Tax-free income limit to remain unchanged

The tax-free income limit for individuals remained unchanged in the proposed budget for the next 2022-23 fiscal.

As in the last two financial years, the tax-free income limit in the proposed budget is Tk3 lakh.

"You are well aware that the tax-free income ceiling for individual taxpayers, which was Taka 1,65,000 in FY 2009-2010, has been increased from time to time to bring it to the tune of Taka 3,00,000 in FY 2020-2021. This ceiling is kept unchanged in the following FY," Finance Minister AHM Mustafa Kamal said during his budget speech today.

"The tax-exempted income ceiling is even higher for the females, senior citizens, physically challenged people, members of the third gender, and the wounded freedom fighters," he added.
The minimum level of income tax will remain the same at Taka 5,000 for the taxpayers of Dhaka South and Dhaka North city corporation areas.

The tax-free income ceiling for the individual taxpayers will remain at Taka 4,000 in other city corporation areas and at Taka 3,000 in other areas.

Finance Minister AHM Mustafa Kamal has placed the Tk6,78,064 crore national budget for FY23 at Jatiya Sangsad according top priority to safeguarding marginal people from inflation fuelled by the Russia-Ukraine conflict.

This is the fourth budget of the third consecutive term of the government led by Prime Minister Sheikh Hasina and also the overall 51st budget of the country.

The proposed budget is Tk74,383 crore higher than the original budget size of the FY2021-22 fiscal year, which was Tk6,03,681 crore.