The proposed income tax law has sought to make it mandatory for taxpayers in specific cases to add the statement of their living expenses with their tax returns.

Finance Minister AHM Mustafa Kamal placed the Income Tax Bill 2023 in parliament today. Once passed, the new law will replace the existing Income Tax Ordinance 1984.

As per the bill, taxpayers who have more than Tk 500,000 in annual income will have to file a statement of living expenses.

If a taxpayer owns a vehicle, has income from businesses and becomes a shareholder-director of a company, he or she will have to furnish the return with information regarding living expenditures.

If investments are made in apartments and real estate in a city corporation area, taxpayers will need to file the statements on living expenses as well.