Written by The Banking Post
Here’s the English translation of the news:
Annual income tax returns for the FY2025–26 can now be filed starting 1 July, with the deadline set for 30 November. Although the tax-free income threshold remains unchanged this year, several policy changes introduced in the national budget will affect how taxes are calculated during return submissions.
Newly Introduced Tax Exemptions
- Sibling Gifts Now Tax-Free
Under the new fiscal year’s provisions, monetary or asset transfers from siblings—both local and foreign—are exempt from income tax. Previously, only gifts from spouses, parents, or children qualified for exemption. This change aims to ease the transfer of family-owned properties, flats, and other movable or immovable assets. - Agricultural Income Relief
To promote commercial farming, up to Tk5 lakh in agricultural income will be tax-exempt for individual taxpayers. - Higher Deductibles for Private Employees
The maximum deductible amount for calculating taxable income among private sector employees has been raised. While Tk4.5 lakh was previously deductible against various allowances, the figure now stands at Tk5 lakh. - Universal Pension Scheme Exemption
Income of the National Pension Authority and benefits received from its universal pension scheme are exempt from tax. - Medical Expense Exemption for Critical Illnesses
Private-sector employees receiving funds for treatments such as kidney and liver issues, cancer, heart disease, brain surgery, and organ transplants will enjoy full tax exemption on these amounts, recognizing the significant financial burden associated with these medical costs.
