Form Pit 2 – Fill Out and Use This PDF

PERSONAL INCOME TAX RETURN FORM [ FORM PIT - 2 ]

DEPARTMENT OF REVENUE & CUSTOMS

MINISTRY OF FINANCE

ROYAL GOVERNMENT OF BHUTAN

INCOME YEAR

RRCO

(Please ill the following in BLOCK LETTERS)

/1. TAXPAYER’S PARTICULARS

/Name

/Taxpayer No. (TPN)

/Citizen ID No.

/Permanent Address

/House No.*

/Residence Permit No.

/Thram No.*

/Village

/Nationality

/Gewog

/Dzongkhag

/Date/Year of Birth

/Present Address

/Address

/Post Box No.

/Father’s Name*

/Dzongkhag

/Telephone number

/Mother’s Name*

2.

MARITAL STATUS

(O)

(R)

/2.

MARITAL STATUS

/Are you married? Please tick

Yes

No

If married, please ill in spouse’s particulars:

/Spouse’s name

/Previous Place of Registration

/Date/year of birth

/Citizen ID number

/Present Address

/Residence Permit number

/Telephone number

/Nationality

/3.

DETAILS OF CHILDREN

				Specify the source	Tick if the child is
				of income clubbed
	Child’s Name	Date of Birth	Tick if the income of		student.
				in the return.
			a child below 18 years
			of age is clubbed in the return

1

2

3

4

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4 INCOME COMPUTATION WORKSHEET

4.1 GROSS INCOME FROM SALARY AND CONSULTANCY SERVICES

(If you have/had income from salary or consultant fees, please ill in the following)

Employer’s name and address:		Amount	Month	Total
		/Basic salary
		/Allowance(s)
		/Bonus
		/Fees
Employer’s TPN or ACS code:
		/Commission(s)
		/Leave encashment

/Any other beneits

/Gross salary income

/Less:

/Provident fund (PF)

/Group insurance scheme (GIS)

/Net salary incom from employer 1

/Basic salary

Employer’s name and address:

/Allowance(s)

/Bonus

Employer’s TPN or ACS code:		/Fees
		/Commission(s)
		/Leave encashment
		/Any other beneits
	/Gross salary income
/Less:

/Provident fund (PF)

/Group insurance scheme (GIS)

/Net salary incom from employer 2

Adjusted gross salary income

AGI (i): Add the totals of net salary income from employers to give adjusted gross salary

income and transfer the amount to Table No5 5

Footnote:	If required, please use additional sheet.

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.	4.2 GROSS INCOME FROM RENTAL PROPERTY
	[If you own rental property/properties and have a
	rental income, please ill in the following (Rental
	property includes land, building and houses
	used for rental purpose]

A:Gross rental income for all properties (add the above)

B1: Interest paid on loans (enclose bank statements)

B2: Repair and maintenance (20%) of A

B3: Insurance premiums

B4: Local taxes

B:Total speciic deductions/exemption(add the four above:B = B1+B2+B3+B4)

AGI (ii)

AGI (ii) Adjusted gross rental income (A – B) and if positive, transfer the amount to Table No 5.

Footnote:

/If required, please use additional sheet.

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4.3GROSS INCOME FROM DIVIDEND

If you have received dividend, please ill in the following.

A: Gross dividend income from all companies (add the above)

B1: Interest paid on loans (enclose loan documents)

B2: Exemption		10,000
B: Total speciic deductions/exemption (add the two above B = B1+B2)

AGI (iii) Adjusted gross dividend income (A – B) and If positive, transfer the amount to Table No 5

Footnote:/If required, please use additional sheet.

4.4 GROSS INCOME FROM INTEREST (If you have ixed deposit accounts with a inancial institution, please ill in the following

	Financial institutions		Single or joint account	Account number		Interest received
	A: Gross interest from all inancial institutions. (add the above)
	B: Speciic deductions/exemption					10,000
	AGI (iv) Adjusted gross interest income (A – B) and If positive, transfer the amount to Table No 5
	Footnote:			/If required, please use additional sheet.

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4.5GROSS INCOME FROM CASH CROP

(If you own any orchards (apple, orange and cardamom), please ill in the following.

A:Gross income from all orchards (add the above)

B:Speciic deduction/exemption (30% of A)

AGI (v) Adjusted gross income from cash crops (A – B) and

If positive, transfer the amount to Table 5

Footnote:	/If required, please use additional sheet.
	If required, please use additional sheet.
	4.6 GROSS INCOME FROM OTHER SOURCES
(If positive, transfer the amount to Table No 5)	(If you have received any income from other
	sources, please ill in the following)

A:Gross income from all other sources (add the above)

B:Speciic deduction/exemption (30% of A)

AGI (vi) Adjusted gross income from other sources (A – B)

and If positive, transfer the amount to Table 5

Footnote:

/If required, please use additional sheet.

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5. TOTAL OF YOUR ADJUSTED GROSS

						INCOME (Transfer Adjusted Gross Incomes
						from the preceding worksheets numbered
						AGI (i), AGI (ii), AGI (iii), AGI (iv), AGI (v),
						AGI (vi) to the table below to arrive at
						TOTAL ADJUSTED GROSS INCOME.
	Sources of income:					Adjusted Gross Income (Nu.)		Worksheet Nos
	1. Adjusted gross income from salary							4.1
	2. Adjusted gross income from property							4.2
	3. Adjusted gross income from dividend							4.3
	4. Adjusted gross income from interest							4.4
	5. Adjusted gross income from cash crop							4.5
	6. Adjusted gross income from other sources							4.6
	Total Adjusted Gross Income
		/Less: General deductions
				/a. Life Insurance Premium
				(50% of the Premium,
		བྱ་ཆ་ ༥༠% ཡང་ན་མང་ོག་
				up to a Max of Nu. 50,000)
		དུལ་ྲམ་ ༥༠་༠༠༠ ུན།
				/b.Donations (approved by
				MoF up to max 5% of total
				adjusted gross income)
								Add 4.1 to 4.6
								and minus
				/c.Education allowance				general
				(up to max Nu. 50,000 p.a				deductions
				per child)
		/Total deduction
				/NET TAXABLE INCOME
						6. CALCULATION OF SELF-ASSESSED TAX
						Use the Net Taxable Income above and
						calculate your TAX AMOUNT
	Income Slabs:			Rates	Allocation of Taxable Income		Tax Amount
	Up to Nu. 100,000			0	0
	Nu. 100,001 – 250,000			10%	0 + 10% of (Net Taxable Income – 100,000)
	Nu. 250,001 – 500,000			15%	15,000 + 15% of (Net Taxable Income – 250,000)
	Nu. 500,001 – 1000,000			20%	52,500 + 20% of (Net Taxable Income – 500,000)
	Nu. 1000,001 & above			25%	152,500 + 25% of (Net Taxable Income – 1,000,000)
						TAX AMOUNT

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7. TAXES PAID QUARTERLY/TAXES DEDUCTED

AT SOURCE (if you have taxes already prepaid or deducted at source, please ill in the following)

Total TDS (Add the above ive amounts)

8. FINAL TAX PAYABLE AT THE TIME OF FILING

1Tax amount (from table 6)

2Less tax deducted at source (from table 7)

3 Tax payable/refundable at the time of iling the tax return (1-2)

TAXPAYER’S DECLARATION

I hereby declare that the information given in this Form and the supporting document(s) attached herewith are true and correct to the

best of my knowledge and belief. In case any information is found incorrect, I assume full responsibility thereof and shall be liable for ines and penalties as per Chapter 5 of the General Provisions of the Income Tax Act of the Kingdom of Bhutan, 2001.

______________________		/Signature of the taxpayer: __________________________
Taxpayer’s bank account number _________________		/ Signature of the authorised representative*
Name of bank/branch _______________________________________________________________			Date : ___________

/A letter of authorisation from the taxpayer must be attached.

/ For Oficial Use Only

File number______________________TRM number (SD) ______________ /(DA) ________________ /(FA) __________________

Refund ID number (DA) ______________________ /(FA) ________________________________________________________

/Deposited Vide Money Receipt No. ________________________________________________

/dated _________________________		/Month _____________________		/.Year ________________________
/Received by(	/Name)__________________		/Assessed by (	/Name)____________________
/Signature)_________________________________________			/Signature) ________________________________

/Remarks________________________________________ / Remarks________________________________

INSTRUCTIONS OVERLEAF

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/GENERAL INFORMATION

1.WHO MUST FILE A TAX RETURN?

•A person having income from sources mentioned below in Q3 exceeding Nu. 100,000 per annum.

•Minor below 18 years of age having income from sources as mentioned below in Q3

•Resident earning personal income from sources as mentioned below in Q3

•Any person claiming a refund

2.HOW TO FILE?

•Husband and wife must ile a separate tax return but at the same RRCO.

•Income of minors (individuals under 18 years of age) must be clubbed with one of the parent’s income and ile together with the parent.

•Where a minor has a guardian appointed by the Court, income of the minor must be iled separately.

3.WHAT ARE THE SOURCES OF INCOME UNDER PERSONAL INCOME TAX?

•Salary income from employment or consultancy services.

•Rental income from properties such as land, building and houses.

•Dividend income from shareholdings in a company.

•Interest income from ixed deposit accounts.

•Cash crop income from apples, oranges and cardamom orchards.

•Income from other sources such as hiring of privately owned vehicle, plant and machinery, and intellectual property rights.

4.WHERE AND WHEN TO FILE YOUR TAX RETURN?

Tax return must be iled within 1st March following the income year at the Regional Revenue & Customs Ofice (RRCO) where you have

registered as a taxpayer.

5.Setoff is allowed only within the same source of income, but not between different sources of income.

CHECKLIST OF REMINDERS

Have you illed in the details of your personal income correctly in

Table 1 to Table 8? To ensure correct declaration and to avoid, please

check once again.

aHave you enclosed TDS certiicates for the following?

•Salary income

•Rental income

•Dividend Income

•Interest Income

•Income from Other sources

aHave you enclosed all supporting documents and receipts for

•Interest paid on loans for real property,

•Insurance premium paid for real property,

•Local taxes paid for real property,

•Interest paid on loans for buying shares.

aHave you enclosed bank statements for interest income?

aHave your speciied whether your ixed deposit account is a single or joint account?

aHave you transferred the amounts from Table 4.1, 4.2, 4.3, 4.4, 4.5, and 4.6 correctly to Table 5? To ensure correct computation, please

check once again.

aHave you enclosed all supporting documents relating to donations and education allowance?

aHave you calculated your tax amount correctly in Table 6?

aHave you put your name & signature?

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