Tax-free income limit rises to Tk 3 lakh, tax rate reduces

Tax-free income ceiling has been proposed to be increased to Tk 3 lakh from Tk 2.5 lakh in the proposed national budget for fiscal year 2020-21.

Tax-free income threshold of male taxpayers has been proposed to be raised to Tk 3 lakh from Tk 2.5 lakh and tax-free income threshold of female tax payers and tax payers above 65 years of age to Tk 3.50 lakh from Tk 3 lakh respectively.

Finance Minister A H M Mustafa Kamal came up with the proposal while placing the national budget for fiscal year 2020-21 at the Jatiya Sangsad on Thursday (June 11).

Besides, the finance minister also proposed reduction of minimum tax rate for individuals from 10 percent to 5 percent, and the maximum tax rate for individuals from 30 percent to 25 percent.


MA Rahman/AI