44. (1) Notwithstanding anything contained in this Ordinance, any income or class of income or the income of any person or class of persons specified in Part A of the Sixth Schedule shall be exempt from the tax payable under this Ordinance, subject to the limits, conditions and qualifications laid down therein and shall be excluded from the computation of total income under this Ordinance.

¹[(2) Subject to the provisions of this Ordinance and the limits, conditions and qualifications laid down in Part B of the Sixth Schedule,-

(a) tax shall not be payable by an assessee in respect of any income or any sum specified in paragraphs 15 and 16 of the said Part B; and

²[³[(b) an assessee, being a resident or a non-resident Bangladeshi, shall be entitled to a credit from the amount of tax payable on his total income at the rate of 15% (fifteen percent) of the eligible amount:

Provided that an assessee who fails to submit return of income as required under section 75 shall be entitled to a credit from the amount of tax payable on his total income at the rate of 7.5% (seven point five percent) of the eligible amount]

(c) the “eligible amount” mentioned in clause (b) shall be the lesser of-

(i) the sums specified in all paragraphs excluding paragraphs 15 and 16 of Part B of the Sixth Schedule; or

(ii) ⁴[20%] of the total income excluding any income for which a tax exemption or a reduced rate is applicable under sub-section (4) of section 44 or any income from any source or sources mentioned in clause (a) of sub-section (2) of section 82C; or

(iii) one crore ⁵[***] taka.”;].

⁶[***]

Provided that the amount admissible under clause (a) shall not, under any circumstances, exceed ⁷[thirty per cent] of the total income of the assessee.]

(4) The Government may, by notification in the official Gazette,-

(a) make such amendments by way of addition, omission, alteration or qualification in the Sixth Schedule as it may deem fit; and

(b) make any exemption, reduction in rate or other modifications in respect of tax in favour of any class of income or in regard to the whole or any part of the income of any class of persons ⁸[.***]

⁹[(5) Notwithstanding anything contained in clause (b) of sub-section (4) or any other section in Chapter VI-

¹⁰[(a) the income of a person for the relevant income year shall not be-

(i) exempted from tax; or

(ii) subject to reduced rate of tax;

in an assessment year if the person fails to-

(i) submit the return of income as required under section 75; or

(ii) comply with any provision of Chapter VII of this Ordinance; or

(iii) receive all the receipts from the sources, income from which is subject to tax exemption or reduced rate of tax, through bank transfer:

Provided that the provision of receiving the receipts through bank transfer shall not be applicable for an assessee being individual having gross receipts not exceeding Taka one crore in an income year:

Provided further that the provision of receiving the receipts through bank transfer shall not be applicable for income derived from agriculture or farming.]

(b) any disallowance of expenditure under section 30, in calculating the income of a source or of a person that is exempted from tax or is subject to a reduced rate of tax, shall be treated as income for that source or of that person, as the case may be, and tax shall be payable on such income at the regular rate.]