The “Assets and Liabilities Statement”, also referred to as “IT 10B”, is a critical document used by individuals to declare their financial situation at the end of a fiscal year. This form serves as a detailed snapshot of one’s financial portfolio, including owned assets and owed liabilities. By filing this statement, taxpayers provide a clear picture of their net worth, which is then used by tax authorities to determine potential tax liabilities.
The “IT 10B Form-Assets and Liabilities Statement” captures various asset categories—ranging from properties and investments to cash holdings—along with the declaration of liabilities like loans or debts. Through this statement, tax officials can accurately assess an individual’s financial standing and ensure appropriate tax compliance.
In some counties, the “IT 10B Form-Assets and Liabilities Statement” also be referred to a “wealth statement”, aimed at assessing one’s financial well-being and tax responsibility.
Filing Deadline for the IT 10B Form-Assets and Liabilities Statement
The submission of the “IT 10B Form-Assets and Liabilities Statement” aligns with the filing of income tax returns. That means “IT 10B Form-Assets and Liabilities Statement” have to be submitted with income tax returns. As per Section 2(23) of Income Tax Act 2023 The due date to submit tax returns varies depending on whether the individual has filed tax returns in the past or is filing for the first time.
- For continuing taxpayers (Old Assessee) – The Income Tax Return (along with IT 10B Form-Assets and Liabilities Statement) must be submitted by November 30th. However, authorities may extend this deadline as per their discretion.
- For first-time taxpayers (New Assessee) – The filing deadline for the Income Tax Return (along with IT 10B Form-Assets and Liabilities Statement) is June 30th June of the subsequent financial year.
Who is Required to File the IT 10B Form-Assets and Liabilities Statement?
Individuals required to file the “IT 10B Form-Assets and Liabilities Statement ” are outlined in Section 167 of the Income Tax Act 2023. According to this section, certain categories of individuals are obligated to submit the IT 10B Form-Assets and Liabilities Statement, including but not limited to the following groups:
(a) Individuals with assets exceeding Tk. 50 lac:
If the value of an individual’s total assets crosses the Tk. 5,000,000 mark at the end of the financial year, the filing of the IT 10B Form-Assets and Liabilities Statement becomes mandatory.
Example 1
Say, Mr. Rahim had the following assets as on 30 June 2023:
Particulars | As on 30 June 2023 |
Bangladesh Sanchaypatra | 1,000,000 |
DPS (in Prime Bank) | 550,000 |
FDR (in Brac Bank) | 200,000 |
Funiture and fixtures | 780,000 |
Bank balance: | |
Dhaka Bank | 123,450 |
Dutch Bangla Bank | 446,800 |
AB Bank | 87,300 |
Cash in hand | 352,000 |
Balance of Provident fund | 220,352 |
Total | 3,759,902 |
During the year from 01 July 23 to 30 June 2024 he purchased a Sanchayapatra of Tk. 500,000. Moreover, he paid DSP installments of Tk. 10,000/month. His cash, bank and other assets balance position as on 30 June 2024 are as follows:
Particulars | Amount |
Bank balance: | |
Dhaka Bank | 2,113,050 |
Dutch Bangla Bank | 342,800 |
AB Bank | 127,300 |
Cash in hand | 502,000 |
Balance of Provident fund | 620,352 |
Does Mr. Rahim is required to file the IT 10B Form-Assets and Liabilities Statement?
Solution 1
In this scenario, it is important to note that Mr. Rahim was not required to file the IT 10B Form-Assets and Liabilities Statement for the assessment year (AY) 2023-2024, as his total assets remained below Tk. 40 lac. Please note for the assessment year (AY) 2023-2024, if total assets value exceeds 40 lac (which is now 50 lac) then any individual have to submit IT 10B Form-Assets and Liabilities Statement.
However, circumstances changed in the following financial year, 2024-2025, where the value of his assets exceeded Tk. 50 lac (in fact it was Tk. 68.55 lac), making it mandatory for him to submit the IT 10B Form-Assets and Liabilities Statement.
(b) Individuals who own a motor vehicle:
Regardless of the total asset value, owning a motor car at any point in the fiscal year triggers the requirement to file the IT 10B Form-Assets and Liabilities Statement. This obligation is independent of the individual’s income or total asset value.
Example 2
Ms. Tania Chowdhury lives in Santinagor, Dhaka, and works as a Sales Manager in an FMCG company. As of 30th June 2024, she had 5 lac in Sanchayapatra and Tk. 121,450 in her bank account. She also owns a Toyota Axio car with an engine capacity below 1500cc. She had no other assets at the end of the financial year 2023-2024. Does she need to file the IT 10B Form-Assets and Liabilities Statement?
Solution 2
Ms. Tania Chowdhury’s total assets do not exceed Tk. 50 lac, so she is not required to file the “Assets and Liabilities Statement (IT 10B)” based on asset value alone. However, because she owns a motor car, she must submit the statement, even though her total assets are below Tk. 50 lac.
Ownership of a motor car creates a separate filing requirement, showing how certain asset types can trigger the need to file regardless of overall asset value. Although Ms. Tania Chowdhury’s total assets are below Tk. 50 lac, owning a motor car requires her to file the “Assets and Liabilities Statement (IT 10B)”.
(c) Investment in real estate within city corporation area:
Investing in property or an apartment within a city corporation area requires an individual to file an IT 10B, even if the total value of assets is below the threshold of Tk. 50 lac.
If an individual invests in residential properties or apartments within any city corporation area, they must file the “IT 10B Form-Assets and Liabilities Statement”, regardless of their total asset value or income.
Example 3
Mr. Shamin Hossain resides in Badda area in an Apartment in Dhaka. As on 18 June 2024, he purchased an apartment of 1500 sft. He had the following assets on 30 June 2024:
Particulars | Amount |
Value of flat purchased | 10,650,600 |
Bangladesh Sanchayapatra | 800,000 |
Bank balance: | |
Dhaka Bank | 113,050 |
Dutch Bangla Bank | 342,800 |
AB Bank | 127,300 |
Cash in hand | 502,000 |
Balance of Provident fund | 620,352 |
Does he need to file the IT 10B Form-Assets and Liabilities Statement?
Solution 3
Since Mr. Hossain has invested in a house within a city corporation area, he is required to file the “IT 10B Form-Assets and Liabilities Statement”. This obligation is specifically tied to his investment in property within a city corporation, highlighting the need to report such investments for regulatory compliance.
(d) If owning assets abroad:
An individual who owns any assets outside Bangladesh at any point during the financial year must file the IT 10B Form-Assets and Liabilities Statement, regardless of income or asset value.
(e) Shareholder-director in a company:
An individual who holds shares in a company and serves as a director must file the IT 10B Form-Assets and Liabilities Statement, irrespective of income or asset value.
Example 4
Mr. Mahbub Karim is a founder of ABC Limited. He subscribed 20,000 shares in ABC Limited and nominated as executive director in the company. At the end of 30 June 2024, his asset and liabilities position are as follows:
Particulars | Amount |
Bangladesh Sanchayapatra | 1,200,000 |
Shareholding in ABC Limited | 200,000 |
Bank balance: | |
Dhaka Bank | 213,050 |
Dutch Bangla Bank | 362,800 |
AB Bank | 128,300 |
Cash in hand | 122,000 |
Does he require to submit Assets and liabilities statement (IT 10B)?
Solution 4
When assessing Mr. Karim’s case, his assets alone do not require him to file the “IT 10B Form-Assets and Liabilities Statement-Assets and Liabilities Statement (IT 10B)”, as they are below Tk. 50 lac. However, as a shareholder director in a company, he is obligated to file the statement regardless of his asset value. Therefore, even though the asset value doesn’t meet the filing threshold, his role as a director makes the submission mandatory.
Public servant must file “Assets and Liabilities Statement (IT 10B)”
All government employees are required to file the “IT 10B Form-Assets and Liabilities Statement”, regardless of any specific conditions or criteria. This requirement applies to all government employees, no matter their position or financial situation.
Example 5
Ms. Rima Roy is a government service holder. He is working as an Assistant Teacher in a Govt primary school in Barishal. As of 30 June 2024 she has the following assets:
Particulars | Amount |
Balance in Post office savings account | 200,000 |
FDR in Sonali Bank | 500,000 |
Bank balance: | |
Sonali Bank | 13,050 |
Dutch Bangla Bank | 62,800 |
AB Bank | 128,300 |
General Provident Fund (GPF) balance | 428,070 |
Does she require to submit “Assets and liabilities statement (IT 10B)”?
Solution 5
As a government employee, Mr. Roy is required to file the “IT 10B Form-Assets and Liabilities Statement” without exception. This obligation is not based on any asset threshold or financial condition and applies to all government employees uniformly.
Voluntarily Submission of “Assets and liabilities statement (IT 10B)”
While the conditions outlined above, mandate the filing of the “IT 10B” for specific individuals like government employees, directors, or those with certain assets, it’s important to note that any individual, even if not required by law, may still choose to file the statement voluntarily. This means that even if you are not legally required to file the “IT 10B Form – Assets and Liabilities Statement,” you still have the option to submit it voluntarily.
Additional Points Regarding the IT 10B Form-Assets and Liabilities Statement
So far, we have covered who is required to file the “IT 10B Form-Assets and Liabilities Statement”. Now, let’s look at other legal provisions regarding the types of assets that must be included in the statement.
(i) Global Assets and Liabilities for Resident Bangladeshis
A Resident Bangladeshi is defined as an individual who is both a tax resident and a citizen of Bangladesh. For such individuals, the IT 10B requires the disclosure of all assets and liabilities globally. This means that assets located both inside and outside Bangladesh must be included in the filing.
(ii) Bangladesh-Based Assets for Non-Resident Bangladeshis
A “Non-Resident Bangladeshi” is an individual who holds Bangladeshi citizenship but is not considered a tax resident. In this case, the IT 10B only mandates the inclusion of assets and liabilities located within Bangladesh. In “Assets and Liabilities Statement” non-resident Bangladeshis do not need to report assets held abroad.
(iii) Expatriates Working in Bangladesh
Expatriates working in Bangladesh are required to file both their income tax return and the IT 10B. However, for expatriates, only assets and liabilities within Bangladesh need to be disclosed in the Assets and Liabilities Statement.
(iv) Assets and Liabilities of Minor Children and Spouse
If minor children or a spouse do not have a Taxpayer Identification Number (TIN), their assets and liabilities shall be combined with and reported under the IT 10B of another individual, typically the taxpayer responsible for the submission.
Example 6
Mr. Atik Ahamed is a private service holder in a pharmaceutical company. His wife Ms. Shila Ahmed is a housewife and fully dependent on him. Ms. Shila doesn’t have any TIN Certificate and has not submitted her income tax return. During the year ended 30 June 2024, she did an FDR of Tk. 300,000 out of the money she received from her husband.
Solution 6
In Mr. Atik Ahamed’s tax return, the value of the FDR (Tk. 300,000) that was invested by Ms. Shila Ahmed using funds from her husband, needs to be added to the IT 10B Form-Assets and Liabilities Statement of Mr. Atik Ahamed.
Submission of Assets & Liabilites Statement as per Notice of DCT
According to Section 167(7) of Income Tax Act 2023, the DCT may issue a notice requiring an individual to submit their “IT 10B Form-Assets and Liabilities Statement” within the specified deadline. If such a notice is served, you must submit the form as instructed, without exception. Once the DCT wants it, compliance with the notice is mandatory.
Conclusion
In conclusion, the requirement to file the “IT 10B Form-Assets and Liabilities Statement” is determined by several factors beyond assets value alone, including asset thresholds, specific asset types, and professional roles. Understanding these criteria is vital for ensuring compliance with Bangladesh’s tax regulations.
IT 10B Form-Assets and Liabilities Statement - Reference Source
Share on-
