or moveable property made voluntarily and without consideration of any money or money’s worth. Gift • The gift tax is leviable on gift made in any financial year on and from the 1st day of July 1990. at the prescribed rate in the schedule [u/s-3].

Gift tax is a direct tax in nature which is levied on the taxable gifts under Gift Tax Act-1990 that was adopted from Pakistani Gift Tax Act 1963 with some modifications in Bangladesh. In some countries gift tax and inheritance tax is one and the rate of inheritance tax depends on the closeness of the relationship. VAT BD.pdf value added tax bd Section 23, 24, 24 in bangla & English http://pupilshub.com/.

Gift Tax • Transfer of existing property. Transfer made by one person (donor) to another person (donee). Should be made voluntarily. Without or with inadequate consideration. Chargeability • Gift Tax Rate is applied on the market value of the gift. If MV is not available, Section 5 and Rule 6 of Gift Tax Act and Rules, 1990 shall be applicable.

Valuation of Gift • Valuation of Gift Property Valuation Cash Amount of Cash transferred Property other than Cash a)If MV is the known, the price the property would be sold at the market on the day when the gift was made. B) If MV is not known, i. In case of gifted insurance, the amount that can be en-cashed on that day ii. In case of shares of private ltd co.

Or firm, the value of shares have to be determined for the year in which the shares were gifted Others The value is determined by the NBR. • Valuation of Gift Tax Particulars (Slab Amount of Taxable Gifts) Rate (Percentage) On the first Tk.

500,000 of the value of all taxable gifts 5% On the next Tk. 1,000,000 of the value of all taxable gifts 10% On the next Tk.

2,000,000 of the value of all taxable gifts 15% On the balance of the value of all taxable gifts 20% Rates of Gift Tax U/S 3 • U/S 4 Gift tax shall not be charged under the Act in respect of the following gifts made by any person: 1) of property situated outside Bangladesh; 2) to the Government or any local authority; Exemption from Gift Tax • 3) to the following funds or institutions, for charitable purpose: i. Any University established under the law in force in Bangladesh or any educational institution recognized or run by the Government; ii. Any hospital recognized or run by the Government; iii. Any flood or disaster management fund established or approved by the Government; Exemption from Gift Tax • iv. Such institutions or funds for religious or charitable purpose upto 20% of the total income determined for the concerned year or Tk. 100,000 whichever is less; 4) to dependent relative upto Tk. 20,000 on the occasion of his/her marriage; Exemption from Gift Tax • 5) by way of payment of policy of insurance or annuity for any person (other than wife/ spouse) dependent upon him for support and maintenance upto Tk.

20,000; 6) under a will; 7) under contemplation of death; Exemption from Gift Tax • 8) to sons, daughters, father, mother, his or her spouse, own brothers and sisters; In addition to the above exemptions, gifts made in any financial year up to value of Tk. 20,000 are exempt from gift tax. The Government may by notification exempt any class of gift or any class of person from gift tax.

Exemption from Gift Tax • U/S 20 Provisions of the Gift Act shall NOT apply to following gifts made by 1) a body corporate established or constituted by or under any law 2) any institution or fund, income whereof is exempt from income tax under Income Tax ordinance 1984; Gift Tax not Applicable • Return of Gift Tax U/S 7 Every person who had made taxable gift during any financial year of an amount as to render him liable to gift tax under the gift tax act shall before the fifteenth day of September of the corresponding assessment year furnish a return to the Deputy Commissioner of Taxes. DCT gives a 30 days notice if it believes that a person is liable to pay gift tax. Tax on the basis of the return is payable on or before the date on which such return is furnished. • Return of Gift Tax U/S 9 If the assessee fails to submit the return within due day, he may submit the return or do corrections before the assessment. • Assessment Assessment On Correct Return Basis After Hearing Best Assessment • Assessment On Correct Return Basis: 1. Submitted return is correct and complete. The DCT is satisfied.

Thanks for listening! Is this like normal and my skull is changing shape (I am 25 years old). I was in a car accident in March 2010 but since then i hve had two CT scans one on the same day of the accident and one a month ago and another doc said if it was bad it would have showed up. I do have TMJ syndrome and get alot of tension headaches and migraines from time to time. I really need your help guys any bit of info would help Please. Crack in the middle of the wall in every room.