Tax-free income limit for third gender at Tk 3.50 lakh

Tax-free income ceiling has been proposed to be fixed at Taka 3.50 lakh with a view to achieving social inclusion of the third gender.

“The existing tax rate for individual taxpayers is also applicable for the taxpayers of the third gender. With a view to achieving social inclusion of the third gender, besides introducing a special provision, I propose to fix the tax-free ceiling at Taka 3,50,000 for this community,” said Finance Minister A H M Mustafa Kamal while placing the national budget for fiscal year 2021-22 at the Jatiya Sangsad today.

The finance minister also proposed to keep the rate of tax applicable for individual taxpayers unchanged as significant changes have already been brought to this effect in FY 2020-2021.

In FY21, the tax-free income ceiling was fixed at Taka 3 lakh.

Mustafa Kamal said the present government is determined to create a business friendly environment by ensuring ease of doing business.

In particular, he said, the government is always motivated to reduce the tax burden of the individual taxpayers engaged in business.

To this effect, he proposed to reduce the rate of business turnover tax for individual taxpayers to 0.25 percent from 0.50 percent.

Source: BSS