Withholding tax sections in ITA 2023
Nazmul Alam
July 26, 2023
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Withholding Tax: Withholding tax is a tax that is deducted or withheld by the payer when making any payment to the recipient. The concept of withholding tax is used by governments as a mechanism to ensure the collection of taxes and to distribute the responsibility of tax payment between the payer and the recipient. Withholding tax is commonly applied to various types of income, such as wages, salaries, interest, dividends, royalties, and certain types of services.
Part 7 of the Income Tax Act 2023 has provided the details of the sections related to withholding tax. section_number relevant to withholding tax are as follows:
⬇️ List of section_number ⬇️
Serial No. | Section | Particulars | Action |
---|---|---|---|
1 | Section 86 | Deduction of tax at source from income from employment | Preview |
2 | Section 87 | Deduction of tax from remuneration to members of parliament | Preview |
3 | Section 88 | Deduction from payment to workers' participation fund | Preview |
4 | Section 89 | Deduction from payment to conrracters, etc | Preview |
5 | Section 90 | Deduction from the payment services | Preview |
6 | Section 91 | Deduction from payment for Intangible assets | Preview |
7 | Section 92 | Deduction of tax from advertising bill of media broadcasting | Preview |
8 | Section 93 | Deduction from payment to actors, actresses, producers, etc. | Preview |
9 | Section 94 | Deduction or collection at source from commission, discount, fees etc. | Preview |
10 | Section 95 | Collection of tax from travel agent | Preview |
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Nazmul Alam
Nazmul is a full-stack developer and a chartered accountant. He is a self-motivated, dynamic and professional individual with more than 4 years of experience in corporate finance and business advisory in one of the Big 4 audit & advisory firm, KPMG in Bangladesh.
He specializes in Finance & Technology and develops data-driven web and app-based business solutions for C-Suite. These solutions use agile methodologies and languages & frameworks such as JavaScript, Node.JS, Express.JS, Next.JS, and MongoDB.
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