In the proposed budget for the fiscal year 2024-25, the tax-free income limit has been set at Tk 3.5 lakh for men and Tk 4 lakh for women, applicable to those earning more than Tk 3.5 lakh annually.
The budget session started at 3 PM on Thursday (June 6). The Finance Minister arrived in Parliament at 10:45 AM to present the budget.
According to the proposed budget, like the previous fiscal year, there will be a 0% tax on annual income up to Tk 3.5 lakh. For the next Tk 1 lakh, a 5% tax will be imposed. The rate will increase by another 5% to 10% for the next Tk 4 lakh increase, and for income over Tk 5 lakh, the tax rate will be 15%. For the subsequent Tk 5 lakh, the tax rate will be 20%.
Additionally, for female taxpayers and taxpayers aged 65 or above, the tax-free income limit is proposed at Tk 4 lakh. For third-gender taxpayers and persons with disabilities, the tax-free income limit is proposed at Tk 4.75 lakh. For registered wounded freedom fighters, the proposed tax-free income limit is Tk 5 lakh.
The new fiscal year’s budget sets a revenue target of Tk 5.41 lakh crore. The target for borrowing is set at Tk 2.56 lakh crore. An Annual Development Program (ADP) of Tk 2.65 lakh crore has already been approved.
This year’s Annual Development Program (ADP) is set at Tk 2.65 lakh crore, compared to Tk 2.63 lakh crore in the last fiscal year. The overall deficit in the new budget is projected to be Tk 2.56 lakh crore, while the revised budget for the current fiscal year projected an overall deficit of Tk 2.83 lakh crore.
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