(ee)   any allowance in respect of such expenditure on foreign travels for holidaying and recreation of employees and their dependents as may be prescribed; or”;

(8) after section 12AA, the following section 12AAA shall be inserted, namely:-

“12AAA, Salami or premia receipt.- Where any lump-sum amount is received or received by an assessee during any pervious year represents income on account of salami or premia receipts, such income shall, if he so, claims, 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.”;

                (9) in section 12B,-

(a)    in sub-section (2), after the second proviso, the following new proviso shall be inserted, namely:-

“Provided further that if in the opinion of the Deputy Commissioner of Taxes the fair market value of a capital asset transferred by an assessee as on the date of the transfer exceeds the declared value therefore by more than 25% of such declared value, the Government may offer to buy the said asset in such manner as the National Board of Revenue may prescribe:”;

(b)    in sub‑section (5),

(i)     the words “by the assessee or a parent of his mainly”, the words “his own or the parents’ own” and the words “his own” shall be omitted;

(ii)    in clause (b), in sub‑clause (ii), in the proviso, the words “assessee’s own” shall be omitted;

(c)     after sub‑section (5) amended as aforesaid, the following new sub-section (6) shall be added,namely:-

“(6) Notwithstanding anything contained in sub‑section (1) where a capital gain arises from the sale, exchange or transfer of a capital asset being government securities and stocks and shares of public companies which fulfill the conditions laid down  in  sub‑section  (3)  of  section  15C,  then no tax shall be charged under this section if the sale proceeds are reinvested within a period of two years in the acquisition of similar securities, stocks and shares.”;

(10)    section 13 shall be numbered as sub‑section (1) of that section, and after sub‑section (1) as so renumbered the following new sub‑section (2) shall be added namely:-

“(2) Notwithstanding anything contained in the second proviso to sub-section (1) every person engaged in the manufacturing and wholesale business shall maintain such books of accounts and other documents (including inventories where necessary) and shall maintain such record of payments of commercial nature and other commercial transactions as the National Board of Revenue may prescribe in this behalf.”;

(11)    in section 14, in sub‑section (3), in clause (b), in sub-clause (ii), the word “or” at the end shall be omittedand thereafter the following explanation shall be added, namely:-

“Explanation.‑In thissub‑clause, “cottage industry” means an enterprise, not being owned by a joint stock company, which fulfils the following conditions, namely:-

(a)   it is basically an enterprise in which the owner is the investor, a full‑time worker and the actual entrepreneur;

(b)   the capital invested in it does not exceed Taka ten thousand at any time during the previous year;

(c)   the number of workers, including the owner and the members of his family, that is, his parents, wife or wives, sons and daughters, dependent on him and employed in the factory, whether working full‑time or part‑time, whether for or without any wages, remunerations or compensation in cash or otherwise, shall not on any one twenty‑four hour day during the previous year exceed six; and

(d)   the owner of the factory or any member of his family as specified in (c) above does not own any other industrial or commercial enterprise either in his own name or in the name of any other person; or”,,

(a)   in sub‑section (2A), for the figure “1980” the figure “1985” shall be substituted;

(b)   in sub‑section (2B), in clause (a), the proviso shall be omitted;

(c)   in sub‑section (2C), for the figure “1980” the figure “1985” shall be substituted;

(13)   in section 15, in sub‑section (1), after the word “husband” occurring for the first time, the words “or a minor child” shall be inserted;

(14)   in section 15A, for the words “four thousand taka” the words “five thousand Taka” shall be substituted and the first proviso shall be omitted;

(15)   in section 15E,­-

(a)   for the words “eight hundred Taka” wherever occurring the words “one thousand Taka” shall be substituted;

(b)   for the words “two thousand four hundred taka” wherever occurring the words “two thousand Taka” shall be substituted;

(c)   the words and commas “or, in the case of two children, exceeds one thousand six hundred taka” shall be omitted;

(16)    in section 15H, for the words “two thousand Taka” the words “three thousand Taka” shall be substituted; and the proviso shall be omitted;

(17)    in section 16, in sub‑section (3), in clause (a), in sub‑clause (i), for the semi‑colon at the end a colon shall be substituted and thereafter the following proviso shall be added,namely:-

“Provided that nothing in this sub‑clause shall apply to the membership of the spouse in a firm in which he or she contributes personal, technical or personal professional knowledge and experience;”;

(a)   in sub-section (1)-

(i)    in clause (a), for the words “greater plus” a colon shall be substituted;

(ii)   clause (b) shall be omitted;

(b)   in sub-section (5)-

(i)    in clause (ii) for the words “twelve months” the words “two years” shall be substituted;

(ii)   in clause (b),

(A) for the words “twelve months” the words “two years” shall be substituted;

                (B) for sub-clause (i) the following shall be substituted, namely:-

                        “(ii)    in the case of other assesses-

(1)  Where the capital gansarise as a result of disposal by the assessee of his capital assets after two years but before five years from the date of their acquisition.

Income-tax payable on the capital gains at the rate applicable to his total income including the said capital gains, or, income-tax at the rate of 35% on the amount of the capital gains, whichever is the lower.

(2) Where the capital gains arise as a result of disposal by the assessee of his capital assets after five years from the date of their acquisition

Income-tax payable on the capital gains at the rate applicable to his total income including the said capital gains, or, income-tax  at the rate of 30% on the amount of the capital gains, whichever is the lower.”;

(19) in section 20A, for the words “five hundred taka” the words “three thousand Taka” shall be substituted;

(20) after section 21A, the following new section 21AA shall be inserted, namely:-

“21AA. Licence.- (1) Every person carrying on any business, profession or vocation in such areas as the National Board of Revenue may, by notification in the official Gazette, specify and who pays rent for or owns the premises where he carries on the business profession, or vocation, shall take out an annual licence on payment of a fee of Taka one hundred initially and Taka fifty for renewal, in such form and manner as the National Board of Revenue may prescribe.

(2)   If any person fails to obtain a licence, as required by sub‑section (1), the Deputy Commissioner of Taxes may, after giving such person a reasonable opportunity of being heard, direct that such person shall pay by way of penalty a sum not exceeding Taka five hundred.”;

                (21) in section 22,­

(a)   in sub‑section (1), in the proviso, for the full stop at the end a colon shall be substituted andthereafter the following new proviso shall be added, namely:-

“Provided that every individual whose total income during the previous year exceeded Taka twenty thousand shall furnish along with the return or certificate, as the case may be a statement in the prescribed form and verified in the prescribed manner giving particulars of the total assets and liabilities of himself, his wife or wives and his minor children.”

(b)   in sub‑section (4A), after the word “assessee”, the words, brackets and the figure “other than an assessee referred to in the second proviso to sub‑section (1)” shall be inserted;

(22) in section 23, after sub‑section (3), the following new sub‑section (3A) shall be inserted,namely:-

“(3A) In the case of an assessee carrying on any business, profession or vocation who has filed a return voluntarily under sub‑section (1) of section 22 or in response to a notice under sub‑section (2) of section 22 or section 34 or in a case where no such return has been filed, the Deputy Commissioner of Taxes shall presume his total income during the previous year to be Taka fifteen thousand and shall send a notice accordingly to the assessee to establish with accounts, documents and evidence that the presumptive income is not correct. If the assessee fails to do so, the Deputy Commissioner of Taxes shall make an assessment on the aforesaid presumptive income and the income, so determined once shall remain unchanged for the next two years”;

(a)   for sub‑section (1) the following shall be substituted, namely:-

        “(1) If any person has without reasonable cause failed to-

(a)   furnish the return or certificate or statement which he is required to furnish under sub‑section (9) of section 18, section 19A, section 20, section 20A, section 21, section 22, section 34, orsection 38 or has, without reasonable cause, failed to do so within the time or extended time, if any, allowed under the relevant section, the Deputy Commissioner of Taxes shall, after giving the person a reasonable opportunity of being heard, direct him to pay by way of penalty a sum not exceeding one thousand Taka and in the case of a continuing default, a further sum not exceeding fifty Taka for every day during which the default continues;

(b)   comply with a notice under sub‑section (4) or section 22 or subsection (2) or sub‑section (3) of section 23, the Deputy Commissioner of Taxes may direct that such person shall pay by way of penalty, in addition to any tax payable by him, a sum not exceeding an amount equal to the amount of income‑tax which would have been avoided if the income as returned by such person had been accepted as the correct income.”;

(c)   in sub‑section (6), after the word “section”, the commas, words, brackets, letter and figure “, except in the cases referred to in clause (a) of sub‑section (1),” shall be inserted;

(24)    in section 30, in sub‑section (1), in the first proviso, for the words and figure “tax payable under section 22A has been paid” the words “undisputed portion of the tax has been paid” shall be substituted;

(25)    In section 31,-

(a)   in sub‑section (4),­-

(i)    In clause (a), sub‑clause (ii) shall be omitted;

(ii)   in clause (b), the words and comma “or set aside such order and direct the Deputy Commissioner of Taxes to make such further inquiry as he thinks fit or as the Appellate Joint Commissioner may direct and the Deputy Commissioner of Taxes shall thereupon proceed to make such inquiry and shall thereafter make a fresh order registering the firm or refusing to register it or canceling its registration, as he may think fit” shall be omitted;

(ii)   In clause (c), the words and comma “or set aside such order and direct the Deputy Commissioner of Taxes to make fresh order after making such inquiry as the Deputy Commissioner of Taxes thinks fit or as the Appellate Joint Commissioner of Taxes may direct, and the Deputy Commissioner of Taxes shall there upon proceed to make such fresh order and determine the amount of penalty on the basis of such order” shall be omitted;

(b)   after sub‑section (6), the following new sub‑section (7) shall be added, namely:-

“(7) Notwithstanding anything contained in this Act, the Appellate Joint Commissioner shall not make an order-

(a)   in respect of an appeal pending before him on the 30th June, 1980‑after the expiry of a period of two years from thatdate, and

(b)   in respect of an appeal filed before him on or after the 1st day of July, 1980‑after the expiry of one year from the end of the year in which the appeal was filed:

Provided that if the Appellate Joint Commissioner has failed to make an order within the period specified in this section, the appeal shall be deemed to have been allowed by the Appellate Joint Commissioner.”;

(a)   in sub‑section (1), in the first proviso, for the words “half the amount representing the difference between the tax as determined on the basis of the order of the Appellate Joint Commissioner and the tax payable under

        section 22A” the words “the undisputed portion of the tax as determined on the basis of the order of the Appellate Joint Commissioner” shall be substituted;

(b)   in sub‑section (4), clause (e) shall be omitted;

(i)    in clause (a), for the words and figure “tax payable under section 22A has been paid” the words “undisputed portion of the tax has been paid” shall be substituted;

(ii)   in clause (b), for the words, figure and comma “half the amount representing the difference between the tax as determined on the basis of the order of the Appellate Joint Commissioner and the tax payable under section 22A,” the words “the undisputed portion of the tax as determined on the basis of the order of the Appellate Joint Commissioner” shall be substituted;

(b)   after sub‑section (4), the following new sub‑section (5) shall be added namely:-

“(5) Notwithstanding anything contained in this Act, the Commissioner shall not make an order-

(a)    in respect of an application for revision pending before him on the 30th June, 1980‑after the expiry of a period of two years from that date; and

(b)    in respect of an application for revision field before him on or after the 1st day of July, 1980‑after the expiry of one year from the end of the year in which the application for revision was filed:

Provided that if the Commissioner has failed to make an order within the period specified in this section, the application for revision shall be deemed to have been allowed by the Commissioner.”;

(a)   in sub‑section (1A), in clause (c), in the proviso, for the full stop at the end a colon shall be substitutedand thereafter the following new proviso shall be added,namely:-

“Provided further that as respects any assessment year beginning on the first day of July, 1981, the provision of this clause shall have effect as if for the word “four” the word “two” were substituted.”;

(b)   in sub‑section (2), in the proviso,‑

(i)    in clause (i), after sub‑clause (f)the following new sub‑clause (g) shall be added,namely:-

“(g) in relation to the income, profits or gains which are first assessable in any year beginning with the year 1981‑82, the words “two years” were substituted.”;

(ii)   in clause (iv), in sub‑clause (b), for the word “four” the word “two” shall be substituted;

(29)   in section 38, in clause (3), for the words “four hundred taka” the words “three thousand Taka” shall be substituted;

(30) after section 45, the following new section 45A shall be inserted,namely:-

“45A. Simple interest on delayed payment.- If the amount specified as payable in a notice of demand under section 29 or an order under section 31 or section 33 is not paid within the time specified under section 45, the assessee shall be liable to pay simple interest at fifteen per cent. per annum. from the date following the date or extended date specified for payment to the date of actual payment.”;

(31) in section 48, after sub‑section (4), the following new sub-section (5) shall be added, namely:-

“(5) Where a refund due to an assessee is not paid within two months of the date of the relevant assessment order or claim of refund, interest at the rate of twelve per cent. per annum shall be payable to the assessee on the amount of refund from the month following the aforesaid two months to the date of issue of the refund.”;

(32) in section 54, in sub‑section (3), in clause (cc), after thewords “by the”, the words “National Board of Revenue or any officer authorised by it in this behalf and the” shall be inserted;

(33) CHAPTER IX shall be omitted;

(34)   in section 61, after sub‑section (1), the following explanation shall be inserted, namely:

“Explanation.‑Inthis sub‑section, the word “relative” shall mean the parent, spouse, son, daughter, brother and sister of the assessee.”.

(a)           in respect of advertisement by cinema slides and films, by the owner or management of the cinema

(b)           in respect of advertisement through radio and television, by the authority or management concerned; and

(c)           in respect of advertisement through daily newspapers, by the authority or management concerned.

(3) The National Board of Revenue may make rules regulating the procedure for collection and payment of the tax and any other matter incidental to its levy.”.

THE SCHEDULE
(Vide section 3)

Rate of tax

1.   In all cases of holdings with annual value not exceeding Taka six thousand

Nil

2.   Other cases

(a)    not being self-occupied holdings.

5% of the annual value.

Type of cases

Designation of officers

Jurisdiction and powers

I. Adjudication of cases involving confiscation of goods or imposition of penalty or both

Value of goods exceeding Taka 2,50,000.00

Additional Collector of Customs

Value of goods not exceeding Taka 2,50,000.00

Joint Collector of Customs

Value of goods not exceeding Taka 2,00,000.00

Deputy Collector of Customs

Value of goods not exceeding Taka 50,000.00

Assistant Collector of Customs

Value of goods not exceeding Taka 20,000.00

Superintendent of Customs

Value of goods not exceeding Taka 5,000.00

II.            Adjudication of cases relating to manifest clearance in custom house and customs-station involving only imposition of penalty under item 24 of the Table under sub-section (1) of section 156.

Value of goods without limit:

Provided that the Board may, by notification in the official gazette, reduce or extend the jurisdiction and powers of any particular officer or class of officers”;

(14)   in section 184, for the words “five hundred rupees” the words “Taka five thousand” shall be substituted;

(15)   in section 185,­-

(a)   for the words “two years” the words “three years” shall be substituted;and

(b)   for the words “one thousand rupees” the words “Taka five thousand” shall be substituted;

(16)   in section 193, for the words “Deputy Collector” the words “Joint Collector” shall be substituted;

(17)   in section 219,­-

(a)   in sub‑sections, (2) and (3), for the words “First Schedule” the words “Third Schedule” shall be substituted;

(b)   in sub‑section (4), for the words “National Assembly” the word “Parliament” shall be substituted;

(18) in section 220, for the words “Second Schedule” the words “Fourth Schedule” shall be substituted;

(19) The First Schedule and the Second Schedule shall be numbered as the Third Schedule and the Fourth Schedule, respectively, and before the Third Schedule as so renumbered, the First Schedule and the Second Schedule as set out in the Fifth Schedule to the Finance Act, 1980, shall be the First Schedule and the Second Schedule to that Act;

(20) in the Fourth Schedule renumbered as aforesaid, against serial No. 4, in column I,-

(a)    in column 3, for the words and figures “Sections 5 and 6” the words, “The whole” shall be substituted;and

(b)   in column 4, the entries shall be omitted.

“(ia) in any area within the municipalities at the district headquarters.

Seven Taka and fifty poisha per decimal, if the land is used for commercial or industrial purposes, three Taka per decimal, if the land is used for residential or other purposes;”;

Amount

(i)    Where the goods exported abroad had not been manufactured by the assessee who exported them:

30 per cent. of the income-tax attributable to export sales.

(a)   and where the export sales during the relevant year exceed the export sales of the preceding year:

Plus an additional 1 per cent. for every increase of 10 per cent. in export sales over those of the preceding year, subject to an overall maximum of 40 per cent.

(b)   and where the export sales during the relevant year do not exceed the export sales of the preceding year:

Minus 1 per cent. for every decrease of 10 per cent. in export sales from those of the preceding year, subject to an overall minimum of 20 per cent.

(ii)   Where the goods exported had been manufactured by the assessee who had exported them:

(a) where the export sales do not exceed 10 per cent. of the total sales:

Nil

(b)   where the export sales exceed 10 per cent. but do not exceed 20 per cent. of the total sales.

30 per cent. of the income-tax attributable to export sales.

(c)   where the export sales exceed 20 per cent. but do not exceed 30 per cent. of the total sales:

40 per cent. of the income-tax attributable to export sales.

(d) where the export sales exceed 30 per cent. of the total sales;

50 per cent. of the income-tax attributable to export sales.

(b)   Nothing contained in clause (a) shall apply in respect of the following goods or class of goods, namely:-

(i)    tea,

(ii)   raw jute,

(iii) jute manufacture,

(iv)  raw hides and skin and wet‑blue leather,

(v)   such other goods as may be notified by the National Board of Revenue from time to time.

(c)   The National Board of Revenue may make rules providing for the computation of profits and the tax attributable to export sales and for such other matters as may be necessary to give effect to the provisions of this sub‑section,

                (5) In cases to which section 17 of the Income tax Act, 1922 (XI of 1922), applies, the tax chargeable shall be determined as provided in that section but with reference to the rates imposed by sub-section (1), and in accordance, where applicable, with the provisions of sub-section (2).

                (6) For the purpose of making deduction of tax under section 18 of the Income‑tax Act, 1922 (XI of 1922), the rates specified in the

Third Schedule shall apply as respects the year beginning on the first day of July, 1980, and ending on the thirtieth day of June, 1981.

                (7) For the purposes of this section and of the rates of tax imposed thereby, the expression “total income” means total income as determined for the purposes of income‑tax in accordance with the provisions of the Income‑tax Act, 1922 (XI of 1922).