Tax-free income limit to remain unchanged

The tax-free income limit for individuals remained unchanged in the proposed budget for the next 2024-25 fiscal.

As in the last financial year, the tax-free income limit in the proposed budget is Tk3.5 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 Tk 350,000 in FY 2023-2024. This ceiling is kept unchanged in the following FY," Finance MinisterAH Mahmood Ali said during his budget speech on Thursday.

"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.

Finance Minister Abul Hassan Mahmood Ali unveiled a Tk7,97,000 crore national budget for the next fiscal year (FY25) at Jatiya Sangsad (JS) this afternoon (June 6).

This budget is the 53rd one of Bangladesh while the 25th of the Awami League (AL) government in six terms.

It is also the 21st under the rule of Prime Minister Sheikh Hasina in different terms while the maiden one of incumbent Finance Minister AH Mahmood Ali.

This time the minister would eye building a 'Smart Bangladesh' despite various obstacles and adversities.

The theme of the budget for the upcoming fiscal year would be "Pledge towards building a happy, prosperous, developed and smart Bangladesh" in pursuit of turning the country's economy into its previous sound state.