Tax-free income ceiling raised
The ceiling of tax-free income for individuals has been raised to Tk 2,50,000 a year from Tk 2,20,000 in the proposed national budget for the 2015-16 fiscal.
The government move comes considering the prevailing inflation, increased cost of living and to reduce tax burden for marginal taxpayers.
Considering the prevailing inflation, increased cost of living and to reduce tax burden for marginal taxpayers, I propose to raise tax-exemption threshold for individual taxpayers from Tk 2 lakh 20 thousand to Tk 2 lakh 50 thousand, Finance Minister AMA Muhith said while unveiling the national budget yesterday.
To empower women and integrate them more with the economic activities and to reduce tax burden for senior citizens, the finance minister said, I would propose to increase tax exemption threshold for women and senior citizens, aged over 65 years, from Tk 2 lakh 75 thousand to Tk 3 lakh.
In view of the responsibility of both the society and the state for physically challenged people, the finance minister proposed to increase tax exemption threshold for them from Tk 3 lakh 50 thousand to Tk 3 lakh 75 thousand. Muhith also proposed to increase tax exemption threshold for gazetted war-wounded freedom fighters from Tk 4 lakh to Tk 4 lakh 25 thousand.
