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The Finance Order, 1972 (President's Order)

( PRESIDENT'S ORDER NO. 77 Of 1972 )

Amendment of Act XI of 1922
4. The following amendments shall be made in the Income-tax Act, 1922 (XI of 1922), namely:-
 
 
(1) Throughout the Act, for the words “Central Board of Revenue” the words “National Board of Revenue” shall be substituted and shall be deemed to have been so substitute on the sixteenth day of December, 1971;
 
 
(2) in section 2,-
 
 
(a) for clause (4B) the following shall be substituted, namely:-
 
 
“(4B). “the National Board of Revenue” means the National Board of Revenue constituted under the National Board of Revenue Order, 1972”; and
 
 
(b) in clause (6A), in the second proviso for the words, figures and letters “Section 12 or section 15BB” the words and figure “or section 12” shall be substituted;
 
 
(3) in section 4,-
 
 
(a) in sub-section (1), in Explanation 3, the words and figures “or section 15BB” shall be omitted; and
 
 
(b) in sub-section (3),-
 
 
(i) clause (XV) shall be omitted;
 
 
(ii) for clause (xvii) the following shall be substituted, namely:-
 
 
“(xvii) Any income, not exceeding taka five thousand, chargeable under the head ÔÇÿinterest on securities' received by an assessee, being an individual, from interest on any securities of the Government”; and
 
 
(iii) in clause (xviii), in the proviso, the words, brackets and figure “clause (xv) and” shall be omitted;
 
 
(4) in section 5A, in sub-section (4), the word “ordinarily” shall be omitted;
 
 
(5) in section 7, in sub-section (1), in the fourth proviso, for the words “three hundred and sixty” the words “six hundred” and for the words “two hundred and forty” the words “three hundred and sixty” shall be substituted;
 
 
(6) in section 10,-
 
 
(1) in sub-section (2),-
 
 
(a) in clause (iii), the second proviso shall be omitted; and
 
 
(b) in clause (va), in Explanation, for paragraph (1) the following shall be substituted, namely:-
 
 
“(1) “specified year“ means the year immediately following the year in which industrial undertaking was set-up; and”; and
 
 
(2) in sub-section (9), the proviso shall be omitted;
 
 
(7) section 15BB shall be omitted;
 
 
(8) in section 15D, in sub-section (1), in the second proviso, the words and commas “not being a donation to the Quaid-E-Azam Memorial Fund,” shall be omitted;
 
 
(9) in section 15H, for the word “one” the word “two” shall be substituted';
 
 
(10) in section 30, in sub-section (1), for the existing third proviso the following shall be substituted and shall be deemed to have been so substituted on the first day of July, 1971, namely:
 
 
“Provided further that no appeal shall be filed under this section in respect of any order in any case where the said order has been passed by an Inspecting Assistant Commissioner of Income-tax exercising the powers conferred on an Income-tax Officer under sub-section (5) of section 5,”;
 
 
(11) in section 34, in sub-section (2), in the proviso in clause (1),
 
 
(a) in sub-clause (b), the word “and” appearing after the semi-colon shall be omitted;
 
 
(b) in sub-clause (c), after the semi-colon the word “and” shall be substituted.”
 
 
(c) after the sub-clause (c), amended as aforesaid, the following new sub-clause (d) shall be added, namely:-
 
 
“(d) in relation to the income, profits or gains which were first assessable in the year 1967-68, the words “five years” were substituted”.;
 
 
(12) in section 66, in sub-section (1), the words “in the prescribed form” shall be omitted and shall be deemed to have been so omitted on the 1st day of July, 1971 and for the word “rupees” the word “taka” shall be substituted; and
 
 
(13) in the Third Schedule, Rule 6 shall be omitted.

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Ministry of Law, Justice and Parliamentary Affairs