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An Ordinance to consolidate and amend the law relating to Income-tax.
WHEREAS it is expedient to consolidate and amend the law relating to income-tax;
NOW, THEREFORE, in pursuance of the Proclamation of the 24th March, 1982, and in exercise of all powers enabling him in this behalf, the President is pleased to make and promulgate the following Ordinance:-
Chapter I
PRELIMINARY
2. In this Ordinance, unless there is anything repugnant in the subject or context,-
(1) "agricultural income" means-
(a) any income derived from any land in Bangladesh and used for agricultural purposes-
(i) by means of agriculture; or
(ii) by the performance of any process ordinarily employed by a cultivator to render marketable the produce of such land; or
(iii) by the sale of the produce of the land raised by the cultivator in respect of which no process, other than that to render the produce marketable, has been performed; or
(iv) by granting a right to any person to use the land for any period; or
(b) any income derived from any building which-
(i) is occupied by the cultivator of any such land as is referred to in sub-clause (a) in which any process is carried on to render marketable any such produce as aforesaid;
(ii) is on, or in the immediate vicinity of, such land; and
(iii) is required by the cultivator as the dwelling house or store-house or other out-house by reason of his connection with such land;
(2) "amalgamation", in relation to companies, means the merger of one or more companies with another company, or the merger of two or more companies to form one company (the company or companies which so merged being referred to as the amalgamating company or companies and the company with which they merge or which is formed as a result of the merger as the amalgamated company) in such a manner that by virtue of, and for reasons attributable to, the merger,-
(a) all the property of the amalgamating company or companies immediately before the merger becomes the property of the amalgamated company;
(b) all the liabilities of the amalgamating company or companies immediately before the merger become the liabilities of the amalgamated company; and
(c) the shareholders holding not less than nine-tenths in value of the shares in the amalgamating company or companies (other than shares already held therein immediately before the merger by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the amalgamated company;
(3) "annual value" shall be deemed to be-
(a) in relation to any property let out,-
(i) (i) the sum for which property might reasonably be expected to let from year to year 1[ ***] 2[ and any amount received by letting out furniture, fixture, fittings etc; or]
(ii) where the annual rent in respect thereof is in excess of the sum referred to in paragraph (i), the amount of the annual rent;
3[ * * *]
(4) "Appellate Joint Commissioner" means a person appointed to be an Appellate Joint Commissioner of Taxes under section 3 4[ , and includes a 5[ an Appellate Additional Commissioner of Taxes]] 6[ and also a person appointed to hold current charge of an Appellate Joint Commissioner of Taxes];
(5) "Appellate Tribunal" means the Taxes Appellate Tribunal established under section 11;
7[ (5A) "approved gratuity fund" means a gratuity fund which has been and continues to be approved by the Board in accordance with the provisions of Part C of the First Schedule;]
(6) "Approved superannuation fund" means a superannuation fund 8[ or a pension fund] which has been and continues to be approved by the Board in accordance with the provisions of Part A of the First Schedule;
(7) "Assessee", means a person by whom any tax or other sum of money is payable under this Ordinance, and includes-
(a) every person in respect of whom any proceeding under this Ordinance has been taken for the assessment of his income or the income of any other person in respect of which he is assessable, or of the amount of refund due to him or to such other person;
9[ (aa) every person by whom a minimum tax is payable under this Ordinance;]
(b) every person who is required to file a return under section 75, section 89 or section 91;
(c) every person who desires to be assessed and submits his return of income under this Ordinance; and
(d) every person who is deemed to be an assessee, or an assessee in default, under any provision of this Ordinance;
(8) "assessment", with its grammatical variations and cognate expressions, includes re-assessment and additional or further assessment;
(9) "assessment year" means the period of twelve months commencing on the first day of July every year; and includes any such period which is deemed, under the provisions of this Ordinance, to be assessment year in respect of any income for any period;
(10) "Assistant Commissioner of Taxes" means a person appointed to be an Assistant Commissioner of Taxes under section 3;
(11) "Bangladeshi company" means a company formed and registered under the Companies Act, 1913 (VII of 1913) 10[ or কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন), and includes a body corporate] established or constituted by or under any law for the time being in force in Bangladesh having in either case its registered office in Bangladesh;
(12) "Banking company" has the same meaning as in 11[ ব্যাংক-কোম্পানী আইন, ১৯৯১ (১৯৯১ সনের ১৪ নং আইন)], and includes any body corporate established or constituted by or under any law for the time being in force which transacts the business of banking in Bangladesh;
(13) "Board" means the National Board of Revenue constituted under the National Board of Revenue Order, 1972 (P. O. No. 76 of 1972);
(14) "business" includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture;
(15) "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include-
(a) any stock-in-trade (not being stocks and shares), consumable stores or raw materials held for the purposes of his business or profession; 12[ and]
(b) personal effects, that is to say, movable property (including wearing apparel, jewellery, furniture, fixture, equipment and vehicles), which are held exclusively for personal use by, and are not used for purposes of the business or profession of the assessee or any member of his family dependent on him; 13[ ***]
14[ ***]
15[ (16) “charitable purpose” includes-
(a) relief of the poor, education and medical relief; and
(b) the advancement of any other object of general public utility, subject to the following conditions-
(i) it does not involve carrying out any activities in the nature of trade, commerce or business; or
(ii) where it involves any service rendered for a consideration, the aggregate value of such consideration in the income year does not exceed twenty lakh taka;]
(17) "chartered accountant" means a chartered accountant as defined in the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973);
(18) "child", in relation to any individual, includes a step-child and an adopted child of that individual;
16[ (19) "Commissioner" means a person appointed to be a Commissioner of Taxes or Commissioner (Large Taxpayer Unit) under section 3, or a person appointed to hold current charge of a Commissioner of Taxes or Commissioner (Large Taxpayer Unit);]
17[ (19A) "Commissioner (Appeals)" means a person appointed to be a 18[ Commissioner of Taxes (Appeals) under section 3 and includes a person appointed to hold current charge of a Commissioner of Taxes (Appeal)];
19[ * * *]
(20) "Company" means a company as defined in 20[ the Companies Act, 1913 (VII of 1913) or কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন)] and includes-
(a) a body corporate established or constituted by or under any law for the time being in force;
(b) any nationalised banking or other financial institution, insurance body and industrial or business enterprise; 21[ * * *]
22[ 23[ (bb) an association or combination of persons, called by whatever name, if any of such persons is a company as defined in 24[ the Companies Act, 1913 (VII of 1913) or কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন)];
(bbb) any association or body incorporated by or under the laws of a country outside Bangladesh; and]
(c) any foreign association or body, 25[ not incorporated by or under any law], which the Board may, by general or special order, declare to be a company for the purposes of this Ordinance;
(21) "co-operative society" means a co-operative society registered under 26[ সমবায় সমিতি আইন, ২০০১ (২০০১ সনের ৪৭ নং আইন) (Co-operative Societies Act, 2001)(Act No. 47 of 2001)], or under any other law for the time being in force governing the registration of co-operative societies;
(22) "cost and management accountant" means a cost and management accountant as defined in the Cost and Management Accountants Ordinance, 1977 (LIII of 1977);
(23) "Deputy Commissioner of Taxes" means a person appointed to be a Deputy Commissioner of Taxes under section 3, 27[ and includes a person appointed to be a Transfer Pricing Officer,] an Assistant Commissioner of Taxes, an Extra Assistant Commissioner of Taxes and a Tax Recovery Officer;
(24) "director" and "manager" in relation to a company have the meanings assigned to them in 28[ the Companies Act, 1913 (VII of 1913) or কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন)];
29[ (25) "Director-General of Inspection" means a person appointed to be a Director-General of Inspection (Taxes) under section 3, and except for the purpose of section 117, includes a person appointed for the purpose of this Ordinance to be an Additional Director-General of Inspection (Taxes), a Deputy Director-General of Inspection (Taxes), or an Assistant Director-General of Inspection (Taxes);]
30[ (25A) "Director General (Training)" means a person appointed to be Director General (Training);]
31[ (25AA) "Director General, Central Intelligence Cell" means of persons appointed to be Director General, Central Intelligence Cell 32[ or 33[ any Director, Central Intelligence Cell or any Joint Director, Central Intelligence Cell or Deputy Director, Central Intelligence Cell or Assistant Director, Central Intelligence Cell ] authorised by him]];
(26) "dividend" includes-
(a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of its assets or reserves;
(b) any distribution by a company, to the extent to which the company possesses accumulated profits, whether capitalised or not, to its shareholders of debentures, debenture-stock or deposit certificates in any form, whether with or without interest;
(c) any distribution made to the shareholders of a company on its liquidation to the extent to which the distribution is attributable to the accumulated profits of the company immediately before its liquidation, whether capitalised or not;
(d) any distribution by a company to its shareholders on the reduction of its capital, to the extent to which the company possesses accumulated profits, whether such accumulated profits have been capitalised or not;
34[ (dd) any profit remitted outside Bangladesh by a company not incorporated in Bangladesh under কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন)];
35[ (ddd) any distribution of profit of a mutual fund or an alternative investment fund;]
(e) any payment by a private company of any sum (whether as representing a part of the assets of the company or otherwise) by way of advance or loan to a shareholder or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company, in either case, possesses accumulated profit;
but does not include-
(i) a distribution made in accordance with sub-clause (c) or sub-clause (d) in respect of any share including preference share for full cash consideration, or redemption of debentures or debenture-stock, where the holder of the share or debenture is not entitled in the event of liquidation to participate in the surplus assets;
(ii) any advance or loan made to a shareholder in the ordinary course of its business, where the lending of money is a substantial part of the business of the company;
(iii) any dividend paid by a company which is set off by the company against the whole or any part of any sum previously paid by it and treated as dividend within the meaning of sub-clause (e) to the extent to which it is so set off;
36[ (iiia) any bonus share issued by a company;]
37[ ***]
Explanation.- The expression "accumulated profits",-
(a) wherever it occurs in this clause, includes any reserve made up wholly or partly of any allowance, deduction or exemption admissible under this Ordinance or under the Income-tax Act, 1922 (XI of 1922), but does not include capital gains arising before the first day of April, 1946, or after the thirty-first day of March, 1949, and before the eighth day of June, 1963;
(b) as used in sub-clauses (a), (b) and (d), includes all profits of the company up to the date of such distribution; and
(c) as used in sub-clause (c), includes all profits of the company up to the date of its liquidation;
(27) "employer" includes a former employer;
(28) "employee", in relation to a company, includes the managing director, or any other director or other person, who, irrespective of his designation, performs any duties or functions in connection with the management of the affairs of the company;
(29) "Extra Assistant Commissioner of Taxes" means a person appointed to be an Extra Assistant Commissioner of Taxes under section 3 38[ and includes a person appointed to hold current charge of an Extra Assistant Commissioner of Taxes];
39[ (30) "fair market value" means, in relation to capital asset-
(a) the price which such asset would ordinarily fetch on sale in the open market on the relevant day, and, where such price is not ascertainable, the price which the Deputy Commissioner of Taxes may, with the approval in writing of the Inspecting Joint Commissioner, determine;
(b) the residual value received from the lessee in case of an asset leased by a financial institution having license from the Bangladesh Bank on termination of lease agreement on maturity or otherwise subject to the condition that such residual value plus amount realised during the currency of the lease agreement towards the cost of the asset is not less than the cost of acquisition to the lessor financial institution.]
(31) "fees for technical services" means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly, mining or like project undertaken by the recipient, or consideration which would be income of the recipient classifiable under the head "Salaries" 40[ .
Explanation.- For the removal of doubts, it is hereby declared that in this clause, “fees for technical services” shall include technical services fee, technical assistance fee or any fee of similar nature;]
41[ (31A) "financial institution" has the same meaning as assigned to it in আর্থিক প্রতিষ্ঠান আইন, ১৯৯৩ (১৯৯৩ সনের ২৭ নং আইন) (Financial Institution Act, 1993) (Act No. 27 of 1993);]
(32) "firm" has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932);
(33) "foreign company" means a company which is not a Bangladeshi company;
42[ (34) “income” includes-
(a) any income, receipts, profits or gains, from whatever source derived, chargeable to tax under any provision of this Ordinance;
(b) any amount which is subject to collection or deduction of tax at source under any provision of this Ordinance;
(c) any loss of such income, profits or gains;
(d) the profits and gains of any business of insurance carried on by a mutual insurance association computed in accordance with paragraph 8 of the Fourth Schedule;
(e) any sum deemed to be income, or any income accruing or arising or received, or deemed to accrue or arise or be received in Bangladesh under any provision of this Ordinance;
(f) any amount on which a tax is imposed;
(g) any amount which is treated as income under any provision of this Ordinance;]
43[ * * *]
44[ (35) “income year” means-
(a) the period beginning with the date of setting up of a business and ending with the thirtieth day of June following the date of setting up of such business;
(b) the period beginning with the date on which a source of income newly comes into existence and ending with the thirtieth day of June following the date on which such new source comes into existence;
(c) the period beginning with the first day of July and ending with the date of discontinuance of the business or dissolution of the unincor- porated body or liquidation of the company, as the case may be;
(d) the period beginning with the first day of July and ending with the date of retirement or death of a participant of the unincorporated body;
(e) the period immediately following the date of retirement, or death, of a participant of the unincorporated body and ending with the date of retirement, or death, of another participant or the thirtieth day of June following the date of the retirement, or death, as the case may be;
(f) in the case of bank, insurance or financial institution 45[ or any subsidiary thereof] the period of twelve months commencing from the first day of January of the relevant year; or
(g) in any other case the period of twelve months commencing from the first day of July of the relevant year 46[ :
Provided that the Deputy Commissioner of Taxes may allow a different financial year for a company which is a 47[ subsidiary, including a subsidiary thereof, or a holding company of a parent company incorporated outside Bangladesh or a branch or liaison office thereof] if such company requires to follow a different financial year for the purpose of consolidation of its accounts with the parent company;]
(36) "Inspecting Joint Commissioner" means a person appointed to be an Inspecting Joint Commissioner of Taxes under section 3 48[ , and includes 49[ an Inspecting Additional Commissioner of Taxes]] 50[ and also a person appointed to hold current charge of an Inspecting Joint Commissioner of Taxes];
51[ (37) " Inspector" means an Inspector of Taxes under section 3 and also includes a person appointed to hold charge of an Inspector of Taxes;]
(38) "Interest" means interest payable in any manner in respect of any money borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other charge in respect of the money borrowed or debt incurred or in respect of any credit facility which has not been utilised;
(39) "legal representative" has the same meaning as assigned to it in section 2(11) of the Code of Civil Procedure, 1908 (Act V of 1908);
(40) "market value", in respect of agricultural produce, means-
(a) where such produce is ordinarily sold in the market in its raw state or after application to it of any process employed by a cultivator to render it fit to be taken to the market, t he value calculated according to the average price at which it has been sold during the year previous to that in which the income derived from such produce first becomes assessable; and
(b) where such produce is not ordinarily sold in the market in its raw state, the aggregate of-
(i) the expenses of cultivation;
(ii) the land development tax or rent paid for the lands in which it was grown; and
(iii) such amount as the Deputy Commissioner of Taxes finds, having regarded to the circumstances of each case, to represent a reasonable rate of profit on the sale of the produce in question as agricultural produce;
(41) "money borrowed" includes, in the case of a banking company, money received by way of deposit;
(42) "non-resident" means a person who is not a resident;
(43) "partner" has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932), and includes a person who, being a minor, has been admitted to the benefits of partnership;
(44) "partnership" has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932);
52[ (44A) “permanent establishment”, in relation to income from business or profession, means a place or activity through which the business or profession of a person is wholly or partly carried on, and includes-
(i) a place of management;
(ii) a branch;
(iii) an agency;
(iv) an office;
(v) a warehouse;
(vi) a factory;
(vii) a workshop;
(viii) a mine, oil or gas well, quarry or any other place of exploration, exploitation or extraction of natural resources;
(ix) a farm or plantation;
(x) a building site, a construction, assembly or installation project or supervisory activities in connection therewith;
(xi) the furnishing of services, including consultancy services, by a person through employees or other personnel engaged by the person for such purpose, if activities of that nature continue (for the same or a connected project) in Bangladesh; and
(xii) any associated entity or person (hereinafter referred to as “Person A”) that is commercially dependent on a non-resident person where the associated entity or Person A carries out any activity in Bangladesh in connection with any sale made in Bangladesh by the non-resident person;]
53[ (45) "perquisite" means-
(i) any payment made to an employee by an employer in the form of cash or in any other form excluding basic salary, festival bonus, incentive bonus 54[***], arrear salary, advance salary, leave encashment or leave fare assistance and overtime, and
(ii) any benefit, whether convertible into money or not, provided to an employee by an employer, called by whatever name, other than contribution to a recognised provident fund, approved pension fund, approved gratuity fund and approved superannuation fund;]
55[ 46) “person” includes an individual, a firm, an association of persons, a Hindu undivided family, a trust, a fund, a local authority, a company, an entity and every other artificial juridical person;
(46A) “person with disability” means an individual registered as প্রতিবন্ধী ব্যক্তি (person with disability) under section 31 of প্রতিবন্ধী ব্যক্তির অধিকার ও সুরক্ষা আইন, ২০১৩ (২০১৩ সনের ৩৯ নং আইন);]
(47) "prescribed" means prescribed by rules made under this Ordinance;
(48) "principal officer", used with reference to a local authority, a company, any other public body or any association of persons, includes-
(a) managing director, 56[ chief executive officer,] manager, secretary, treasurer, agent or accountant (by whatever designation known), or any officer responsible for management of the affairs, or of the accounts, of the authority, company, body or association; and
(b) any person connected with the management or the administration of the local authority, company, body or association upon whom the Deputy Commissioner of Taxes has served a notice of his intention to treat him as principal officer thereof;
(49) "profession" includes a vocation;
(50) "profits in lieu of salary" includes-
(a) the amount of compensation due to, or received by, an assessee from his employer at, or in connection with, the termination of, or the modification of any terms and conditions relating to, his employment; and
(b) any payment due to, or received by, an assessee from a provident or other fund to the extent to which it does not consist of contributions by the assessee and the interest on such contributions;
(51) "public servant" has the same meaning as in section 21 of the Penal Code (Act No. XLV of 1860);
(52) "recognised provident fund" means a provident fund which has been, and continues to be, recognised by the Commissioner in accordance with the provisions of Part B of the First Schedule;
57[ * * *]
(54) "relative", in relation to an individual, means the husband, wife, brother, sister or any lineal ascendant or descendant of that individual;
(55) "resident", in respect of any income year, means-
(a) an individual who has been in Bangladesh-
(i) for a period of, or for periods amounting in all to, one hundred and eighty-two days or more in that year; or
(ii) for a period of, or periods amounting in all to, ninety days or more in that year having previously been in Bangladesh for a period of, or periods amounting in all to, three hundred and sixty-five days or more during four years preceding that year;
(b) a Hindu undivided family, firm or other association of persons, the control and management of whose affairs is situated wholly 58[***] in Bangladesh in that year; 59[***]
(c) a Bangladeshi company or any other company the control and management of whose affairs is situated wholly in Bangladesh in that year;
60[ (d) a trust, a fund or an entity, the control and management of whose affairs is situated wholly in Bangladesh in that year; and
(e) a local authority and every other artificial juridical person;]
(56) "royalty" means consideration (including any lump sum consideration but excluding any consideration which is classifiable as income of the recipient under the head "Capital gains") for-
(a) transfer of all or any rights, including the granting of a licence, in respect of a patent, invention, model, design, mark or similar property;
(b) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret process or formula, or trade mark or similar property;
(c) the use of any patent, invention, model, design, secret process or formula, or trade mark or similar property;
(d) the imparting of any information concerning technical, industrial, commercial, or scientific knowledge, experience or skill;
(e) the transfer of all or any rights, including granting of a licence, in respect of any copyright, literacy, artistic or scientific work, including films or video tapes for use in connection with television or tapes for use in connection with radio broadcasting, but not including consideration for sale, distribution or exhibition of cinematograph films; or
(f) the rendering of any services in connection with any of the aforesaid activities;
61[Explanation 1.¾For the purpose of royalty in respect of any right, property or information, it is not necessary that¾
(i) the possession or control of such right, property or information is with the payer;
(ii) such right, property or information is used directly by the payer;
(iii) the location of such right, property or information is in Bangladesh.
Explanation 2.¾For the removal of doubts, it is hereby clarified that the expression “process” includes transmission by satellite (including up-linking, amplification, conversion for down-linking of any signal), cable, optical fibre or by any other similar technology, whether or not such process is secret;]
(57) "rules" means rules made under this Ordinance;
(58) "salary" includes-
62[ (a) any pay or wages;]
(b) any annuity, pension or gratuity;
(c) any fees, commissions, allowances, perquisites or profits in lieu of, or in addition to, salary or wages;
(d) any advance of salary;
63[ (e) any leave encashment;]
(59) "scheduled bank" has the same meaning as in the Bangladesh Bank Order, 1972 (P. O. No. 127 of 1972);
64[ ***]
(60) "shareholder" includes a preference shareholder;
(61) "speculation-business" means business in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scripts, but does not include business in which-
(a) a contract in respect of raw materials or merchandise is entered into by a person in the course of his manufacturing or mercantile business to guard against loss through future price fluctuations for the purpose of fulfilling his other contracts for the actual delivery of the goods to be manufactured or the merchandise to be sold by him;
(b) a contract in respect of stocks and shares is entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shared through price fluctuations; and
(c) a contract is entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member;
65[ (62) "tax" means the income tax payable under this Ordinance and includes any additional tax, excess profit tax, penalty, interest, fee or other charges leviable or payable under this Ordinance;]
66[ (62A) “Tax Day” means-
(i) in the case of an assessee other than a company, the thirtieth day of November following the end of the income year;
(ii) in the case of a company, the fifteenth day of the seventh month following the end of the income year 67[ or the fifteenth day of September following the end of the income year where the said the fifteenth day falls before the fifteenth day of September];
(iii) the next working day following the Tax Day if the day mentioned in sub-clauses (i) and (ii) is a public holiday;]
68[ (62B) “taxed dividend” means the dividend income on which tax has been paid by the recipient under this Ordinance;]
69[ ***]
(64) "Tax Recovery Officer" means a person appointed to be a Tax Recovery Officer under section 3;
(65) "total income" means the total amount of income referred to in section 17 computed in the manner laid down in this Ordinance, and includes any income which, under any provision of this Ordinance, is to be included in the total income of an assessee;
70[ (65A) “trading account” or “profit and loss account” includes income statement and other similar statements of accounts prepared under International Financial Reporting Standards;]
(66) "transfer", in relation to a capital asset, includes the sale, exchange or relinquishment of the asset, or the extinguishment of any right therein, but does not include-
(a) any transfer of the capital asset under a gift, bequest, will or an irrevocable trust;
(b) any distribution of the assets of a company to its shareholders on its liquidation; and
(c) any distribution of capital assets on the dissolution of a firm or other association of persons or on the partition of a Hindu undivided family;
71[ * * *]
(68) "written down value" means the written down value as defined in the Third Schedule;
(69) "year" means a financial year.
Chapter II
ADMINISTRATION
Chapter III
TAXES APPELLATE TRIBUNAL
Chapter IV
CHARGE OF INCOME TAX
118[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.]
119[120[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 121[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.]
122[***]
123[***]
124[***]
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).]
125[***]
126[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.]
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 128[ 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 129[***], 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 130[ * * *], 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” 131[ :
132[ Provided that the provisions of this sub-section shall not apply in case of a loan or interest waived in respect of an assessee by a commercial bank including Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, 133[ Bangladesh Development Bank Ltd.], or a leasing company or a financial institution registered under আর্থিক প্রতিষ্ঠান আইন, ১৯৯৩ (১৯৯৩ সনের ২৭ নং আইন) 134[ :
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 135[ 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;
136[ (aa) such amount on account of any interest which was to have been paid to any commercial bank or the 137[ 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 138[ 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 139[ 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:
140[ 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.
141[ 142[ (21) Where any sum is claimed or shown to have been received as loan 143[, 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 144[, 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 145[or converted into consideration for any goods or services] in a subsequent income year, the amount so repaid 146[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;
(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 of the Assessee, and a banking channel or a formal channel is involved in the process of such loan or gift.
Explanation.- In this sub-section, “bank transfer”, in relation to a loan or a gift, means transfer from the account of the giver to the account of the receiver, and such accounts are maintained in a bank or a financial institution legally authorised to operate accounts.]
147[ ***]
148[ ***]
(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.
149[(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”.]
150[ 151[ (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".]
152[ ***]]
(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 155[ paid up capital together with reserve and accumulated profit], then fifty percent of the amount that exceeds such ten percent of the 156[ 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".]
157[ ***]
158[ (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, 159[ 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”.
160[ (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 161[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.]]
162[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]
163[(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.]]
173[19BBBBB. (1) Notwithstanding anything contained in this Ordinance, source of any sum invested by any person, in the construction or purchase of any residential 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 residential 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.]
181[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.]
Chapter V
COMPUTATION OF INCOME
28. (1) The following income of an assessee shall be classified and computed under the head "Income from business or profession", namely:-
(a) profits and gains of any business or profession carried on, or deemed to be carried on, by the assessee at any time during the income year;
(b) income derived from any trade or professional association or other association of like nature on account of specific services performed for its members;
(c) value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession;
(d) the amount, the value of the benefit and the trading liability referred to in section 19(15);
(e) the excess amount referred to in section 19(16);
(f) the excess amount referred to in section 19(18);
(g) the sale proceeds referred to in section 19(20) 194[;
(h) the amount of income under section 19 (23)]
Explanation.- Where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business.
(2) Notwithstanding anything contained in this Ordinance,-
(a) the profits and gains of any business of insurance and the tax payable thereon shall be computed in accordance with the provisions of the Fourth Schedule;
(b) the profits and gains from the exploration and production of petroleum (including natural gas) and the tax payable thereon shall be computed in accordance with the provisions of Part A of the Fifth Schedule;
(c) the profits and gains of any business which consists of, or includes, the exploration and extraction of such mineral deposits of a wasting nature (not being petroleum and natural gas) as may be specified in this behalf by the Government, carried on by an assessee in Bangladesh shall be computed in accordance with the provisions of Part B of the Fifth Schedule.
195[(3) Notwithstanding anything to the contrary contained in any other provisions of the Ordinance, in the case of 196[Bangladesh Development Bank Ltd] 197[, Investment Corporation of Bangladesh 198[,any financial institution]] and any commercial bank including the Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank, the income by way of interest in relation to such categories of bad or doubtful debts as the Bangladesh Bank may classify in the income year in which it is credited to its profit and loss account for that year or, as the case may be, in which it is actually received whichever is earlier.]
30. Notwithstanding anything contained in section 29, no deduction on account of allowance from income from business or profession shall be admissible in respect of the following, namely:-
(a) any payment which is an income of the payee classifiable under the head "Salaries" if tax thereon has not been paid in accordance with provisions of Chapter VII;
221[ (aa) any payment made by an assessee to any person if tax thereon has not been deducted and credited in accordance with the provisions of Chapter VII 222[ ***],]
223[ (aaa) any payment by way of salary to an employee if the employee is required to obtain a twelve-digit Taxpayer’s Identification Number under the provisions of this Ordinance but fails to obtain the same at the time of making such payment;]
224[ (aaaa) any payment made by way of salary to an employee for whom the statement under section 108A was not provided;]
(b) any payment by way of interest, salary, commission or remuneration made by a firm or an association of persons to any partner of the firm or any member of the association, as the case may be;
(c) any payment by way of brokerage or commission made to a person who is not a resident in Bangladesh unless tax has been deducted therefrom under section 56;
(d) any payment to a provident fund or other fund established for the benefit of the employees unless the employer has made effective arrangements to secure that tax shall be deducted at source from any payments made from the fund which are taxable being income falling under the head "Salaries";
225[ (e) so much of the expenditure by an assessee on the provision of perquisites, as defined in clause (45) of section 2, to any employee as exceeds taka 226[ 227[ five lakh and fifty thousand] and to any employee who is a person with disability, as exceeds taka twenty five lakh]:
Provided that the provision of this clause shall not be applicable to an employer where perquisites were paid to an employee in pursuance of any Government decision published in the official Gazette to implement the recommendation of a Wage Board constituted by the Government;]
(f) any expenditure in respect of the following as is in excess of the amount or rate prescribed in this behalf and as is not, in the cases of sales and services liable to excise duty, supported by excise stamp or seal, namely:-
(i) entertainment;
(ii) foreign travels of employees and their dependents for holidaying and recreation;
228[***] and
(iv) distribution of free samples;
229[ (g) any expenditure exceeding ten per cent of the 230[ net profit disclosed in the statement of accounts] 231[ by way of head office or intra-group expense, called by whatever name,] by a company, not incorporated in Bangladesh under কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সালের ১৮ নং আইন);
232[ (h) so much of the expenditure or aggregate of the expenditure by an assesse by way of royalty, technical services fee, technical know how fee or technical assistance fee or any fee of similar nature, as exceeds the following:
|
(i) For the first three income years from the commencement of the business or profession |
Ten percent (10%) of the net profit disclosed in the statement of accounts; |
|
(ii) For subsequent income years |
Eight percent (8%) of the net profit disclosed in the statement of accounts;”। |
]];
(i) any payment by way of salary or remuneration madeotherwise than by crossed cheque or bank transfer by a person to any employee having gross monthly salary of taka fifteen thousand or more;
(j) any expenditure by way of incentive bonus exceeding ten per cent of the 233[ net profit disclosed in the statement of accounts];
(k) any expenditure by way of overseas traveling exceeding [one point two five percent (1.25%)] of the disclosed turnover 234[ 235[ :
Provided that nothing of this clause shall apply to the overseas traveling expenses by an assessee engaged in providing any service to the Government where overseas traveling is a key requirement of that service;]
(l) any payment by way of commission paid or discount made to its shareholder director by a company;
(m) any payment by a person exceeding taka fifty thousand or more, otherwise than by a crossed cheque or bank transfer excluding-
(i) payment for the purchase of raw materials;
(ii) salary or remuneration made to any employee, without prejudice to an obligation referred to in clause (i) ;
(iii) any payment for government obligation 236[ ;
(n) any payment by way of any rent of any property, whether used for commercial or residential purposes, otherwise than by a crossed cheque or bank transfer 237[ ;
(o) any payment made to a person who is required to obtain a twelve-digit Taxpayer’s Identification Number under clauses (xxviii), (xxix) and (xxx) of sub-section (3) of section 184A but fails to hold the same at the time of payment.]]]]
239[30B. Notwithstanding anything contained in section 82C or any loss or profit computed under the head “Income from business or profession”, the amount of disallowances made under section 30 shall be treated separately as “Income from business or profession” and the tax shall be payable thereon at the regular rate.]
33. The following income of an assessee shall be classified and computed under the head “Income from other sources”, namely:-
(a) dividend and interest;
(b) royalties and fees for technical services;
(c) income from letting of machinery, plants or furniture belonging to the assessee, and also of buildings belonging to him if the letting of buildings is inseparable from the letting of the machinery, plant or furniture;
(d) any income to which section 19(1), (2), (3), (4), (5), (8), (9), (10), (11), (12), (13), (21), 256[(24), (27), (29), (31) or (32)] applies];
Chapter VI
EXEMPTIONS AND ALLOWANCES
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.
278[(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
279[(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 of the following amount:
280[
|
Total Income |
Amount of credit |
|
i. if the total income does not exceed taka fifteen lakh |
15% of the eligible amount; |
|
ii. if the total income exceeds taka fifteen lakh |
10% 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) 25% 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 and fifty lakh taka.”;].
281[***]
Provided that the amount admissible under clause (a) shall not, under any circumstances, exceed 282[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 283[.***]
284[(5) Notwithstanding anything contained in clause (b) of sub-section (4) or any other section in Chapter VI-
(a) the income of a person for the relevant income year shall not be-
(i) exempted from tax; or
(ii) be subject to reduced rate of tax;
in an assessment year if the person fails to submit the return of income, as required under section 75;
(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.]
Period of Exemption | Rate of Exemption |
For the first and second year | 100% of income |
For the third year) | 60% of income |
For the fourth year | 40% of income |
For the fifth year | 20% of income |
342[(ii) Rajshahi, Khulna, Sylhet, Barisal and Rangpur divisions (excluding City Corporation area) and Rangamati, Bandarban and Khagrachari districts, for a period of ten years beginning with the month of commencement of commercial production of the said undertaking:
Period of Exemption | Rate of Exemption |
For the first and second year | 100% of income |
For the third year | 70% of income |
For the fourth year | 55% of income |
For the fifth year | 40% of income |
For the sixth year | 25% of income |
For the seven year | 20% of income |
(2) For the purpose of this section,-
"industrial undertaking" means an industry engaged in the production of-
(5) Notwithstanding anything contained in this section, where an undertaking enjoying exemption of tax under this section is engaged in any commercial transaction with another undertaking or company having one or more common sponsor directors, and during the course of making an assessment of the said undertaking if the Deputy Commissioner of Taxes is satisfied that the said undertaking has purchased or sold goods at higher or lower price in comparison to the market price with intent to reduce the income of another undertaking or company, the exemption of tax of that undertaking shall be deemed to have been withdrawn for that assessment year in which such transaction is made.
(6) The Board shall give its decision on an application made under clause (e) of sub-section (4) within forty five days from the date of receipt of the application by the Board, failing which the undertaking shall be deemed to have been approved by the Board for the purposes of this section:
Provided that the Board shall not reject any application made under this section unless the applicant is given a reasonable opportunity of being heard.
(7) The Board may, on an application of any person aggrieved by any decision or order passed under sub-section (6), if the application is made within four months of the receipt of such decision or order, review the previous decision, order or orders and pass such order in relation thereto as it thinks fit.
(8) The income, profits and gains of the undertaking to which this section applies shall be computed in the same manner as is applicable to income chargeable under the head ''Income from business or profession'':
Provided that in respect of depreciation, only the allowances for normal depreciation specified in paragraph 3 of the Third Schedule shall be allowed.
(9) The income, profits and gains of the undertaking to which this section applies shall be computed separately from other income, profits and gains of the assessee, if any, and where the assessee sustains a loss from such undertaking it shall be carried forward and set off against the profits and gains of the said undertaking for the next year and where it cannot be wholly set off, the amount of the loss not so set off, shall be carried forward for the following year and so on, but no loss shall be carried forward beyond the period specified by the Board in the order issued under sub-section (6) or (7).
(10) Unless otherwise specified by the Government, nothing contained in this section shall be so construed as to exempt the following from tax chargeable under this section:-
(a) any dividend paid, credited or distributed or deemed to have been paid, credited or distributed by a company to its share-holders out of the profits and gains;
(b) any income of the said undertaking classifiable as ''Capital gains'' chargeable under the provisions of section 31;
(c) any income of the said undertaking resulting from disallowance made under section 30.
(11) Where any exemption is allowed under this section and in the course of making assessment, the Deputy Commissioner of Taxes is satisfied that any one or more of the conditions specified in this section are not fulfilled 348[or any individual not being a Bangladeshi citizen is employed or allowed to work without prior approval of the Board of Investment or any competent authority of the Government, as the case may be, for this purpose], the exemption shall stand withdrawn for the relevant assessment year and the Deputy Commissioner of Taxes shall determine the tax payable for such year.
(12) Any such undertaking approved under this section may, not later than one year from the date of approval, apply in writing to the Board for the cancellation of such approval, and the Board may pass such order or orders thereon as it may deem fit.
(13) Notwithstanding anything contained in this section, the Board may, in the public interest, cancel or suspend fully or partially any exemption allowed under this section.
(14) The Board may make rules regulating the procedure for the grant of approval under sub-section (6), review under sub-section (7), furnish information regarding payment of other taxes by the said undertaking, and take such other measures connected therewith or incidental to the operation of this section as it may deem fit.]
349[46BB. (1) Subject to the provisions of this Ordinance, income, profits and gains under section 28 from an industrial undertaking (hereinafter referred to as the said undertaking) set-up in Bangladesh between the first day of July, 2019 and the thirtieth day of June, 2024 (both days inclusive) shall be exempted from the tax payable under this Ordinance for the period, and at the rate, specified below:
(i) if the said undertaking is set-up in Dhaka, Mymensingh and Chattogram divisions, excluding Dhaka, Narayanganj, Gazipur, Chattogram, Rangamati, Bandarban and Khagrachari districts, for a period of five years beginning with the month of commencement of commercial production of the said undertaking:
|
Period of Exemption |
Rate of Exemption |
|
For the first year |
90% of income |
|
For the second year |
80% of income |
|
For the third year |
60% of income |
|
For the fourth year |
40% of income |
|
For the fifth year |
20% of income ; |
(ii) if the said undertaking is set-up in Rajshahi, Khulna, Sylhet, Barishal and Rangpur divisions (excluding City Corporation area) and Rangamati, Bandarban and Khagrachari districts, for a period of ten years beginning with the month of commencement of commercial production of the said undertaking:
|
Period of Exemption |
Rate of Exemption |
|
For the first and second year |
90% of income |
|
For the third year |
80% of income |
|
For the fourth year |
70% of income |
|
For the fifth year |
60% of income |
|
For the sixth year |
50% of income |
|
For the seventh year |
40% of income |
|
For the eighth year |
30% of income |
|
For the ninth year |
20% of income |
|
For the tenth year |
10% of income: |
Provided that any industry engaged in the production of item as referred to in clause (viii) or clause (xii) of sub section (2) shall be entitled to exemption from tax under the provision of this section even if it is set up in the districts of Dhaka, Gazipur, Narayanganj or Chattogram.
(2) For the purpose of this section, "industrial undertaking" means¾
(a) an industry engaged in, or in the production of,¾
(i) active pharmaceuticals ingredient and radio pharmaceuticals;
(ii) agriculture machineries;
(iii) automatic bricks;
(iv) automobile;
(v) barrier contraceptive and rubber latex;
(vi) basic components of electronics (e.g. resistor, capacitor, transistor, integrated circuit, multilayer PCB etc.);
(vii) bi-cycle including parts thereof;
(viii) bio-fertilizer;
(ix) biotechnology based agro products;
(x) boiler including parts and equipment thereof;
(xi) compressor including parts thereof;
(xii) computer hardware;
(xiii) furniture;
(xiv) home appliances (blender, rice cooker, microwave oven, electric oven, washing machine, induction cooker, water filter etc.);
(xv) insecticides or pesticides;
(xvi) leather and leather goods;
(xvii) LED TV;
(xviii) locally produced fruits and vegetables processing;
(xix) mobile phone;
(xx) petro-chemicals;
(xxi) pharmaceuticals;
(xxii) plastic recycling;
(xxiii) textile machinery;
(xxiv) tissue grafting;
(xxv) toy manufacturing;
(xxvi) tyre manufacturing;
(b) any other category of industrial undertaking as the Government may, by notification in the official Gazette, specify.
(3) Notwithstanding anything contained in sub-section (2), for the purpose of this section industrial undertaking shall not include expansion of such an existing undertaking.
(4) The exemption under sub-section (1) shall apply to the said undertaking if it fulfils the following conditions, namely:¾
(a) that the said undertaking is owned and managed by¾
(i) a body corporate established by or under any law for the time being in force with its head office in Bangladesh; or
(ii) a company as defined in কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের
১৮ নং আইন) with its registered office in Bangladesh and having a subscribed and paid up capital of not less than two million taka on the date of commencement of commercial production;
(b) that thirty percent of the exempted income under sub-section (1) is invested in the said undertaking or in any new industrial undertaking during the period of exemption or within one year from the end of the period to which the exemption under that sub-section relates and in addition to that, another ten percent of the exempted income under sub-section (1) is invested in each year before the expiry of three months from the end of the income year in the purchase of shares of a company listed with any stock exchange, failing which the income so exempted shall, notwithstanding the provisions of this Ordinance, be subject to tax in the assessment year for which the exemption was allowed:
Provided that the quantum of investment referred to in this clause shall be reduced by the amount of dividend, if any, declared by the company enjoying tax exemption under this section;
(c) that the said undertaking is not formed by splitting up or by reconstruction or reconstitution of business already in existence or by transfer to a new business of any machinery or plant used in business which was being carried on in Bangladesh at any time before the commencement of the new business;
(d) that the said undertaking is approved, and during the relevant income year, stands approved by the Board for the purposes of this section;
(e) that application in the prescribed form for approval for the purposes of this section, as verified in the prescribed manner, is made to the Board within six months from the end of the month of commencement of commercial production;
(f) that the said undertaking obtained a clearance certificate for the relevant income year from the Directorate of Environment;
(g) that the said undertaking maintains books of accounts on a regular basis and submits return of its income as per provisions laid down in section 75 of this Ordinance.
(5) Notwithstanding anything contained in this section, where an undertaking enjoying exemption of tax under this section is engaged in any commercial transaction with another undertaking or company having one or more common sponsor directors, and during the course of making an assessment of the said undertaking if the Deputy Commissioner of Taxes is satisfied that the said undertaking has purchased or sold goods at higher or lower price in comparison to the market price with intent to reduce the income of another undertaking or company, the exemption of tax of that undertaking shall be deemed to have been withdrawn for that assessment year in which such transaction is made.
(6) The Board shall give its decision on an application made under clause (e) of sub-section (4) within forty five days from the date of receipt of the application by the Board, failing which the undertaking shall be deemed to have been approved by the Board for the purposes of this section:
Provided that the Board shall not reject any application made under this section unless the applicant is given a reasonable opportunity of being heard.
(7) The Board may, on an application of any person aggrieved by any decision or order passed under sub-section (6), if the application is made within four months of the receipt of such decision or order, review the previous decision, order or orders and pass such order in relation thereto as it thinks fit.
(8) The income, profits and gains of the undertaking to which this section applies shall be computed in the same manner as is applicable to income chargeable under the head ''Income from business or profession'' :
Provided that in respect of depreciation, only the allowances for normal depreciation specified in paragraph 3 of the Third Schedule shall be allowed.
(9) The income, profits and gains of the undertaking to which this section applies shall be computed separately from other income, profits and gains of the assessee, if any, and where the assessee sustains a loss from such undertaking it shall be carried forward and set off against the profits and gains of the said undertaking for the next year and where it cannot be wholly set off, the amount of the loss not so set off, shall be carried forward for the following year and so on, but no loss shall be carried forward beyond the period specified by the Board in the order issued under sub-section (6) or (7).
(10) Unless otherwise specified by the Government, nothing contained in this section shall be so construed as to exempt the following from tax chargeable under this section, namely-
(a) any dividend paid, credited or distributed or deemed to have been paid, credited or distributed by a company to its share-holders out of the profits and gains;
(b) any income of the said undertaking classifiable as ''Capital gains'' chargeable under the provisions of section 31;
(c) any income of the said undertaking resulting from disallowance made under section 30.
(11) Where any exemption is allowed under this section and in the course of making assessment, the Deputy Commissioner of Taxes is satisfied that any one or more of the conditions specified in this section are not fulfilled or any individual not being a Bangladeshi citizen is employed or allowed to work without prior approval of any competent authority of the Government for this purpose, the exemption shall stand withdrawn for the relevant assessment year and the Deputy Commissioner of Taxes shall determine the tax payable for such year.
(12) Any such undertaking approved under this section may, not later than one year from the date of approval, apply in writing to the Board for the cancellation of such approval, and the Board may pass such order or orders thereon as it may deem fit.
(13) Notwithstanding anything contained in this section, the Board may, in the public interest, cancel or suspend fully or partially any exemption allowed under this section.
(14) The Board may make rules regulating the procedure for the grant of approval under sub-section (6), review under sub-section (7), furnish information regarding payment of other taxes by the said undertaking, and take such other measures connected therewith or incidental to the operation of this section as it may deem fit.
Explanation.- For the purpose of this section set-up means completion of establishment of the industry referred to in this section.]
352[46C.353[(1) Subject to the provisions of this Ordinance, income, profits and gains under section 28 from physical infrastructure facility, hereinafter referred to as the said facility, set up in Bangladesh between the first day of July, 2011 and the thirtieth day of June, 354[2019] (both days inclusive) shall be exempted from the tax payable under this Ordinance for ten years beginning with the month of commencement of commercial operation, and at the rate, specified below:
|
Period of Exemption |
Rate of Exemption |
|
For the first first and second year) |
100% of income |
|
For the third year) |
80% of income |
|
For the fourth year) |
70% of income |
|
For the fifth year) |
60% of income |
|
For the sixth year) |
50% of income |
|
For the seventh year) |
40% of income |
|
For the eight year) |
30% of income |
|
For the ninth year) |
20% of income |
|
For the tenth year) |
10% of income |
]
2) For the purpose of this section, "physical infrastructure facility"
means,-
(a) deep sea port;
(b) elevated expressway;
(c) export processing zone;
(d) flyover;
(e) gas pipe line,
(f) Hi-tech park;
(g) Information and Communication Technology (ICT) village or software technology zone;
(h) Information Technology (IT) park;
(i) large water treatment plant and supply through pipe line;
(j) Liquefied Natural Gas (LNG) terminal and transmission line;
(k) mono-rail;
(l) rapid transit;
(m) renewable energy (e.g energy saving bulb, solar energy plant, windmill);
(n) sea or river port;
(o) 355[toll road or bridge];
(p) underground rail;
(q) waste treatment plant; or
(r) any other category of physical infrastructure facility as the Government may, by notification in the official Gazette, specify.
(3) The exemption under sub-section (1) shall apply to the said facility if it fulfils the following conditions, namely:-
(a) that the said facility is owned and managed by-
(i) a body corporate established by or under any law for the time being in force with its head office in Bangladesh; or
(ii) a company as defined in কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন) with its registered office in Bangladesh and having a subscribed and paid up capital of not less than two million taka on the date of commencement of commercial operation;
(b) that thirty percent of the exempted income under subsection (1) is invested in the said facility or in any new physical infrastructure facility during the period of exemption or within one year from the end of the period to which the exemption under that sub-section relates and in addition to that, another ten percent of the exempted income under sub-section (1) is invested in each year before the expiry of three months from the end of the income year in the purchase of shares of a company listed with any stock exchange, failing which the income so exempted shall, notwithstanding the provisions of this Ordinance, be subject to tax in the assessment year for which the exemption was allowed:
Provided that the quantum of investment referred to in this clause shall be reduced by the amount of dividend, if any, declared by the company enjoying tax exemption under this section:
(c) that the said facility is approved, and during the relevant income year, stands approved by the Board for the purposes of this section;
(d) that application in the prescribed form for approval for the purposes of this section, as verified in the prescribed manner, is made to the Board within six months from the end of the month of commencement of commercial operation;
(e) that the said facility maintains books of accounts on a regular basis and submits return of its income as per provisions of section 75 of this Ordinance.
(4) The Board shall give its decision on an application made under clause (d) of sub-section (3) within forty five days from the date of receipt of the application by the Board, failing which the facility shall be deemed to have been approved by the Board for the purposes of this section:
Provided that the Board shall not reject any application made under this section unless the applicant is given a reasonable opportunity of being heard.
(5) The Board may, on an application of any person aggrieved by any decision or order passed under sub-section (4), if the application is made within four months of the receipt of such decision or order, review the previous decision, order or orders and
pass such order in relation thereto as it thinks fit.
(6) The income, profits and gains of the facility to which this section applies shall be computed in the same manner as is applicable to income chargeable under the head "Income from business or profession":
Provided that in respect of depreciation, only the allowances for normal depreciation specified in paragraph 3 of the Third Schedule shall be allowed.
(7) The income, profits and gains of the facility to which this section applies shall be computed separately from other income, profits and gains of the assessee, if any, and where the assessee sustains a loss from such facility it shall be carried forward and set
off against the profits and gains of the said facility for the next year and where it cannot be wholly set off, the amount of the loss not so set off, shall be carried forward for the following year and so on, but no loss shall be carried forward beyond the period specified by the Board in the order issued under sub-section (4) or (5).
(8) Unless otherwise specified by the Government, nothing contained in this section shall be so construed as to exempt the following from tax chargeable under this section :-
(a) any dividend paid, credited or distributed or deemed to have been paid, credited or distributed by a company to its share-holders out of the profits and gains;
(b) any income of the said facility classifiable as "Capital gains" chargeable under the provisions of section 31;
(c) any income of the said facility resulting from disallowance made under section 30.
(9) Where any exemption is allowed under this section and in the course of making assessment, the Deputy Commissioner of Taxes is satisfied that any one or more of the conditions specified in this section are not fulfilled 356[or any individual not being a Bangladeshi citizen is employed or allowed to work without prior approval of the Board of Investment or any competent authority of the Government, as the case may be, for this purpose], the exemption shall stand withdrawn for the relevant assessment year and the Deputy Commissioner of Taxes shall determine the tax payable for such year.
(10) Any such facility approved under this section may, not later than one year from the date of approval, apply in writing to the Board for the cancellation of such approval, and the Board may pass such order or orders thereon as it may deem fit.
(11) Notwithstanding anything contained in this section, the Board may, in the public interest, cancel or suspend fully or partially any exemption allowed under this section.
(12) The Board may make rules regulating the procedure for the grant of approval under sub-section (4), review under sub-section (5), furnish information regarding payment of other taxes by the said facility, and take such other measures connected therewith or incidental to the operation of this section as it may deem fit.]
357[46CC. (1) Subject to the provisions of this Ordinance, income, profits and gains under section 28 from physical infrastructure facility, hereinafter referred to as the said facility, set up in Bangladesh between the first day of July, 2019 and the thirtieth day of June, 2024 (both days inclusive) shall be exempted from the tax payable under this Ordinance for ten years beginning with the month of commencement of commercial operation, and at the rate, specified below:
|
Period of Exemption |
Rate of Exemption |
|
For the first and second year |
90% of income |
|
For the third year |
80% of income |
|
For the fourth year |
70% of income |
|
For the fifth year |
60% of income |
|
For the sixth year |
50% of income |
|
For the seventh year |
40% of income |
|
For the eighth year |
30% of income |
|
For the ninth year |
20% of income |
|
For the tenth year |
10% of income. |
(2) For the purpose of this section, "physical infrastructure facility" means,-
(i) deep sea port;
(ii) elevated expressway;
(iii) export processing zone;
(iv) flyover;
(v) gas pipe line;
(vi) Hi-tech park;
(vii) Information and Communication Technology (ICT) village or software technology zone;
(viii) Information Technology (IT) park;
(ix) large water treatment plant and supply through pipe line;
(x) Liquefied Natural Gas (LNG) terminal and transmission line;
(xi) mobile phone tower or tower sharing infrastructure;
(xii) mono-rail;
(xiii) rapid transit;
(xiv) renewable energy (e.g solar energy plant, windmill);
(xv) sea or river port;
(xvi) toll road or bridge;
(xvii) underground rail;
(xviii) waste treatment plant; or
(xix) any other category of physical infrastructure facility as the Government may, by notification in the official Gazette, specify.
(3) The exemption under sub-section (1) shall apply to the said facility if it fulfils the following conditions, namely:¾
(a) that the said facility is owned and managed by¾