Provided that, in making an assessment for the year for which the income, profits and gains of the industrial undertaking become liable to tax for the first time after the expiry of the period for which such income, profits and gains are [exempt] under the provisions of sub-section (1), sub-section (4) or sub-section (4A), credit shall be given for any income-tax and super-tax paid in respect of the income, profits and gains to which this sub-section applies; and where no income-tax or super-tax is payable for such year or the amount of the income-tax and super-tax so paid exceeds the amount of the income-tax and super-tax payable for such year, the income-tax and super-tax so paid or as the case may be, the amount so in excess shall be carried forward to the following year:

Provided further that nothing in this sub-section shall apply to any case where the computation of such income, profits and gains discloses a loss.”

            (9) in section 15D, in sub-section (2), the proviso shall be omitted;

            (10) after section 15G, the following new section 15H shall be, inserted, namely:-

“15H. PersonalAllowance.-The tax shall not be payable by an assessee, being an individual, Hindu Undivided family, un-registered firm or association of persons on such portion of his total income as does not exceed one thousand Taka.”;

            (11) in section 17, in sub-section (5), in clause (b),-

(a)   in sub-clause (i), in paragraph (2), for the word “twenty” the word “twenty-five” shall be substituted; and

(b)   in sub-clause (ii), in paragraph (2),-

(i)    in sub-paragraph (i), for the word “seventy” the word “sixty” shall be substituted; and

(ii)    in sub-paragraph (ii), for the word “ten” the word “five” shall be substituted;

            (12) in section 18, in sub-section (3), after the words “Interest on Securities”, the commas and words “not being interest payable on debentures issued by or on behalf of a local authority or a company”, shall be inserted;

            (13) in section 18A,-

(a)   in sub-section (1),-

(i)    for the words “the year for which he is required to pay” the words “the year in which he is required to pay” shall be substituted; and

(ii)   for the word “deductible” the word “deducted” shall be substituted;

(b)   in sub-section (5),  for the word “two” the word “four” shall be substituted;

(c)   in sub-section (5A), for the word “two” the word “four” shall be substituted; and

(d)   after sub-section (6), the following new sub-section (6A) shall be inserted, namely:-

“(6A) where an assessee could not pay tax or the tax so paid is less than what he is required to pay on the income, profits and gains of any previous year ending at any time after the thirtieth day of June, 1970, and before the first day of July, 1971, under this section, he shall pay the same in two equal instalments to the credit of the Government on or before the thirtieth day of May and the twentieth day of June, 1972:

Provided that provisions of sub-section (6) shall apply in like manner in determining any short payment by an assessee:

Provided further that in case of any short payment, additional amount of tax as provided in sub-section (6) shall be payable by the assessee with effect from the 1st day of June, 1972;

            (14) in section 21, in clause (a), for the words and comma “perquisite, benefit or amenity” the words, brackets, figures and letters “income in respect of which tax has been deducted or is deductible under sub-section (3B) or (3BB) of section 18” shall be substituted;

            (15) in section 22A, for the full-stop at the end a colon shall be substituted and thereafter the following proviso shall be inserted, namely:-

            “Provided that as respects any assessment for the year beginning on the first day of July, 1971, the provisions of this section shall be deemed to have been complied if the tax under this section as specified is paid on or before thirty-first day of March, 1972”.

            (16) for section 23A, the following shall be substituted, namely:-

“23A,-Provisions in respect of undistributed income-(1) where in respect of any previous year a company has not, up to the period of six months immediately following the expiry of the previous year, distributed as [dividend] or paid, as bonus to the shareholders at least sixty per cent of the net income of such previous year, the amount calculated in the manner laid down in sub-section (2) shall be deemed to be the undistributed income of the company for such previous year.

(2) for the purpose of this section,-

(a)   ‘net income’ shall be the total income is reduced by-

(i)    the amount of income-tax and super-tax chargeable on the total income excluding the amount of income-tax chargeable in respect of the undistributed income; and

(ii) any bonus or bonus shares declared, issued or paid to the shareholders of the company, and included in the total income under the provisions of Explanation 4 to subsection (1) of section 4; and

(b) ‘undistributed income’ shall be the net income as reduced by-

(i)    any amount distributed as dividend or paid as a bonus to the shareholders; and

(ii)   ten per cent of the total income.”

            (17) in section 24, in sub-section (2B), in the proviso, for the word “ten” wherever occurring the word “five” shall be substituted;

            (18) in section 30,-

(a)   in sub-section (1),-

(i)    the words, commas, brackets, figures and letter “and an assessee, being a company objecting to an order made by an Income-tax Officer under sub-section (1) of section 23A”, shall be omitted; and

(ii)   the second proviso shall be omitted; and

(b)   in sub-section (2),-

(i)    the words’  brackets, figures and letter “sub-section (1) of section 23A or under” shall be omitted; and

(ii)   the proviso shall be omitted;

            (19) in section 34, in sub-section (2), in the proviso, in clause (i),-

(1)   in sub-clause (a), the word “and” occurring after the semi-colon shall be omitted;

(2)   in sub-clause (b), after the semi-colon at the end, the word “and” shall be added; and

(3)   after sub-clause (b), amended as aforesaid, the following new sub-clause shall be added, namely:-

“(c) in relation to the income, profits or gains which, were first assessable in the year, 1966-67, the words “five years” were substituted.

            (20) in section 35,-

(a)   sub-section (7) shall be omitted; and

(b) for sub-section (8) the following shall be substituted, namely:-

“(8) where, as a result of proceedings initiated under sub-section (1) of section 34, a firm or an association of persons is assessed or re-assessed, and the Income-tax Officer concerned is of opinion that it is necessary to compute or re-compute the total income of a partner in the firm or a member of the association of persons, as the case may be, the Income-tax Officer may proceed to compute or re-compute the total income and determine the sum payable on the basis of such computation or re-computation as if the computation or re-computation is a rectification of a mistake apparent from the record within the meaning of this section, and the provisions of sub-section (1) shall apply accordingly, the period of four years specified therein being reckoned from the date of the final order passed in the case of the firm or association of persons, as the case may be.”;

            (21) in section 43A, after the figure “46” the words, figure and letter “and section 46A” shall be inserted;

            (22) in section 44D, in sub-section (7), clause (c) shall be omitted;

            (23) in section 45,-

(a)   the words, brackets,  figures and letter “under sub-section (3) of section 23A  or” shall be omitted; and

(b)   the words, brackets, letter and figures “or clause (a) of sub-section (1) of section 33” shall be omitted;

            (24) in section 54, in sub-section (3),-

(a)   in clause (o), for the full-stop at the end the semi-colon and word “; or” shall be inserted; and

(b)   after clause (o) amended as aforesaid, the following new clause (p) shall be added, namely:-

“(p) of such information as may be required by the Securities and Exchange Authority of Bangladesh for the purposes of the Securities and Exchange Ordinance, 1969 (XVII of 1969).”

            (25) in section 66,-

(a)   in sub-section (i),-

(i)    for the words and the commas and the colon “require the Appellate Tribunal to refer to the High Court any question of law arising out of such order, and the Appellate Tribunal shall within ninety days of the receipt of such application draw up a statement of the case and refer it to the High Court;” the words and the full-stop “refer to the High Court any question of law arising out of such order.” shall be substituted; and

(ii)   the proviso shall be omitted;

(b)   for sub-sections (2), (3) (3A) and (4), the following shall be substituted, namely:-

“(2) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such documents in any language other than English, also by a translation thereof in English, namely:-

(a)   Certified copy, in triplicate, of the order of the Appellate Tribunal out of which the question of law has [arisen];

(b)   Certified copy, in triplicate, of the order of the Income-tax Officer, the Inspecting Assistant Commissioner or the Appellate Assistant Commissioner as the case may be, which was the subject-matter of appeal before the Appellate Tribunal; and

(c)   Certified copy, in triplicate, of any other documents the contents of which are relevant to the question of law formulated in the application and which was produced before the Income-tax Officer, the Inspecting Assistant Commissioner, the Appellate Assistant Commissioner or the Appellate Tribunal, as the case may be, in the course of any proceedings relating to any order referred to in clause (a) or clause (b),

(3)   Where the assessee is the applicant, the Commissioner shall be made a respondent; and where the Commissioner is the applicant the assessee shall be made a respondent;

Provided that where an assessee dies or [is adjudicated insolvent or] is succeeded by another person or is a company which is being wound up, the application shall not abate and may, if the assessee was the applicant, be continued by, and if he was the respondent, be continued against, the executor, administrator or successor or other legal representative of the assessee, or by a against the liquidator or receiver as the case may be.

(4)     In respect of cases referred to in sub-section (5) of section 5 where the Inspecting Assistant Commissioner performs the functions of an Income-tax Officer, reference in this section to Commissioner shall be construed as reference to the Central Board of Revenue.

(4A) On receipt of the notice of the date of hearing of the application, the respondent shall, at least seven days before the date of hearing, submit in writing a reply to the application; and he shall therein specifically admit or deny whether the question of law formulated by the applicant arises out of the order of the Appellate Tribunal. If the question formulated by the applicant is, in the opinion of the respondent, defective, the reply shall state in what particular the question is defective and what is the exact question of law, if any, which arises out of the said order; and the reply shall be in triplicate and be accompanied by any documents, (along with a translation in English of those of such documents as are not in English) which are relevant to the question of law formulated in the application and which were produced before the Income-tax Officer, the Inspecting Assistant Commissioner, the Appellate Assistant Commissioner or the Appellate Tribunal, as the case may be, in the course of any proceedings relating to any order referred to in clause (a) or clause (b) of sub-section (1).”;

(c)   in sub-section (5), for the words “such case” the words “such application” shall be substituted;

(d)   in sub-section (7A), the words, brackets and figures “or sub-section (2) or sub-section (3)” shall be omitted; and

(e)   after sub-section (7A), amended as aforesaid, the following new sub-section (8) shall be added, namely.-

“(8) Any application made to the Appellate Tribunal or any question of law referred to the High Court by the Appellate Tribunal before the first day of July, 1971, shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972, had not come into force.”;

            (26)  in the First Schedule.-

(A) in rule 2, after the words “Life insurance business”, the commas and words “other than pension and annuity business,” shall be inserted;

(B)   after rule 2, amended as aforesaid, the following new rule 2A shall be inserted, namely:-

“(2A) The profits and gains of pension and annuity business shall be taken to be the annual average of the surplus computed in the manner laid down[in clause (b) of rule 2.]”.

(C) in rule 3,-

(1)   the words and figure “for the purpose of rule 2” shall be omitted; and

(2)   in clause (a),-

(a)   for the words and colon “three-fourth of the amounts paid to or reserved for or expended on behalf of policy-holders shall be allowed as a deduction” the following shall be substituted, namely:-

“under clause (b) of rule 2, for the purpose of life insurance business three-fourth of the amounts paid to or reserved for or expended on behalf of policy-holders shall be allowed as a deduction, and under rule 2A, the amounts paid to or reserved for or expended on behalf of the members of an approved superannuation fund shall be allowed as a deduction.”;

(b)   in the second proviso,-

(i)    after the word “Policy-holders” wherever occurring, the words and commas “or members of an approved superannuation fund, as the case may be”, shall be inserted; and

(ii)   after the words “such amount” the words “or the entire amount” shall be inserted; and

(D) in rule 5,-

(1)   in clause (vi), for the full-stop at the end a semi-colon shall be substituted; and

(2)   after clause (vi), amended as aforesaid the following new clause (vii) shall be added, namely :-

“(vii) ‘pension and annuity business’ means any life insurance business relating to a contract with the trustees of an approved superannuation fund, [where] such contract is-

(a)   entered into only for the purpose of such fund, and

(b)   so framed that the liabilities undertaken thereunder by the person carrying on the insurance business correspond with the liabilities against which the contract is intended to secure such fund.”.