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The Income-tax Ordinance, 1984

( Ordinance NO. XXXVI OF 1984 )

[ 4th June, 1984 ]

Chapter VII

PAYMENT OF TAX BEFORE ASSESSMENT

Collection of tax on sale price of goods or property sold by public auction

53C. Any person making sale, by 1[public auction through sealed tender or otherwise], of any goods or property belonging to the Government or any authority, corporation or body, including its units, the activities or the principal activities of which are authorised by any Act, Ordinance, order or instrument having the force of law in Bangladesh or any company 2[***] as defined in 3[4[***] কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮নং আইন)] or any banking company, or any insurance company or any co-operative bank established by or under any law for the time being in force shall collect, before delivering the possession of the goods or the property 5[or allowing to exercise the rights], as advance tax on the income from the sale price of such goods or property from the auction purchaser 6[at the rate of 10% (ten percent) of the sale price:].

 

7[Provided that the rate of deduction shall be 1% (one percent) in case of sale of tea by public auction.]

 
 
 
 

Explanation.-For the purposes of this section, sale of any goods or property includes the awarding of any lease to any person, including a lease of the right to collect octroi duties, tolls, fees or other levies, by whatever name called, but does not include sale of a plot of land.

  • 1
    The words “public auction through sealed tender or otherwise” were substituted for the words “public auction” by section 4 of অর্থ আইন, ১৯৯৬ (১৯৯৬ সনের ১৮ নং আইন)
  • 2
    The commas and words ", other than a private limited company," were omitted after the words "the force of law in Bangladesh or any company" by section 33 (a) of the Finance Act, 2011 (Act No. XII of 2011) .
  • 3
    The words, commas, figures, and brackets “the Companies Act, 1913 (VII of 1913) or কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮নং আইন)" were substituted for the words, comma, figures and brackets “ the Companies Act, 1913 (VII of 1913)” by section 6 of অর্থ আইন, ১৯৯৫ (১৯৯৫ সনের ১২ নং আইন)
  • 4
    The words, figures, comma and brackets "the Companies Act, 1913 (VII of 1913) or" were omitted by section 33(b) of the Finance Act, 2011 (Act No. XII of 2011) .
  • 5
    The words “or allowing to exercise the rights” were inserted after the words “before delivering the possession of the goods or the property”by section 20(a) of অর্থ আইন, ২০২১ (২০২১ সনের ১১ নং আইন)
  • 6
    The words, figure and clone(:) “at the rate of 10% (ten percent) of the sale price:” were substituted for the words, commas and full stop “at such rate, not exceeding seven and a half percent of the sale price, as may be prescribed.” by section 20(b) of অর্থ আইন, ২০২১ (২০২১ সনের ১১ নং আইন)
  • 7
    The new Proviso “Provided that the rate of deduction shall be 1% (one percent) in case of sale of tea by public auction.” was inserted before the Explanation by section 20(c) of অর্থ আইন, ২০২১ (২০২১ সনের ১১ নং আইন)
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