16. (1) Where an Act of Parliament provides that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall, subject to the provisions of that Act, be charged, levied, paid and collected in accordance with the provisions of this Ordinance in respect of the total income of the income year or income years, as the case may be, of every person:

Provided that where under the provisions of this Ordinance income-tax is to be charged in respect of the income of a period other than the income year, income-tax shall be charged, levied, paid and collected accordingly.

(2) Where under the provisions of this Ordinance income-tax is to be deducted at source, or paid or collected in advance, it shall be deducted, paid and collected accordingly.

¹[(3) Notwithstanding anything contained in sub-section (1), income tax shall be charged at the rates specified in Chapter VII and the Second Schedule in respect of-

(i) any income classifiable under the head “Capital gains”;

(ii) any income by way of “dividend” referred to in clause (26) of section 2; and

(iii) any income by way of “winnings” referred to in section 19(13).]

²[16A. (1) Where any Act of Parliament enacts that a surcharge on income shall be charged for any assessment year at any rate or rates, such surcharge at that rate or those rates shall be charged for that year in respect of the total income of the income year or the income years, as the case may be, of every person.

(2) All the provisions of this Ordinance relating to charge, assessment, deduction at source, payment in advance, collection, recovery and refund of income tax shall, so far as may be, apply to the charge, assessment, deduction at source, payment in advance, collection, recovery and refund of the surcharge.]

³[⁴[16B. Charge of additional tax.-Notwithstanding anything contained in any other provision of this Ordinance, where any person employs or allows, without prior approval of the ⁵[appropriate authority of the Government], any individual not being a Bangladeshi citizen to work at his business or profession at any time during the income year, such person shall be charged additional tax at the rate of fifty percent (50%) of the tax payable on his income or taka five lakh, whichever is higher in addition to tax payable under this Ordinance.

16BB. Where under the provisions of this Ordinance any interest, amount or any other sum, by whatever name called, is to be charged in addition to tax, it shall be charged, levied, paid and collected accordingly.

16BBB. Where under the provisions of this Ordinance any minimum tax is to be charged, it shall be charged, levied, paid and collected accordingly.]

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⁷[***]

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16D. [Charge of dividend distribution tax- Omitted by section 10 of অর্থ আইন, ২০০৫ (২০০৫ সনের ১৬ নং আইন), which was inserted by section 18 of অর্থ আইন, ২০০৩ (২০০৩ সনের ১৭ নং আইন).]

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¹⁰[16F.  Notwithstanding anything contained in this Ordinance or any other law for the time being in force, if in an income year, the amount of stock dividend declared or distributed exceeds the amount of cash dividend declared ordistrbuted or without declaration or distribution of any cash divided by a company registered under কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন) and listed to any stock exchange, tax shall be payable at the rate of ten per cent on the whole amount of stock dividend declared or distributed in that income year.

16G.  Notwithstanding anything contained in this ordinance or any other law for the time being in force, if in an income year, the total amount transferred to retained earnings or any fund, reserve or surplus, called by whatever name, by a company registered under কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন) and listed to any stock exchange exceeds seventy per cent of the net income after tax, tax shall be payable at the rate of ten per cent on the total amount so transferred in that income year.]

¹¹[16H. Where, in any income year, the assessee has, in the statements submitted by him,

(a) claimed to have carried on any import or export, and the amount paid or received for such import or export respectively, as shown in the statement, is found to be different from the actual transaction value, or

 

(b) claimed to have made any investment and the actual of investment is found to be lower than the amount of investment disclosed in the statement, tax, without prejudice to any other provisions of this Ordinance, shall be payable at the rate of fifty percent (50%) on the amount of the difference as mentioned in clause (a) or on the difference between the disclosed and the actual amount of investment as mentioned in clause (b), as the case maybe.]

17. (1) Subject to the provisions of this Ordinance the total income of any income year of any person includes- (a) in relation to a person who is a resident, all income, from whatever source derived, which- (i) is received or deemed to be received in Bangladesh by or on behalf of such person in such year; or (ii) accrues or arises, or is deemed to accrue or arise to him in Bangladesh during that year; or (iii) accrues or arises to him outside Bangladesh during that year; and (b) in relation to a person who is a non-resident, all income from whatever source derived, which- (i) is received or deemed to be received in Bangladesh by or on behalf of such person in such year; or (ii) accrues or arises, or is deemed to accrue or arise, to him in Bangladesh during that year. (2) Notwithstanding anything contained in sub-section (1), where any amount consisting of either the whole or a part of any income of a person has been included in his total income on the basis that it has accrued or arisen, or is deemed to have accrued or arisen, to him in any year, it shall not be included again in his total income on the ground that it is received or deemed to be received by him in Bangladesh in another year.

18. The following income shall be deemed to accrue or arise in Bangladesh, namely:- (1) any income which falls under the head “Salaries”, wherever paid if- (a) it is earned in Bangladesh; or (b) it is paid by the Government or a local authority in Bangladesh to a citizen of Bangladesh in the service of such Government or authority; ¹²[(2) any income accruing or arising, whether directly or indirectly , through or from-(a) any permanent establishment in Bangladesh; or(b) any property, asset, right or other source of income, including intangible property, in Bangladesh; or(c) the transfer of any assets situated in Bangladesh; or(d) the sale of any goods or services by any electronic means to purchasers in Bangladesh; or(e) any intangible property used in Bangladesh.Explanation.- For the purpose of clause (2)-(a) the shares of any company which is a resident in Bangladesh shall be deemed to be property in Bangladesh;(b) intangible property shall be deemed to be property in Bangladesh if it is-(i) registered in Bangladesh; or(ii) owned by a person that is not a resident of Bangladesh but has a permanent establishment in Bangladesh to which the intangible property is attributed;(c) the transfer of any share in a company that is not a resident of Bangladesh shall be deemed to be the transfer of an asset situated in Bangladesh to the extent that the value of the share transferred is directly or indirectly attributable to the value of any assets in Bangladesh;] (3) any dividend paid outside Bangladesh by a Bangladeshi company; (4) any income by way of interest payable- (a) by the Government; or (b) by a person who is a resident, except where the interest is payable in respect of any debt incurred, or moneys borrowed and used, for the purposes of a business or profession carried on by such person outside Bangladesh or for the purpose of making or earning any income from any source outside Bangladesh; or (c) by a person who is a non-resident where the interest is in respect of any debt incurred, or moneys borrowed and used for the purposes of a business or profession carried on by such person in Bangladesh or for the purposes of making or earning any income from any source in Bangladesh; (5) any income by way of fees for technical services payable- (a) by the Government; or (b) by a person who is a resident, except where such fees are payable in respect of services utilised in a business or profession carried on by any such person outside Bangladesh or for the purposes of making or earning any income from any source outside Bangladesh; or (c) by a person who is a non-resident where such fees are payable in respect of services utilised in a business or profession carried on by such person in Bangladesh or for the purposes of making or earning any income from any source in Bangladesh; (6) any income by way of royalty payable- (a) by the Government; or (b) by a person who is a resident, except where the royalty is payable in respect of any right, property or information used or services utilised for the purposes of a business or profession carried on by such person outside Bangladesh or for the purposes of making or earning any income from any source outside Bangladesh; or (c) by a person who is a non-resident where the royalty is payable in respect of any right, property or information used or services utilised for the purposes of a business or profession carried on by such person in Bangladesh or for the purposes of making or earning any income from any source in Bangladesh.

19. (1) Where any sum is found credited in the books of an assessee maintained for any income year and the assessee offers no explanation about the nature and source thereof, or the explanation offered is not, in the opinion of the Deputy Commissioner of Taxes, satisfactory, the sum so credited shall be deemed to be his income for that income year classifiable under the head “Income from other sources”.

(2) Where, in any income year, the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article and the Deputy Commissioner of Taxes finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income and the assessee offers no explanation about the excess amount or the explanation offered is not, in the opinion of the Deputy Commissioner of Taxes, satisfactory, the excess amount shall be deemed to be the income of the assessee for such income year classifiable under the head “Income from other sources”.

(3) Where, in any income year, the assessee has incurred any expenditure and he offers no explanation about the nature and source of the money for such expenditure, or the explanation offered is not in the opinion of the Deputy Commissioner of Taxes, satisfactory, the amount of the expenditure shall be deemed to be the income of the assessee for such income year classifiable under the head “Income from other sources”.

(4) Where, in the financial year immediately preceding the assessment year, the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of fund for the investments, or the explanation offered is not, in the opinion of the Deputy Commissioner of Taxes, satisfactory, the value of the investments shall be deemed to be the income of the assessee for such financial year classifiable under the head “Income from other sources”.

(5) Where, in the financial year immediately preceding the assessment year, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article which is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of fund for the acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered is not, in the opinion of the Deputy Commissioner of Taxes, satisfactory, the money or the value of the bullion, jewellery or other valuable article, shall be deemed to be the income of the assessee for such financial year classifiable under the head “Income from other sources”.

(6) Any income derived by an assessee in any income year (hereinafter in this sub-section referred to as the said income year) from any business or profession, which has been or was, discontinued at any time before the commencement, or during the courses, of the said income year shall, if such income would have been chargeable to tax if it had been received in the income year in which it accrued or arose, be deemed to be income chargeable to tax from such business or profession which shall, for the purposes of this Ordinance, be deemed to have been carried on before the commencement, or during the course, of the said income year.

(7) Any dividend declared or distributed by a company shall be deemed to be the income of the ¹³[ income year in which it is received] and shall be included in the total income of the assessee of that year.

(8) Where any assets, not being stock-in-trade ¹⁴[***], are purchased by an assessee from any company and the Deputy Commissioner of Taxes has reason to believe that the price paid by the assessee is less than the fair market value thereof, the difference between the price so paid and the fair market value thereof, the difference between the price so paid and the fair market value shall be deemed to be income of the assessee classifiable under the head “Income from other sources”.

(9) Where any lump sum amount is received or receivable by an assessee during any income year on account of salami or premia receipts by virtue of any lease, such amount shall be deemed to be income of the assessee of the income year in which it is received and classifiable under the head “Income from other sources”:

Provided that at the option of the assessee such amount may be allocated for the purpose of assessment proportionately to the years covered by the entire lease period, but such allocation shall in no case exceed five years.

(10) Where any amount is received by an assessee during any income year by way of goodwill money or receipt in the nature of compensation or damages for cancellation or termination of contracts and licences by the Government or any person, such amount shall be deemed to be the income of such assessee for that income year classifiable under the head “Income from other sources”.

(11) Where any benefit or advantage, whether convertible into money or not, is derived by an assessee during any income year on account of cancellation of indebtedness ¹⁵[ * * *], the money value of such advantage or benefit shall be deemed to be his income for that income year classifiable under the head “Income from other sources” ¹⁶[ :

¹⁷[ Provided that the provisions of this sub-section shall not apply in case of a loan or interest waived in respect of an assessee  ¹⁸[being individual] by a commercial bank including Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, ¹⁹[ Bangladesh Development Bank Ltd.], or a leasing company or a financial institution registered under আর্থিক প্রতিষ্ঠান আইন, ১৯৯৩ (১৯৯৩ সনের ২৭ নং আইন) ²⁰[ :

Provided further that the provisions of this sub-section shall not apply in case of a benefit or advantage, of an assessee being an individual, not exceeding taka ten lakh resulting from the waiver of margin loan or interest thereof by a holder of Trading Right Entitlement Certificate (TREC) as defined under এক্সচেঞ্জেস ডিমিউচ্যুয়ালাইজেশন আইন, ২০১৩ (২০১৩ সনের ১৫ নং আইন) in respect of the assessee’s investment in shares, debentures, mutual funds or securities transacted in the stock exchange;]

(12) Any managing agency commission including compensation received during any income year by an assessee for termination of agencies or any modification of the terms and conditions relating thereto shall be deemed to be his income for that income year classifiable under the head “Income from other sources”.

(13) Any amount received by an assessee during any income year by way of winnings from lotteries, crossword puzzles, card games and other games of any sort or from gambling or betting in any form or of any nature whatsoever shall be deemed to be his income for that income year classifiable under the head “Income from other sources”.

(14) Any profits and gains derived in any income year from any business of insurance carried on by a mutual insurance association computed in accordance with the provisions of paragraph 8 of the Fourth Schedule shall be deemed to be the income of such association for that income year.

(15) Where, for the purpose of computation of income of an assessee under section 28, any deduction has been made for any year in respect of any loss, bad debt, expenditure or trading liability incurred by the assessee, and-

(a) subsequently, during any income year, the assessee has received ²¹[ except as provided in clause (aa)], whether in cash or in any other manner whatsoever, any amount in respect of such loss, bad debt, or expenditure, the amount so received shall be deemed to be his income from business or profession during that income year;

²²[ (aa) such amount on account of any interest which was to have been paid to any commercial bank or the ²³[ Bangladesh Development Bank Ltd].or on account of any share of profit which was to have been paid to any bank run on Islamic principles and which was allowed as a deduction in respect of such expenditure though such interest or share of profit was not paid by reason of the assessee having maintained his accounts on mercantile basis, within ²⁴[ three years] after expiry of the income year in which it was allowed, shall, to such extent as it remains unpaid, be deemed to be income of the assessee from business or profession during the income year immediately following the expiry of the said ²⁵[ three years;]

(b) the assessee has derived, during any income year, some benefit in respect of such trading liability, the value of such benefit, if it has not already been treated as income under clauses (c), shall be deemed to be his income from business or profession during that income year;

(c) such trading liability or portion thereof as has not been paid within three years of the expiration of the income year in which deduction was made in respect of the liability, such liability or portion, as the case may be, shall be deemed to be the income of the assessee from business or profession during the income year immediately following the expiry of the said three years;

and the business or profession in respect of which such allowance or deduction was made shall, for the purposes of section 28, be deemed to be carried on by the assessee in that year:

²⁶[ Provided that where any interest or share of profit referred to in clause (aa) or a trading liability referred to in clause (c) is paid in a subsequent year, the amount so paid shall be deducted in computing the income in respect of that year.]

(16) Where any building, machinery or plant having been used by an assessee for purpose of any business or profession carried on by him is disposed of during any income year and the sale proceeds thereof exceeds the written down value, so much of the excess as does not exceed the difference between the original cost and the written down value shall be deemed to be the income of the assessee for that income year classifiable under the head “Income from business or profession”.

(17) Where any machinery or plant exclusively used by an assessee for agricultural purposes has been disposed of in any income year and the sale proceeds thereof exceeds the written down value, so much of the excess as does not exceed the difference between the original cost and the written down value shall be deemed to be the income of the original cost and the written down value shall be deemed to be the income of the assessee for that income year classifiable under the head “Agricultural income”.

(18) Where any insurance, salvage or compensation moneys are received in any income year in respect of any building, machinery or plant which having been used by the assessee for the purpose of business or profession is discarded, demolished or destroyed and the amount of such moneys exceed the written down value of such building, machinery or plant, so much of the excess as does not exceed the difference between the original cost and the written down value less the scrap value shall be deemed to be the income of the assessee for that income year classifiable under the head “Income from business or profession”.

(19) Where any insurance, salvage or compensation moneys are received in any income year in respect of any machinery or plant which having been used by the assessee exclusively for agricultural purpose is discarded, demolished or destroyed and the amount of such moneys exceed the written down value of such machinery or plant, so much of the excess as does not exceed the difference between the original cost and the written down value less the scrap value shall be deemed to be the income of the assessee for that income year classifiable under the head “Agricultural income”.

(20) Where an asset representing expenditure of a capital nature on scientific research within the meaning of section 29 (1) (xx) is disposed of during any income year, so much of the sale proceeds as does not exceed the amount of the expenditure allowed under the said clause shall be deemed to be the income of the assessee for that income year classifiable under the head “Income from business or profession”.

Explanation 1.- For the purposes of this sub-section and sub-sections (16) and (17), “sale proceeds” shall have the same meaning as in the Third Schedule.

Explanation 2.- For the purposes of this sub-section and sub-sections (16) and (18), the business or profession in which the building, machinery, plant or assets, as the case may be, was used before its disposal, shall be deemed to be carried on by the assessee during the income year in which such disposal takes place.

²⁷[ ²⁸[ (21) Where any sum is claimed or shown to have been received as loan ²⁹[, advance or deposit of any kind called by whatever name,] or gift by an Assessee otherwise than by a bank transfer, the amount so received shall be deemed to be the income of such Assessee for the income year in which such loan ³⁰[, advance or deposit of any kind called by whatever name,] or gift was received, and shall be classifiable under the head “Income from other sources”:

Provided that-

(a) where a loan or part thereof, which was deemed as the income under this sub-section and included in the total income of the Assessee, is repaid ³¹[or converted into consideration for any goods or services] in a subsequent income year, the amount so repaid ³²[or converted into consideration for any goods or services] shall be deducted in computing the income of the Assessee for that income year;

(b) a loan shall not be deemed to be an income under this sub-section if the loan is taken from a banking company or a financial institution;

 

³³[(bb) deposits received by a Bank or a financial institution or an organization registered with Micro Credit Regulatory Authority or NGO Affairs Bureau shall not be deemed to be an income under this sub-section.]

(c) a loan or a gift received by an Assessee, being an individual, shall not be deemed to be the income under this sub-section, if-

(i) the aggregate amount of such loan or gift received in an income year does not exceed five lakh taka; or

(ii) the loan or the gift is received from spouse or parents ³⁴[or sons or daughters] of the Assessee, and a banking channel or a formal channel is involved in the process of such loan or gift.

³⁵[***]

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³⁷[ ***]

(22) Where an assessee, being the owner of a house property, receives from any person to whom such house property or any part thereof is let out any amount which is not adjustable against the rent payable, the amount so received shall be deemed to be income of the assessee for the income year in which it is received and be classifiable under the head “income from house property”:

Provided that at the option of the assessee such amount may be allocated, for the purpose of assessment in equal proportion to the year in which such amount is received and the four years next following:

Provided further that where such amount or part thereof is refunded by the assessee in a subsequent income year the amount so refunded shall be deducted in computing the income of the assessee in respect of that income year.

 

³⁸[(22A) Where an assessee, being the owner of a house property, recieved, from any person to whom such house property or any part thereof is let out, any amount exceeding taka 2 lakh other than bank transfer which is adjustable against the rent receivable, the amount shall be deemed to be the “Income from house property” of the assessee for the income year in which it is received:

Provided that where such amount is received through bank transfer, the amount shall be adjusted within five years after the year of receipt or the period of agreement whichever is lower, if after the expiry of the aforesaid period such amount or any part thereof remains unadjusted, the amount remained so unadjusted shall be deemed to be the “Income from house property” of the assessee in the income year in which such amount remains unadjusted.]

Explanation.¾In this sub-section, “bank transfer” means transfer from the account of the giver to the account of the receiver, and such accounts are maintained in a bank or financial institution legally authorised to operate accounts.]]

(23) Where during any income year an assessee, being an exporter of garments, transfers to any person, the export quota or any part thereof allotted to him by the Government, such portion of the export value of the garments exportable against the quota so transferred as may be prescribed for this purpose shall be deemed to be income of the assessee for that income year, classifiable under the head “Income from business or profession”.]

³⁹[ ⁴⁰[ (24) Where a company, not listed with any stock exchange, receives paid up capital from any shareholder during any income year in any other mode excepting by crossed cheque or bank transfer, the amount so received as paid up capital shall be deemed to be the income of such company for that income year and be classifiable under the head "Income from other sources".]

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⁴²[ ⁴³[ ***]

(27) Where an assessee, being a company, purchases directly or on hire one or more motor car or jeep and value of any motor car or jeep exceeds ten percent of its ⁴⁴[ paid up capital together with reserve and accumulated profit], then fifty percent of the amount that exceeds such ten percent of the ⁴⁵[ paid up capital together with reserve and accumulated profit] shall be deemed to be the income of such assessee for that income year classifiable under the head "Income from other sources".]

⁴⁶[ ***]

⁴⁷[ (29) Where an assessee, not being an assessee engaged in real estate business during any income year, purchases on credit any material for the purpose of construction of building or house property or its unit and fails to pay the sum or any part thereof representing the liability in respect of such purchase, the sum or any part thereof, ⁴⁸[ which has not been paid within two years from the end of the income year in which the purchase was made, shall be deemed to be the income of the assessee for the income year immediately following the expiry of the said two years and be classifiable under the head "Income from other sources”].

(30) Where an assessee, in the course of any proceedings under this Ordinance, is found to have any sum or part thereof allowed or deducted but not spent in accordance with the provision of clause (h) of sub-section (1) of section 25 of this Ordinance, such unspent sum or part thereof shall be deemed to be the income of such assessee for that income year classifiable under the head “Income from house property”.

⁴⁹[ (31) Where an assessee files a revised return or an amended return under sections 78, 82BB or 93 and shows in such revised return or amended return any income that is subject to tax exemption or a reduced tax rate ⁵⁰[or any income derived from the sources mentioned in paragraph 33 of Part A of THE SIXTH SCHEDULE], so much of such income as exceeds the amount shown in the original return shall be deemed to be income of the assesseefor that income year classifiable under the head "Income from other sources.]]

 

⁵¹[Explanation.¾For the purpose of this sub-section income that is subject to tax exemption or a reduced tax rate does not include the exclusions from total income as mentioned in PART A of the THE SIXTH SCHEDULE]

 

⁵²[(32) Where any payment made for acquiring any asset or constitutes any asset and tax has not been deducted therefrom in accordance with Chapter VII, such payment shall be deemed to be the income of the person responsible for making the payment under this Ordinance and classifiable under the head “Income from other source” in the income year in which the payment was made.]]

⁵³[***]

⁵⁴[***]

⁵⁵[Omitted]

⁵⁶[****]

⁵⁷[***]

⁵⁸[19AAAAAA.  1. Notwithstanding anything contained in this Ordinance or any other law for the time being in force, no question as to the source of any sum, if invested in between first day of July, 2021 and thirtieth day of June, 2022 (both days inclusive), in new industrial undertaking shall be raised by any authority if an individual pays on or before the thirtieth day of June, 2022, tax at the rate of ten percent (10%) on the sum so invested.

2. Tax under this section shall only be payable by pay order or by automated challan, as the case may be.]

⁵⁹[***]

⁶⁰[***]

⁶¹[***]

⁶²[***]

⁶⁴[19BBBBB. (1) Notwithstanding anything contained in this Ordinance, source of any sum invested by any person, in the construction or purchase of any  ⁶⁵[building] or apartment shall be deemed to have been explained if the assessee pays, before the assessment for the relevant assessment year in which the investment is completed, tax at the following rate –

(a) for building or apartment situated in the area of Gulshan Model Town, Banani, Baridhara, Motijheel Commercial Area and Dilkusha Commercial Area of Dhaka¾

(i) taka four thousand per square meter in the case of a building or an apartment the plinth area of which does not exceed two hundred square meter;

(ii) taka five thousand per square meter in the case of a building or an apartment the plinth area of which exceeds two hundred square meter;

(b) for building or apartment situated in the area of Dhanmandi Residential Area, Defence Officers Housing Society (DOHS), Mahakhali, Lalmatia Housing Society, Uttara Model Town, Bashundhara Residential Area, Dhaka Cantonment, Kawran Bazar, Bijaynagar, Segunbagicha, Nikunja of Dhaka, and Panchlaish, Khulshi, Agrabad and Nasirabad Area of Chattogram¾

(i) taka three thousand per square meter in the case of a building or an apartment the plinth area of which does not exceed two hundred square meter;

(ii) taka three thousand and five hundred per square meter in the case of a building or an apartment the plinth area of which exceeds two hundred square meter;

(c) for building or apartment situated in the area of any City Corporation other than areas mentioned in clauses (a) or (b)¾

(i) taka eight hundred per square meter in the case of a building or an apartment the plinth area of which does not exceed one hundred and twenty square meter;

(ii) taka one thousand per square meter in the case of a building or an apartment the plinth area of which exceeds one hundred and twenty square meter but does not exceed two hundred square meter;

(iii) taka one thousand and five hundred per square meter in the case of a building or an apartment the plinth area of which exceeds two hundred square meter;

(d) for building or apartment situated in the area of a Paurasabha of any district headquarters¾

(i) taka three hundred per square meter in the case of a building or an apartment the plinth area of which does not exceed one hundred and twenty square meter;

(ii) taka five hundred per square meter in the case of a building or an apartment the plinth area of which exceeds one hundred and twenty square meter but does not exceed two hundred square meter;

(iii) taka seven hundred per square meter in the case of a building or an apartment the plinth area of which exceeds two hundred square meter;

(e) for building or apartment situated in the area other than the areas mentioned in clauses (a) to (d)¾

(i) taka two hundred per square meter in the case of a building or an apartment the plinth area of which does not exceed one hundred and twenty square meter;

(ii) taka three hundred per square meter in the case of a building or an apartment the plinth area of which exceeds one hundred and twenty square meter but does not exceed two hundred square meter;

(iii) taka five hundred per square meter in the case of a building or an apartment the plinth area of which exceeds two hundred square meter;

(2) The rate of tax mentioned in sub-section (1) shall be twenty per cent higher in case where the assessee already owns a building or an apartment in any City Corporation before such investment is completed; or the assessee makes such investment in two or more buildings or apartments.

(3) The rate of tax mentioned in sub-section (1) shall be one hundred per cent higher in case, where¾

(a) a notice under section 93 has been issued before submission of such return of income for the reason that any income, asset or expenditure has been concealed or any income or a part thereof has escaped assessment;

(b) a notice under clause (f) of section 113 has been issued before submission of such return of income;

(c) any proceeding under sections 164, 165 or 166 has been initiated before submission of such return of income.

 (4) The provision of this section shall not apply where the source of such investment, made by the assessee for the construction or purchase of such ⁶⁶[building] or apartment, is¾

(a) derived from any criminal activities under any other law for the time being in force; or

 (b) not derived from any legitimate source.] 

⁶⁷[19C.- Notwithstanding anything contained in any other provision of this Ordinance, no question as to the source of any sum invested by any person in the purchase of bond issued or caused to be issued under Bangladesh Infrastructure Finance Fund during the period between the first day of July, 2010 and thirtieth day of June, 2012 (both days inclusive), shall be raised if the assessee pays, before the filing of return of income for the relevant income year, tax at the rate of ten per cent on such sum invested.]

⁶⁸[* * *]

⁶⁹[19DD.  Notwithstanding anything contained in this Ordinance or any other law for the time being in force, no question shall be raised as to the source of any sum invested in any economic zone declared under section 5 of বাংলাদেশ অর্থনৈতিক অঞ্চল আইন, ২০১০ (২০১০ সনের ৪২ নং আইন)  or in any hi-tech park declared under section 22 of বাংলাদেশ হাই-টেক পার্ক কর্তৃপক্ষ আইন, ২০১০ (২০১০ সনের ৮নং আইন) for setting up industrial undertaking engaged in producing goods or services therein within the period from the first day of July, 2019 and the thirtieth day of June, 2024 (both days inclusive) by a company, if tax at the rate of ten per cent is paid on the sum so invested before filing of the return for the concerned income year.]

⁷⁰[19E. (1) Notwithstanding anything contained in this Ordinance, any person-

(a) who has not been assessed to tax for previous assessment year or years and he has not submitted return of income for those year or years may disclose such income in the respective heads of income in the return of income along with the income for the current assessment year; or

(b) who has been assessed to tax for previous assessment year or years and any income has escaped assessment in those assessments or the amount of income assessed is less than the actual income, may disclose that income for respective heads of income in the return of income along with the income for the current assessment year.

(2) Return of income mentioned in sub-section (1) shall be treated as valid, if-

(a) the assessee pays before the submission of return-

(i) tax payable at applicable rate on total income including such income under respective heads of income; and

(ii) penalty at the rate of ten percent of tax proportionate to such income under respective heads of income;

(b) the return of income is submitted within the time specified in ⁷¹[sub-section (5)] of section 75; and

(c) a declaration is enclosed with the return of income in respect of the following:

(i) name of the person declaring;

(ii) head of the declared income and amount thereof; and

(iii) amount of tax and penalty paid thereof.

(3) The provision of this section shall not apply where-

⁷²[(a) a notice under section 93 has been issued before submission of such return of income for the reason that any income, assets or expenditure has been concealed or any income or a part thereof has escaped assessment;]

(b) a notice on a banking company under clause (f) of section 113 has been issued before submission of such return of income;

(c) any proceeding under sections 164, 165 or 166 has been initiated before submission of such return of income; ⁷³[***]

(d) any income declared under this section is-

(i) not derived from any legitimate source of income; or

(ii) derived from any criminal activities under any other law for the time being in force⁷⁴[;or

(e) any income declared under this section which is –

(i) exempted from tax in the concerned income year; or

(ii) chargeable to tax at a reduced rate in accordance with section 44 of this Ordinance.

(4) The income shown under this section may be invested in any income generating activities or any sector including the following:

(a) industrial undertaking including its expansion;

(b) balancing, modernization, renovation and extension of an existing industry;

(c) building or apartment or land;

(d) securities listed with a Stock Exchange in Bangladesh; or

(e) any trade, commercial, or industrial venture engaged in production of goods or services.]

⁷⁵[19F. (1) Notwithstanding anything contained in this Ordinance or any other law for the time being in force, no question as to the source of the undisclosed asset located outside of Bangladesh shall be raised by any authority if an assessee pays, before the submission of return of income applicable for the assessment year 2022-2023, tax at the rate specified in the following table:

Table

Description of the Asset	Rate of tax
Any cash or cash equivalents, bank deposits, bank notes, bank accounts, convertible securities and financial instruments if repatriated to Bangladesh through banking channel	7%

 

(2) Where an assessee repatriates any sum from abroad under the scheme of this section, the bank responsible for crediting to the account of the assessee shall deduct tax in accordance with sub-section (1) before crediting and give a certificate of such deduction to the assessee.

Subject to sub-section (2), tax under this section shall only be paid by automated challan.

The provisions of this section shall not apply to cases where any proceeding has been drawn on account of tax evasion or criminal activities under any provision of this Ordinance or any other law by thirtieth June, 2022.

For the purpose of this section, “return” shall include amended return under section 82BB or revised return under section 78 and be submitted by thirtieth day of June, 2023.

⁷⁶[19G. (1) Without prejudice to any other liability which may incur under any other provision of this Ordinance and any other law for the time being in force, where any person being a resident Bangladeshi is found to be the owner of any offshore asset not disclosed in the return and the assessee offers no explanation about the nature and source thereof or the explanation offered is not satisfactory, the Deputy Commissioner of Taxes shall, after ensuring a reasonable opportunity of being heard, proceed to recover from such person the amount of penalty equal to the fair value of such offshore asset.

(2) The Deputy commissioner of Taxes shall have the authority to recover the penalty under this section by confiscating or selling any asset held by or on behalf of the assessee.

(3) The Deputy of Commissioner of Taxes shall have the power to conduct an offshore investigation, where he has reason to believe that an assessee has offshore assets not disclosed in the return.

(3) To prevent holding undisclosed offshore asset and to recover such undisclosed asset, the Board shall have the power to-

(a) take necessary action as it deems fit; or

(b) allow, conduct, permit, arrange an inquiry or investigation by any income tax authority not being below the rank of Deputy Commissioner of Taxes.