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
1. Short title and commencement
CHAPTER II ADMINISTRATION
3. Income-tax authorities
4. Appointment of income-tax authorities
4A. Delegation of powers
5. Subordination and control of income-tax authorities
6. Jurisdiction of income-tax authorities
7. Exercise of jurisdiction by successor
8. Officers, etc. to follow instructions of the Board
9. Guidance to the Deputy Commissioner of Taxes, etc.
10. Exercise of assessment functions by the Inspecting Joint Commissioners [and the Inspecting Additional Commissioners]
CHAPTER III TAXES APPELLATE TRIBUNAL
11. Establishment of Appellate Tribunal
12. Exercise of power of the Tribunal by Benches
13. Decision of Bench
14. Exercise of power by one member
15. Regulation of procedure
CHAPTER IV CHARGE OF INCOME TAX
16. Charge of income-tax
16A. Charge of surcharge
16B. Charge of additional tax
16C. Charge of excess profit tax
16CCC. Charge of minimum tax
17. Scope of the total income
18. Income deemed to accrue or arise in Bangladesh
19. Un-explained investments, etc., deemed to be income
19BBBBB. Special tax treatment in respect of investment residential building and apartment.
19C. Special tax treatment in respect of investment in the purchase of bond under Bangladesh Infrastructure Finance Fund
19D. Special tax treatment in respect of investment in the purchase of Bangladesh Government Treasury Bond.
19E. Voluntary disclosure of income.
CHAPTER V COMPUTATION OF INCOME
20. Heads of income
22. Interest on securities
23. Deductions from interest on securities
24. Income from house property
25. Deductions from income from house property
26. Agricultural income
27. Deductions from agricultural income
28. Income from business or profession
29. Deductions from income from business or profession
30. Deduction not admissible in certain circumstances
30A. Provision for disallowance
31. Capital gains
32. Computation of capital gains
33. Income from other sources
34. Deductions from income from other sources
35. Method of accounting
36. Allocation of income from royalties, etc., for literary works, etc.
37. Set off of losses
38. Carry forward of business losses
39. Carry forward of loss in speculation business
40. Carry forward of loss under the head “Capital gains”
41. Carry forward of loss under the head “Agricultural income”
42. Conditions and limitations of carrying forward of loss, etc.
43. Computation of total income
CHAPTER VI EXEMPTIONS AND ALLOWANCES
45. Exemption of income of an industrial undertaking
46. Exemption of income of a tourist industry
46A. Exemption from tax of newly established industrial undertakings, etc. in certain cases
46B. Exemption from tax of newly established industrial undertakings set up between the period of July, 2011 and [June,2015],etc, in certain cases.
46C. Exemption from tax of newly established physical infrastructure facility set up between the period of July, 2011 and[June,2015], etc, in certain cases.
47. Exemption of income of co-operative societies
CHAPTER VII PAYMENT OF TAX BEFORE ASSESSMENT
48. Deduction at source and advance payment of tax
49. Income subject to deduction at source
50. Deduction at source from salaries
50A. Deduction at source from discount on the real value of Bangladesh Bank bills
50B. Deduction of tax from payment of remuneration to Members of Parliament
51. Deduction at source from interest on securities
52. Deduction from payment to contractors, etc.
52A. Deduction at source from fees for professional or technical services
52AA. Deduction from the payment of certain services
52AAA. Collection of tax from clearing and forwarding agents
52B. Collection of tax from Cigarette manufacturers
52C. Deduction at source from compensation against acquisition of property
52D. Deduction at source from interest on savings instruments
52F. Collection of tax from brick manufacturers
52I. Deduction from the commission of letter of credit
52K. Collection of tax by City Corporation or Pourashava at the time of renewal of trade licence.
52M. Collection of tax from freight forward agency commission.
52N. Collection of tax on account of rental power.
52O. Collection of tax from a foreign technician serving in a diamond cutting industry
52P. Deduction of tax for services from convention hall, conference centre, etc.
52Q. Deduction of tax from resident for any income in connection with any service provided to any foreign person.
52R. Deduction of tax from receipts in respect of international phone call.
52S. Collection of tax from manufacturer of soft drink
53. Collection of tax from importers [***]
53A. Deduction at source from income from house property
53AA. Collection of tax from shipping business of a resident
53B. Deduction of tax from income derived on account of export of manpower
53BB. Collection of tax from export of certain items
53BBB. Collection of tax from Member of Stock Exchanges
53BBBB. Collection of tax from export of any goods except knit-wear land woven garments.
53C. Collection of tax on sale price of goods or property sold by public auction
53CC. Deduction or collection of tax at source from courier business of a non-resident
53D. Deduction from payment to actors, actresses, producers, etc.
53DDD. Deduction of tax at source from export cash subsidy.
53E. Deduction or collection at source from [commission, discount or fees]
53EE. Deduction of tax from commission or remuneration paid to agent of foreign buyer
53F. Deduction at source from interest on saving deposits and fixed deposits, etc.
53FF. Collection of tax from persons engaged in real estate or land development business
53G. Deduction at source from insurance commission
53GG. Deduction at source from fees, etc. of Surveyors of general insurance company
53H. Collection of tax on transfer, etc. of property
53I. Deduction at source from interest on deposit of Post Office Savings Bank Account.
53J. Deduction at source from rental value of vacant land or plant or machinery.
53K. Deduction of tax from advertising bill of newspaper or magazine or private television channel [or private radio station].
53M. Collection of tax from transfer of securities or mutual fund units by sponsor shareholders of a company etc.
54. Deduction of tax from dividends
55. Deduction from income from lottery, etc.
56. Deduction from income of non-residents
57. Consequences of failure to deduct, etc.
58. Certificate of deduction, etc., of tax
59. Payment to Government of tax deducted
60. Unauthorised deduction prohibited
61. Power to levy tax without prejudice to other mode of recovery
62. Credit of tax deducted or collected at source
63. Payment of tax where no deduction is made
64. Advance payment of tax
65. Computation of advance tax
66. Instalments of advance tax
67. Estimate of advance tax
68. Advance payment of tax by new assessees
69. Failure to pay instalments of advance tax
70. Levy of interest for failure to pay advance tax
71. Credit of advance tax
72. Interest payable by Government on excess payment of advance tax
73. Interest payable by the assessee on deficiency in payment of advance tax
74. Payment of tax on the basis of return
CHAPTER VIII RETURN AND STATEMENT
75. Return of income
75A. Return of withholding tax.
75B. Obligation to furnish Annual Information Return.
75C. Concurrent jurisdiction.
76. Certificate in place of return
77. Notice of filing return
78. Filing of revised return
79. Production of accounts and documents
80. [Statements of assets, liabilities and life style]
CHAPTER IX ASSESSMENT
81. Provisional assessment
82. Assessment on correct return.
82A. Assessment under simplified procedure
82BB. Universal Self Assessment.
82C. Tax on income of certain persons
82D. Spot assessment
83. Assessment after hearing
83AAA. Assessment on the basis of report of a chartered accountant
84. Best judgment assessment
85. Special provisions regarding assessment of firms
86. Assessment in case of change in the constitution of a firm
87. Assessment in case of constitution of new successor firm
88. Assessment in case of succession to business otherwise than on death
89. Assessment in case of discontinued business
90. Assessment in case of partition of a Hindu undivided family
91. Assessment in case of persons leaving Bangladesh
92. Assessment in the case of income of a deceased person
93. Assessment in case of income escaping assessment, etc.
94. Limitation for assessment
CHAPTER X LIABILITY IN SPECIAL CASES
95. Liability of representative in certain cases
96. Persons to be treated as agent
97. Right of representative to recover tax paid
98. Liability of firm or association for unrecoverable tax due from partners or members
99. Liability of partners, etc., for discontinued business of a firm, etc.
100. Liability of directors for unrecoverable tax of private companies
101. Liability of liquidator for tax of private companies under liquidation
102. Liability to tax in case of shipping business of non-residents
103A. Liability to tax in case of air transport business of non-residents
CHAPTER XI SPECIAL PROVISIONS RELATING TO AVOIDANCE OF TAX
104. Avoidance of tax through transactions with non-residents
105. Avoidance of tax through transfer of assets
106. Avoidance of tax by transactions in securities
107. Tax clearance certificate required for persons leaving Bangladesh