Withholding tax sections in ITA 2023

Nazmul Alam

July 26, 2023


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:
Serial No.
1Section 86Deduction of tax at source from income from employmentPreview
2Section 87Deduction of tax from remuneration to members of parliamentPreview
3Section 88Deduction from payment to workers' participation fundPreview
4Section 89Deduction from payment to conrracters, etcPreview
5Section 90Deduction from the payment servicesPreview
6Section 91Deduction from payment for Intangible assetsPreview
7Section 92Deduction of tax from advertising bill of media broadcastingPreview
8Section 93Deduction from payment to actors, actresses, producers, etc.Preview
9Section 94Deduction or collection at source from commission, discount, fees etc.Preview
10Section 95Collection of tax from travel agentPreview

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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