Finance Act, 1990

Original Language Title: অর্থ আইন, ১৯৯০

Read the untranslated law here: http://bdlaws.minlaw.gov.bd/bangla_all_sections.php?id=744

Finance Act 1990 (1990 Act 45, Act) [7 June 1990] and to amend certain laws to give effect to the financial proposals of the government. To give effect to the financial proposals of the government and for the following purposes expedient and necessary to amend certain laws; Therefore, it is hereby enacted as: - Short title and commencement 1. (1) of this Act, the Finance Act, 1990, shall be called. (Ii) The Provisional Collection of Taxes Act, 1931 (XVI of 1931) and is subject to the declaration issued under this Act shall be effective from the date of July 1st, 1990 BS. Modification of the Act II of 1899. Stamp Act, 1899 (II of 1899) of the Schedule I of the first kalamera (a) In contrast, in the second column of the entry 4 "Ten Taka" instead of the words "Twenty Taka" shall be substituted; (B) the entry 5 of clause (c) In contrast, in the second column of the "Three Taka" instead of "Fifty Taka" shall be substituted; (C) the entry of 10-of (i) clause (a) In contrast, in the second column of the "Two hundred and fifty Taka" instead of the words "Five hundred Taka" shall be substituted; And (ii) clause (b) In contrast, in the second column of the "Five hundred Taka" instead of the words "One thousand Taka" shall be substituted; (D) In ​​contrast, in the second column of entry 19 "One Taka" instead of words æTwo Taka "shall be substituted; (e) the entry of 23 and its opposite in the second column of entries shall be replaced by the following entries, namely: -" 23. CONVEYANCE as defined by section 2 (10), not being a transfer charged or exempted under No. 62- (a) on the amount or value of consideration not exceeding Taka 1,00,000 10% of the amount or value of the consideration; (B) on the amount or value of consideration exceeding Taka 1,00,000 18% of the amount or value of the consideration. EXEMPTION Assignment of copyright under the Copy Right Ordinance, 1962, section 14. Co-partnership Deed See Partnership (No. 46) "; (F) the entry of 27 and its opposite in the second column of entries shall be replaced by the following entries, namely: - "27. DEBENTURE (whether a mortgage debenture or not) being transferable marketable security issued by a public limited company and listed in the Stock Exchange The same duty as payable in respect of certificate or other documents (No.19). Explanation.- The term "debenture" includes any interest coupons attached thereto. At the option of the trustees such debentures may be secured by way of mortgage of the property of the borrower company or other property in favour of the trustees for the benefit of the debenture holders Provided that the debentures so issued shall be known as mortgage debenture. ";
(G) In contrast, in the second column of entry 36 "One Taka" instead of the words "Two Taka" shall be substituted; (H) the entry 39 of the clause (a) In contrast, in the second column of the "Two hundred and fifty Taka" instead of the words "Five hundred Taka" shall be substituted; (I) entries 46 Paragraph 'A' of-(i) clause (a) In contrast, in the second column of the "Twenty-five Taka" instead of the words "One hundred Taka" shall be substituted; And (ii) clause (b) In contrast, in the second column of the "One hundred Taka" instead of the words "Two thousand and fifty Taka" shall be substituted; (J) the entry 48 of the clause (a), (b), (c), (d) and (f) In contrast, in the second column of the "Ten Taka", "Twenty Taka", "Fifty Taka", "One hundred Taka" and "Ten Taka", respectively, instead of the words "Twenty Taka", "Fifty Taka", "One hundred Taka", "Two hundred Taka" and "Twenty-five Taka" shall be substituted; (K) In contrast, in the second column of entry 52 "One Taka" instead of the words "Two Taka" shall be substituted; And (l) the entry 53 "exceeds Taka twenty" instead of the words "exceeds Taka one hundred" shall be replaced and the second column opposite the entry "One Taka" instead of the words "Two Taka" shall be replaced. Amendment 3 of Bengal Act X of 1935. Electricity Duty Act, 1935 (Ben. Act X of 1935) of the Schedule of the entry (1) the "Ten poisha" instead of the words "Fifteen poisha" shall be replaced. 4. Amendment of Act I of 1944. Excises and Salt Act, 1944 (I of 1944) of the FIRST SCHEDULE of-(1) PART I, the - (a) SECTION II's column 1 of Item No. Column 3 against 02.02 on the "Ten" instead of the word "Twenty" shall be replaced; (B) SECTION III's, column 1-of (i) Item No. 03.04 In contrast, on the entry column 2 (b) on the contrary, column 3 "six hundred" instead of the words "nine hundred ninety and poisha forty" shall be substituted; (Ii) Item No. Column 3 against 03.05 on the "Fifteen" instead of the word "Eighteen" shall be replaced; (E) Item No. Column 3 against 03.06 on the "Thirty" instead of the word "Forty" shall be replaced; (Iv) Item No. 03.07 on the contrary, column 3 "Twenty-five" instead of the word "Thirty" shall be replaced; (V) Item No. 03.08 on the contrary, column 3 "Thirty-five" instead of the word "Forty-five" shall be substituted; (Vi) Item No. Column 3 against 03.09 on the "Thirty" instead of the word "Forty" shall be replaced; (Vii) Item No. 03.10 In contrast, column 2 Skip
(Vii 1) the serial number (1), on the contrary, column 3 "Taka one" rather than the word "Taka one and poisha forty" shall be substituted; (Vii b) serial number (2) on the opposite column 3 "twenty" instead of the word "forty" shall be substituted; (C) SECTION VII of the column 1-of (i) Item No. Column 3 against 07.03 on the "Five" instead of the word "Ten" shall be replaced; (Ii) Item No. 07.04 on the contrary, column 3 "Twenty-five poisha" instead of the term "Taka one" shall be substituted; (D) SECTION XI of the column 1-of (i) Item No. 11.10 against the column 2- (1) entry (b) on the contrary, column 3 "Ten" instead of the word "Fifteen" shall be replaced; (Ii) entry (c) on the opposite column 3 "Five" instead of the word "Fifteen" shall be substituted; (Ii) Item No. In contrast to the columns 2 and 3 of 11.12 and the following entries shall be added to the new Item and entries, namely: - "11.13 Video systems of the following categories: - (a) Video Cassette Recorders Fifteen per cent ad valorem. (B) Video Cassette Players Fifteen per cent ad valorem ". (ii) PART II on, column 1-of (a) Item No. 13.05 on the contrary, column 3 æTen taka" instead of words æTaka one hundred "shall be substituted; (b) Item No. 13.06 of the In contrast to the entries in columns 2 and 3, the following entries shall be substituted, namely: - "Services rendered by telephone and teleprinters- (i) Telephone services, domestic and overseas Fifteen per cent of the charges. (Ii) Telephone services, domestic and overseas Fifteen per cent of the charges. "; (C) Item No. 13.07 and its contrast to the column 2 and column 3 of the following entries shall be added to the new Item and entries, namely: - æ13.08 Services rendered by loans and investments One per cent of loan or investment amount. "; Explanation: - In this item, æservices rendered by loans and investments "shall mean loans disbursed or investments made under Islamic principles by banks, development financial institutions, non-banking financial institutions including investment corporation, companies and leasing companies, but shall not include loans disbursed to or investments made in agriculture, industry and export; 13.09 Services rendered by any Water and Sewerage Authority (WASA) Fifteen per cent of the charges ". Amendment 5 of the EP Act X of 1957. Finance Act, 1957 (EP Act X of 1957) of section 2 of sub-section (2) of clause (c) of the following clause (c) shall be substituted, namely: - "(c) in respect of advertisement through daily newspapers , - (i) where the advertiser is the Government or any authority, corporation or body, including its units, the activities or the principal activities of which are authorised by any Act, Ordinance, order or instrument having force of law in Bangladesh or any company, other than a private limited company, as defined in the Companies Act, 1913 (VII of 1913) or any banking company, or any insurance company or any cooperative bank established by or under any law for the time being in force, by the advertiser; and
(Ii) where the advertiser is a person other than the one mentioned in sub-clause (i) by the authority or management of the concerned newspaper. "; 6. Amendment of Act XV of 1963. Wealth Tax Act, 1963 (XV of 1963) of section 14 of sub-section (1) of the "furnish" instead of the word "furnish or cause to be furnished" shall be replaced. 7. Amendment of Act IV of 1969. Customs Act, 1969 (IV of 1969) In-(1) section 25 of sub-section (7) of the last prantmasthita full stop shall be substituted and thereafter the following proviso attached instead of the colon, namely: - "Provided that any imported or exported goods the declared value of which is higher than its tariff value fixed under this sub-section shall be chargeable with customs-duties on the basis of its declared value. "; (ii) FIRST SCHEDULE shall be amended as follows, namely: - Column 1 Heading No.- (a) in column 2 of the HS Code 08.01 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0801.10 - Coconuts ... 100% 0801.20 - Brazil nuts ... 100% 0801.30 - Cashew nuts ... 100% "; b) in column 2 of the HS Code 08.02 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - 0802.11 - In shell ... 100% 0802.12 - Shelled ... 100% Hazelnuts or filberts (copylus SPP): 0802.21 - In shell ... 100% 0802.22 - Shelled ... 100% 0802.31 - In Shell ... 100% 0802.32 - Shelled ... 100% 0802.40 - Chestnuts (Castanea SPP 100% 0802.50 - Pistachios ... 100% Other: 0802.901 - Betelnuts ... 200% 0802.909 - Other ... 100% "; (C) 08.03 In contrast, column 2 of the HS Code and its contrast to the entries in columns 3 and 4 of the HS Code and entries shall be replaced with the following, namely: - æ0803.00 - Bananas, including plantains, fresh or dried ... 100% " ; (D) In ​​contrast, column 2 of the HS Code 08.04 agencies and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0804.10 - Dates ... ... ... 100% 0804.20 - Figs ... ... ... 100% 0804.30 - Pineapples ... ... ... 100% 0804.40 - Avocados ... ... ... 100% - Guavas, mangoes and mangosteens: 0804.501 - Guavas ... ... ... 100% 0804.502 - Mangosteens ... ... ... 100% 0804.503 - Mango ... ... ... 100% "; (E) In contrast, column 2 of the HS Code 08.05 agencies and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0805.10 - Oranges ... ... ... 100% 0805.20 - Mandarins (including tangerines and satsumas); clementines, wilkings and similar citrus hybrids
100% 0805.30 - Lemons (Citruslimon, Citrus limonum) and limes (citrus aurantifolia) ... ... 100% 0805.40 - Grape fruit ... ... ... 100% 0805.90 - Other ... .... .. 100% "; (F) In contrast, column 2 of the HS Code 08.06 agencies and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0806.10 - Fresh ... ... ... 100% 0806.20 - Dried ... ... ... 100% "; (G) In contrast, column 2 of the HS Code 08.07 agencies and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0807.10 - Melons (including water melons) 100% 0807.20 - Papaws (papayas ) ... ... ... 100% "; (H) 08:08 column 2 of the HS Code of the contrast, and the contrast of their entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0808.10 - Apples ... ... ... 100% 0808.20 - Pears and quinces ... ... ... 100% "; (I) in column 2 of the HS Code 08.09 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0809.10 - Apricots ... ... ... 100% 0809.20 - Cherries ... ... ... 100% 0809.30 - peaches, including nectarines .. 100% 0809.40 - Plums and sloes ... ... ... 100% "; (J) in column 2 of the HS Code 08.10 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0810.10 - Strawberries ... ... ... 100% 0810.20 - Raspberries, blackberries, mulberries and loganberries ... ... ... 100% 0810.30 - Black, white or red currants and gooseberries ... ... ... 100% 0810.40 - Cranberries, bilberries and other fruits of the genus vaccinium ... ... 100% 0810.90 - Other ... ... ... 100% "; (K) in column 2 of the HS Code 08.11 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0811.101 - Containing added sugar or other sweetening matter 100% 0811.109 - Other ... ... ... 100% - Raspberries, blackberries, mulberries, loganberries, black or red currents and gooseberries: 0811.201 - Containing added sugar or other sweetening matter ... 100% 0811.209 - Other ... ... ... 100% - Other: 0811.901 - Containing added sugar or other sweetening matter 100% 0811.909 - Other ... ... ... 100% "; (L) HS Code 08.12 against organizations and their contrast to the columns of the column 2, 3 and 4 of the entries, and the entries shall be replaced by the following HS Code, namely: - æ0812.10 -
Cherries ... ... ... 100% 0812.20 - Strawberries ... ... ... 100% 0812.90 - Other ... ... ... 100% "; (M) in column 2 of the HS Code 08.13 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ0813.10 - Apricots ... ... ... 100% 0813.20 - Prunes ... ... ... 100% 0813.30 - Apples ... ... ... 100% 0813.40 - Other fruit ... ... ... 100% Mixtures of nuts or dried fruits of this Chapter: 0813.501 - Having the essential character of betelnuts ... ... ... 100% 0813.509 - Other ... ... ... 100% "; (N) 08:14 HS Code and the contrast of the contrast column 2 columns 3 and 4, instead of the entries in the following HS Code and entries shall be substituted, namely: - æ0814.00 - Peel of citrus fruit or melons (including water melons): fresh, frozen, dried or provisionally preserved in brine, in sulphur water or in other preservative solutions ... ... 100% "; (O) In contrast to the 10.01 and columns 2, 3 and 4 of the entries shall be replaced by the following entries, namely: - æ10.01 Wheat and Meslin. 1001.10 - Durum Wheat ... ... ... 20% 1001.90 Other ... ... ... 20% "; (P) and the contrast 10.06 columns 2, 3 and 4 of the entries shall be replaced by the following entries, namely: - æ10.06 Rice. 1006.10 - Rice in the husk (paddy or rough) ... 20% 1006.20 - Husked (brown) rice ... ... ... 20% 1006.30 - Semi-milled or wholly milled rice whether or not polished or glazed. .. 20% 1006.40 - Broken rice ... ... ... 20% "; (Q) 15.07 In contrast, column 2 of the HS Code 1507.9011 and its contrast to the entries in columns 3 and 4 of the HS Code and entries shall be replaced with the following, namely: - æ1507.9011 - Refined ... ... ... 100% " ; (R) against 15.08 in column 2 of the HS Code 1508.909 and the contrast of the entries in columns 3 and 4, the HS Code and entries shall be replaced by the following, namely: - æ1508.909 - Other ... ... ... 100% " ; (S) against 15.10 in column 2 of the HS Code 1510.009 and its contrast to the entries in columns 3 and 4 of the HS Code and entries shall be replaced with the following, namely: - æ1510.009 - Other ... ... ... 100% " ; (B) 15.11 In contrast, column 2 of the HS Code 1511.909 and the contrast of the entries in columns 3 and 4, the HS Code and entries shall be replaced by the following, namely: - æ1511.909 - Other ... ... ... 100% " ;
(C) 15.12 In contrast, column 2 of the HS Code 1512.199 and 1512,299 and their contrast to the columns 3 and 4, respectively, instead of the entries, and the entries shall be replaced as follows: HS Code, namely: - æ1512.199 - Other ... ... .. . 100% ", Ges æ1512.299 - Other ... ... ... 100%"; (Q) 15.14 In contrast, column 2 of the HS Code 1514.909 and the contrast of the entries in columns 3 and 4, the HS Code and entries shall be replaced with the following, namely: - æ1514.909 - Other ... ... ... 100% " ; (B) 15.15 In contrast, column 2 of the HS Code 1515.199, 1515.299, 1515.309, 1515.409, 1515.509 and 1515,909 and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ1515.199 - Other. .. ... ... 100% ", æ1515.299 - Other ... ... ... 100%", æ1515.309 - Other ... ... ... 100% ", æ1515. 509 - Other ... ... ... 100% ", Ges æ1515.909 - Other ... ... ... 100%", æ1515.409 - Other ... ... ... 100 % ", (s) in column 2 of the contrast of 15:18 HS Code 1518.002, 1518.004 and 1518,009 contrast, columns 3 and 4, respectively, instead of the entries, the following entries shall be replaced, and the HS Code, namely: - æ1518.002 - Refined soyabean oil. .. ... ... 100% ", æ1518.004 - Palm oil (liquid) ... ... ... 100%", æ1518.009 - Other ... ... ... 100% "; (Th) column 2 of the HS Code 2606.00 26.06 and its contrast against the entries in columns 3 and 4 of the HS Code and entries shall be replaced with the following, namely: - æ2606.00 - Aluminium Ores and concentrates 20% ", (d) of 70.10 In contrast to the column 2 of the HS Code 7010.902 and 7010,909 and their contrast to the entries in columns 3 and 4 of the HS Code, and the following entries shall be substituted, namely: - æ7010.902 - Amber glass bottles ... ... ... 150% 7010.909 - Other ... ... ... 150% "; (S) against 84.15 in column 2 of the HS Code 8415.109, 8415.819, 8415.829 and 8415,839 and their contrast to the entries in columns 3 and 4, instead of, respectively, the following entries shall be replaced, and the HS Code, namely: - æ8415.109 - Other .. . ... ... ... 100% ", æ8415.819 - Other ... ... ... ... 100%", æ8415.829 - Other ... ... .... .. 100% "Ges æ8415.839 - Other ... ... ... ... 100%"; (Bb) column 2 of the HS Code 86.07 against organizations and their contrast to the entries in columns 3 and 4 of the HS Code, and the entries shall be replaced with the following, namely: - æ8607.11 - Driving bogies and bissel boggies 50% 8607.12 - Other bogies and bissel boggies ... 50% 8607.19 - Other, including parts ... ...
50% - Brakes and parts thereof: 8607.21 - Airbrakes and parts thereof ... ... 50% 8607.29 - Other ... ... 50% 8607.30 - Hooks and other coupling devices, buffers, and parts thereof .... .. 50% - Other: 8607.91 - of locomotives ... ... ... 50% 8607.99 - Other ... ... ... 50% "; (Shaw) to 87.03 against the column 2 of the HS Code 8703.2191, 8703.2229, 8703.2239, 8703.2291, 8703.231, 8703.2391, 8703.241, 8703.2491, 8703.3191, 8703.3291, 8703.331, 8703.3391, 8703.902, and 8703.9091 other and their contrast to the columns 3 and 4, instead of the entries, respectively, the following entries shall be replaced, and the HS Code, namely: - æ8703.2191 - In built up condition ... ... ... 200% ", æ8703.2229 - Other ... ... ... 350 % ", æ8703.2239 - Other ... ... ... 350%", æ8703.2291 - In built up condition ... ... ... 200% ", æ8703.231 - Motor cars, including station wagons built on car chassis ... 350% ", æ8703.2391 - In built up condition ... ... ... 200%", æ8703.241 - Motor cars, including station wagons built on car chassis .. . 350% ", æ8703.2491 - In built up condition ... ... ... 200%", æ8703.3191 - In built up condition ... ... ... 200% ", æ8703.3291 - In built up condition ... ... ... 200% ", æ8703.331 - Motor cars, including station wagons built on car chassis ... 350%", æ8703.3391 - In built up condition ... ... ... 200% ", æ8703.902 - Motor cars, including station wagons built on car chassis ... 350%", æ8703.9091 - In built up condition ... ... ... 200% ". Amendment 8 of the Ordinance XXXVI of 1984. (1) Income Tax Ordinance, 1984 (XXXVI of 1984) In-(1) section 2, a - (a) clause (19) the following new clause (19A) shall be inserted, namely: - "(19A) æCommissioner ( Appeals) "means a person appointed to be a Commissioner of Taxes (Appeals) under section 3;"; (b) clause (20) of sub-clause (b) of the last verge æand "to be brought to term and thereafter the following new sub- clause (bb) shall be inserted, namely: - "(bb) any association or combination of companies, called by whatever name, each company being a company as defined in the Companies Act, 1913 (VII of 1913); and "; (Ii) section 3 of clause (2) the following new clause (2A) shall be inserted, namely: - "(2A) Commissioner of Taxes (Appeals),"; (3) section 4 of sub-section (2) on "Directors of Inspection," the words and kamatira "Commissioners (Appeals)," the words, brackets and kamati shall be inserted; (4) section 5 of the, - (a) sub-section (1) the "Directors of Inspection," Sounds and after kamatira "Commissioners (Appeals)", the words, brackets and kamati shall be inserted; (b) sub-section (2) Skip (i) "the Commissioner" after the words "or the Commissioner (Appeals), as the case may be, "the words, brackets and commas shall be inserted; and (ii)" the Appellate Joint Commissioners "after the words" or the Commissioner (Appeals) "shall be inserted the words and brackets; (5) section 6 of the sub-section (1) of clause (b) on "the Commissioners" after the words ", the Commissioners (Appeals)" kamati, words and brackets shall be inserted;
(6) section 8 on the proviso æCommissioners "after the word" or the Commissioners (Appeals) "shall be inserted the words and brackets; (7) section 25 of sub-section (1) of clause (h) the" cost of repair "words After "or where the property is in the occupation of the owner" shall be inserted the words; (8) Section 29 of the sub-section (1) in, - (a) clause (xviii) shall be dissolved, and (b) clause (xviiia ), the following new clause (xviiiaa) shall be inserted, namely: - "(xviiiaa) in respect of provision for bad and doubtful debt and interest thereon made by a commercial bank including the Bangladesh Krishi Bank and the Rajshahi Krishi Unnayan Bank, a sum equal to four and a half per cent of the total outstanding loan including interest thereon or the amount of actual provision for such bad or doubtful debt and interest thereon in the books of the assessee, whichever is less: Provided that the provisions of this clause shall apply only in respect of such loan as the Bangladesh Bank may, from time to time, classify as bad or doubtful debt: Provided further that the deduction shall be allowed only in respect of the assessment years 1990-91, 1991-92 and 1992- 93: Provided further that if any amount out of the amount so allowed is ultimately recovered, the same shall be deemed to be a profit of the year in which it is recovered. "; (9) section 31 of the end shall be replaced by a comma instead of a period ends and thereafter the following new proviso shall be added to, namely: - "Provided that no tax shall be payable by an assessee, being a non-resident, in respect of any profits and gains arising from the transfer of stocks or shares of a public company as defined in the Companies Act, 1913 (VII of 1913) subject to the condition that such assessee is entitled to similar exemption in the country in which he is a resident. "; ( 10) section 32, a - (a) sub-section (2) of, - (i) clause (ii) of sub-clause (c) of the following sub-clauses shall be substituted, namely: - "(c) by succession, inheritance or devolution; or (cc) under a deed of gift, bequest or will; or (ccc) under a transfer on a revocable or irrevocable trust; or "; And (ii) in the second proviso shall be abolished; (B) sub-section (11) the following new sub-section (12) shall be enclosed, namely: - "(12) Notwithstanding anything contained in sub-sections (5), (6), (7), (8 ), (9), (10), and (11), no exemption shall be allowed to any person on so much of profits and gains arising out of the transfer of a capital asset as is attributable to the cost of acquisition of such asset in respect of which any investment allowance referred to in paragraphs 1, 2, 3, 4, 5, 6, 8, 9, 10 and 11 of of PART B of THE SIXTH SCHEDULE to this Ordinance was at any time allowed. "; ( 11) section 43 of sub-section (4) in, - (a) clause (a) In-(i) sub-clause (iii) on the "otherwise than for adequate consideration" instead of the words "otherwise than by way of gift or for adequate consideration "shall be substituted; and (ii) sub-clause (iv) of the" otherwise than for adequate consideration "instead of the words" otherwise than by way of gift or for adequate consideration "shall be substituted; (b) clause (b ) on the "otherwise than for adequate consideration" instead of words æotherwise than by way of gift or for adequate consideration "shall be substituted; (1) section 45-a (a) sub-section (2B) of the clause (c) of the following clause (c) shall be replaced; Namely: - "(c) that a part of the income exempted under sub-section (2A) is invested in the purchase of bond issued by the Government and such investment is not less than fifty per cent of such income;"; (b ) sub-section (2B) of the following new sub-section (2C) shall be inserted, namely: -
"(2C) The Board shall give its decision on an application made under clause (e) of sub-section (2B) within six months 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. "; (13) section 46 of sub-section (2B) of the following new sub-section (2C) shall be inserted, namely: -" (2C) The Board shall give its decision on an application made under clause (d) of sub-section (2B) within six months from the date of receipt of the application by the Board, failing which the industry shall be deemed to have been approved by the Board for the purposes of this section. "; (14) section 53E The following new section 53F and 53G shall be inserted, namely: - "53F. Deduction at source from interest on saving deposits and fixed deposits, etc.- Any person responsible for paying to a resident any sum by way of interest on any saving deposit or fixed deposit or any term deposit maintained with any scheduled bank including a co-operative bank or by way of share of profit on term deposits maintained with any bank run on Islamic principles, as the case may be, shall deduct , at the time of credit of such interest or share of profit to the account of the payee or at the time of payment thereof, whichever is earlier, income tax on such sum at the rate of ten per cent: Provided that nothing contained in this section shall apply to such payee or class or payees as the Board may, by a general or special order, specify in this behalf. 53G. Deduction at source from insurance commission.- Any person responsible for paying to a resident any sum by way of remuneration of reward, whether by way of commission or otherwise, for soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income tax on such sum at the rate of ten per cent. "; (15) section 64 of sub-section (1) of the "exceeds fifty thousand taka" instead of the words "exceeds- (a) twenty thousand taka in the case of an assessee, being a company resident in Bangladesh; (B) five thousand taka in the case of an assessee, being a non-resident; and (c) sixty thousand taka in the case of any other assessee "the words, brackets, letters, commas, and the semicolon shall be replaced; (16) section 75 of sub-section (2) of clause (d) on the "one lakh taka" instead of the words "forty thousand taka" shall be replaced by "; (17) section 82 of the end shall be replaced by a comma instead of a period ends and thereafter the following proviso shall be added to, namely: - "Provided that a return filed by a company, not less than fifty per cent of whose paid-up share capital is owned by persons other than Bangladeshis, shall be deemed to be correct and complete if the return is accompanied by a certified copy of accounts of the company audited by a chartered accountant and a certificate in respect of the total income of the company issued by the chartered accountant in the prescribed form. Explanation.- For the purpose of this section, "company" means a company as defined in the Companies Act, 1913 (VII of 1913). "; (18) section 83 the following new section 83A shall be inserted, namely: - "83A. Self-assessment.- (1) Where the return of total income for any income year filed by the assessee under section 75 qualifies for acceptance in accordance with the rules for self-assessment made by the Board for that year or under any instructions or orders issued thereunder, the Deputy Commissioner of Taxes shall assess, by an order in writing, the total income of the assessee on the basis of such return and determine the tax payable on the basis of such assessment: Provided that a return of total income filed under section 75 does not include a return of total income filed under section 78.
(2) Notwithstanding anything contained in sub-section (1) and section 93, the Board or any authority subordinate to it, if so authorised by the Board in this behalf, may, in accordance with the rules referred to in sub-section ( 1), select out of returns referred to in that sub-section any cases or classes of cases or persons or classes of persons, howsoever determined, for assessment under section 83, and refer them to the Deputy Commissioner of Taxes for such assessment and the Deputy Commissioner of Taxes shall thereupon proceed to make the assessment under that section or, if the circumstances so warrant, under section 84. (3) No order under sub-section (1) shall be made in any case after the thirtieth day of June of the financial year next following the income year in respect of which a return of total income has been filed under section 75. "; (19) section 84 the following new section 84A shall be inserted, namely: - "84A. Presumptive assessment.- (1) Notwithstanding anything contained in this Ordinance, where an assessee, not being a company, deriving income from profession does not maintain any account in accordance with the provisions of this Ordinance, the Deputy Commissioner of Taxes may, whether such assessee filed a return or not, presume his total income for the income year at such an amount as he deems correct and shall send a notice accordingly to the assessee asking him to establish that the total income presumed is not correct: Provided that the Deputy Commissioner of Taxes shall not presume the total income of an assessee unless he has material facts and evidence in support of his presumption: Provided further that the Deputy Commissioner of Taxes shall not presume the total income of an assessee without previous approval of the Inspecting Joint Commissioner of Taxes. (2) If the assessee fails to comply with the notice referred to in sub-section (1) or having complied with, has failed to establish that the total income presumed is not correct, the Deputy Commissioner of Taxes shall, by an order in writing, make an assessment on the total income presumed and determine the sum payable by him on the basis of such assessment. (3) If the assessee succeeds in establishing that the total income presumed is not correct, his income shall be assessed in accordance with other provisions of this Ordinance. "; (0) section 121 of the sub-section (3) of, - (a) clause (a) on the "Appellate Joint Commissioner" after the words "or to the Commissioner (Appeals)" shall be inserted the words and brackets; And (b) clause (b) on the "Appellate Tribunal" instead of the words "Commissioner (Appeals) or to the Appellate Tribunal" shall be replaced by the words and brackets; (1) section 122 of the sub-section (1) on "the Commissioner" after the words "the Commissioner (Appeals)" kamati, words and brackets shall be inserted; (X) section 128 of the sub-section (1) of the "Appellate Joint Commissioner" after the words ", the Commissioner (Appeals)" kamati, words and brackets shall be inserted; (3) section 129 of the "Appellate Joint Commissioner" after the words ", the Commissioner (Appeals)" kamati, words and brackets shall be inserted; (4) section 132 on the "Appellate Joint Commissioner" after the words "or the Commissioner (Appeals)" shall be inserted the words and brackets; (5) section 153 Skip (a) sub-siranamaya "Taxes" after the word "and Inspecting Joint Commissioner" shall be attached to the words; (B) sub-section (1) e (i) "assessee aggrieved" rather than the word "assessee, not being a company, aggrieved" shall be replaced by the words and commas; (Ii) clause (e) of the following clause (e) shall be inserted, namely: - "(e) imposition of penalty under section 89, 124 or 137; and"; (c) sub-section (1) of the following a new sub-section (1A), (1B) and (1C) shall be inserted, namely: -
"(1A) Any assessee, being a company, aggrieved by any order of a Deputy Commissioner of Taxes or of an Inspecting Joint Commissioner in respect of the following may prefer an appeal to the Commissioner (Appeals) against such order, namely: - ( a) any matter specified in clauses (a), (b), (c) and (f) of sub-section (1); (b) imposition of penalty under Chapter XV; (c) assessment under section 10 or 120. (1B) Notwithstanding anything contained in any other law for the time being in force, all such appeals pending before an Appellate Joint Commissioner at the time of the commencement of the Finance Act, 1990 (Act No. 45 of 1990 Act), as are appealable under this section to a Commissioner (Appeals) shall be heard and disposed of by the Appellate Joint Commissioner as if this section were not amended by the Finance Act, 1990. (1C) Notwithstanding anything contained in sub-section (1) or (1A), the Board may, on an application or on its own motion, transfer an appeal from an Appellate Joint Commissioner to a Commissioner (Appeals) or from a Commissioner (Appeals) to an Appellate Joint Commissioner. "; (6) section 154 of the sub-section (3) on the "Appellate Joint Commissioner" after the words "or the Commissioner (Appeals), as the case may be," the words, brackets and commas shall be inserted; (7) section 155 and section 156 throughout the "Appellate Joint Commissioner" after the words "or the Commissioner (Appeals)" shall be inserted the words and brackets; (8) section 158 of the, - (a) sub-section (1) In-(i) clause (a) on the "Appellate Joint Commissioner" after the words "or a Commissioner (Appeals), as the case may be," Sounds parentheses and commas shall be inserted; And (ii) clauses (b) and (c) shall be abolished; (B) sub-section (2) on the "Appellate Joint Commissioner" the words of the two places, instead of the "Appellate Joint Commissioner or the Commissioner (Appeals), as the case may be," the words, brackets and commas to be inserted in both; (C) sub-section (3) on the "Appellate Joint Commissioner" after the words "or a Commissioner (Appeals), as the case may be," the words, brackets and commas shall be inserted; (9) section 160-a (b) sub-section (1) of the proviso on "Appellate Joint Commissioner" after the words "or the Commissioner (Appeals), as the case may be," the words, brackets and commas shall be inserted; (B) sub-section (2) of clause (b) and (c) on the "Appellate Joint Commissioner" after the words "or the Commissioner (Appeals)" shall be inserted the words and brackets; (C) sub-section (5) of the "Appellate Joint Commissioner" after the words ", the Commissioner (Appeals)" kamati, words and brackets shall be inserted; (30) section 184 the following new section 184A shall be inserted, namely: - "184A. Registration of an assessee.- Notwithstanding anything contained in this Ordinance, where any payment is to be made to any person whether resident or non-resident, on account of execution of any contract, supply of any goods or any services rendered, the person responsible for making the payment shall not make such payment unless the payee produces to him a certificate from the Deputy Commissioner of Taxes to the effect that the payee has been registered with the Deputy Commissioner of Taxes. "; (31) THIRD SCHEDULE A, - (a) paragraph 8 (1) of the clauses (a) and (b) as mentioned in" 1990 "instead of the number" 1995 "shall be replaced by the numbers; ( b) paragraph 11, at -
(I) sub-paragraph (3) of the proviso on the "three lakh taka" mentioned in two places, instead of the words "three lakh and fifty thousand taka" shall be replaced by the words of both; (Ii) sub-paragraph (6) of clause (a) on the "three lakh taka" instead of the words "three lakh and fifty thousand taka" shall be substituted; (3) SIXTH SCHEDULE on the PART A - (a) paragraph 10 shall be abolished; (B) paragraph 13 of the proviso mentioned "paragraphs 10 and 12" instead of words and numbers "paragraph 12" shall be replaced by the words and numbers; (C) paragraph 14 of clause (f) shall be replaced by a semicolon instead of a period of the last ends and thereafter the following new clause (g) shall be enclosed, namely: - "(g) in respect of a building the erection of which is begun and completed at any time between the first day of July, 1990 and the thirtieth day of June, 1995 (both days inclusive), and the building is intended to be, and is actually, used for residential purposes only, for a period of five years from the date of such completion, subject to the following limits, namely: - (i) in a case where the annual value of such building does not exceed twenty thousand taka, ... the whole of such value; (ii) in a case where the annual value of such building exceeds twenty thousand taka, ... Twenty thousand taka: Provided that where an assessee claims exemption in respect of more than one such building, the exemption under this clause shall be restricted to such portion of the aggregate annual value of such building as does not exceed twenty thousand taka. "; (Ii) sub-section (1) of the following provisions of the constitution, in contrast indicated as expected or as expected or have the form of the above-mentioned dates of the closures, namely: - (a) amended section 64 (1) ... 1991 on the 1st of July, Epoch expected tax year and subsequent tax; And (b) Commissioner (Appeals), the provisions relating to ... ... Commissioner (Appeals) the date of appointment. 33, No. 9, 1988, to amend the law. Finance Act 1988 (1988 Act Act No. 33) of Article 1 of the schedule, the first entry in column (1), and in contrast to its entry in the second column shall be abolished. Act No. 36 of 1989 to amend Act 10. Finance Act 1989 (1989 Act Act No. 36) of the Third Schedule of the SCHEDULE A- (1) Column 1 of item number 01.03 (1) and its opposite column 2 and column 3 of the following items of entries and entries shall be inserted, namely: - æ01.06 Edible oil, all sorts, processed, refined or mechanically by oil mills and refineries produced ... .5% ad valorem "; (Ii) in column 3 against 02.02 in column 1 of the item on the number æ19.00 "instead æ44.00" shall be replaced by the numbers;
(3) Column 1 of item number 02.03 (1) In contrast entries in column 3 of the following entries shall be substituted, namely: - æ (a) Taka 31 lakhs per filler machine per year for Dhaka Division; (B) Taka 25 lakhs per filler machine per year for Chittagong Division; (C) Taka 18 lakhs per filler machine per year for other Division ".; (4) Column 1 Column 3 against 03.01 on the number of items æ20.30 "instead æ40.00" shall be replaced by the numbers; (5) Column 1 of item number 04.04 (1) In contrast Column 2-of (a) the entry (b) and the entry (c) 3 columns on the contrary æ1% "instead æ1.5%" shall be replaced by the numbers; And (ii) entry (d) on the opposite column 3 æ.5% "instead æ1%" shall be replaced by the numbers; (6) number of items in column 1 of 04.05 (1) (i) of the contrast column 2 and column 3 of the following entries shall be replaced with the entries, namely: - æSoaps, all sorts 1% of the retail price "; (7) Column 1 of item number 04.10 (1) of the 3 columns on the contrary æ.5% "instead æ1%" shall be replaced by the numbers; (8) The number of items in column 1 of 05.01 (1) of the contrast column 2 of the entry (vi) and its contrast to the entries in column 3 of the following entries shall be replaced, namely: - æ (vi) Plastic bags except those intended to be attached as inner linings of jute bags exclusively used for packing of fertilizer ... .5% ad valorem "; (9) The number of items in column 1 of 05.02 (1) of the contrast column 2 of the entry (a) in contrast to the 3 columns on the æ2.5% "instead æ2%" shall be replaced by numbers; (10) against 07.03 in column 1 of the 3 columns on the number of items æ05% "instead æ1%" shall be replaced by the numbers; (11) against 07.04 in column 1 of the 3 columns on the number of items æ2.5 "instead æ10.00" shall be replaced by the numbers; (1) Column 1 Column 2 of the entry of a number of items in contrast to 09.01 (ii) and its opposite in column 3 of the following entries shall be added to entries, namely: - æ (iii) other glass and glassware except glass shells designed for the manufacture of electric bulbs, glass lenses made from imported glass for spectacles, laboratory glass and glassware and glass bangles, all sorts ... ... 1% ad valorem. "; (13) Column 1 Column 2 of the entry of a number of items in contrast to 09.02 (b) on the opposite column 3 æ1% "instead æ1.5%" shall be replaced by the numbers;
(14) against 10.02 in column 1 of the 3 columns on the number of items æ.5 "instead æ1%" shall be replaced by the numbers; (15) Column 1 Column 2 Column 3 against 10.03 item number instead of the following entries shall be added to entries, namely: - æ (a) Corrugated iron sheets, all sorts ... Taka 160.00 per metric ton; (B) Galvanised plain sheets, all sorts ... Taka 160.00 per metric ton; (C) Mild steel rods, all sorts ... Taka 120.00 per metric ton; (D) Mild steel bars, coils, joists, girders, angles, channels, tees, flats, beams zeds, trough, piling and all other rolled, forged, formed or extruded shapes and sections. Taka 120.00 per metric ton "; (16) Column 1 of item number 11.04 (1) In contrast Column 2-of (a) the entry (i) on the opposite column 3 æ1.50 "instead æ2.00" shall be replaced by the numbers; (B) the entry (ii) in contrast to the 3 columns on the æ9.00 "instead æ12.00" shall be replaced by the numbers; (C) entry (iii) of 3 columns on the contrary æ15.50 "instead æ20.50" shall be replaced by the numbers; And (d) the entry (iv) on the opposite column 3 æ18.50 "instead æ24.50" shall be replaced by the numbers; (17) Column 1 of item number 11.05 (1) (i) of the contrast column 2 of the entry (b) of the 3 columns on the contrary æ1% "instead æ2%" shall be replaced by the numbers; (18) Column 1 of item number 11.05 (2) (i) of the contrast column 2 and column 3 of the following entries shall be replaced with the entries, namely: - æTelevision receivers- (a) if the television receiver produces pictures in black and white and the retail price is legibly, prominently and indelibly printed on the body or package of each such television receiver- (i) when the screen does not exceed 356 millimetres. Taka 4.50 per 25.40 millimetres; (Ii) when the screen exceeds 356 millimetres but does not exceed 508 millimetres. Taka 6.50 per 25.40 millimetres; (Iii) when the screen exceeds 508 millimetres but does not exceed 610 millimetres. Taka 8.50 per 25.40 millimetres; (Iv) when the screen exceeds 610 millimetres ... Taka 10.50 per 25.40 millimetres; (B) if the television receiver produces pictures in colour and the retail price is legibly, prominently and indelibly printed on each television receiver or package thereof- (i) when the screen does not exceed 356 millimetres Taka 15.30 per 25.40 millimetres; (Ii) when the screen exceeds 356 millimetres but does not exceed 508 millimetres. Taka 18.00 per 25.40 millimetres; (Iii) when the screen exceeds 508 millimetres but does not exceed 610 millimetres. Taka 20.00 per 25.40 millimetres; (Iv) when the screen exceeds 610 millimetres ... Taka 24.00 per 25.40 millimetres "; (19) Column 1 Column 2 Column 3 against 11.10 in the item number of the entries shall be replaced by the following entries, namely: - æMechanically propelled transport vehicles of the following categories- (a) Buses, lorries, trucks and chassis thereof 1% ad valorem; (B) Cars, miniature buses, station wagons, jeeps, land rovers, vans and pick-ups
1.50% ad valorem; (C) Two wheeler motor scooters and motor cycles 1% ad valorem "; (0) Item Number Column 1 Column 2 Column 3 11.12 and its contrast to the entries of the following new items be added to entries, namely: - æ11.13 Video systems of the following categories: - (a) Video Cassette Recorders .. . 1.5% ad valorem; (B) Video Cassette Players ... 1.5% ad valorem :; (1) Column 1 of item number 13.01 (2) of the contrast column 2-of (i) the entry (b) and in contrast to the entries in column 3 of the following entries shall be replaced, namely: - æ (b) food and drinks provided or rendered by a restaurant, situated in Dhaka, Chittagong or Khulna Metropolitan Areas, which does not serve alcoholic drinks nor exhibit floor shows 1% of the charges "; And (ii) entry (b) and its opposite in column 3 of the following entries shall be added to the new entries, namely: - æ (c) food and drinks provided or rendered by a restaurant situated elsewhere than in Dhaka, Chittagong or Khulna Metropolitan Areas, which does not serve alcoholic drinks nor exhibit floor shows, and where the gross sale exceeds taka fifty thousand per month or taka six lakhs per year. 1% of the charges. "; (X) against 13.05 in column 1 of the 3 columns on the number of items æ1.00 "instead æ10.00" shall be replaced by the numbers; (3) Column 1 Column 2 Column 3 against 13.06 item number instead of the entries shall be replaced by the following entries, namely: - æServices rendered by telephone and teleprinters- (i) Telephone services, domestic and overseas 1.5% of the charges; (Ii) Teleprinter services, domestic and overseas 1.5% of the charges. "; (4) Column 1 Column 2 Number of items 13.07 and its contrast and column 3 of the following entries shall be added to the new items and entries, namely: - æ13.08 Services rendered by loan and investments 0.10% of loan or investment amount. "; (5) Column 1 Column 2 Number of items 13.08 and its contrast and column 3 of the following entries shall be added to the new items and entries, namely: - æ13.09 Services rendered by any Water and Sewerage Authority (WASA) 1.5% of the charges . "income tax of 11. (1) (1) of sub-clause (ii), (3), (4), (5) and (6) the provisions of the 1990 1st July Epoch tax year, the tax assessment of the First Schedule of the first part of the specific tax According to the rate of income tax will be levied.
(Ii) on 1 July 1990 tax year epoch in determining the total income tax for companies in the life insurance business are included in any income derived from, the income tax payable on the income derived from life insurance business shall be reduced to 125% of the Samaparimane. (3) 1990 1st July Epoch tax year, the tax assessment of the taxpayer if the co-op, then the First Schedule Part Section A or B (1) (d) - on the specific tax rates in the necklace in his favor shall, The rate of the tax shall be payable: Provided that, for the purpose of sub-section A of the First Schedule of the first paragraph of the article in determining the rate of income tax sartanse the amount of any credit or deduction will not be allowed. (4) (a) 1990 1st July Epoch tax year, a company which the company is registered as a not such a taxpayer other than the taxpayer's total income in the export business received no profit is included, then the clause (b) and ( c) the provision of the income tax payable on the income shall be reduced in the following manner: quantity. (I) that the exported materials are not produced by the taxpayer exporter: in the case of export tax of 30% on the aropanayogya. (1) that the export sales of the year than in the previous year, export sales; And in the case of export sales of the year compared to the previous year, export sales growth of 10 percent for each additional 1% income tax will be reduced. However, this reduction shall not exceed 40% of the tax payable under any circumstances. (Ii) that the export sales of the year than in the previous year, export sales are not; In case of export sales of the previous year of 10 percent per year, compared to the reduction in export sales by 1 per cent share of additional tax rebates will be reduced. Under no circumstances, however, shall not be less than 0% credit.
(Ii) that the exported materials are produced by exporting the taxpayer: (1) that the exports are not more than 10% of total sales; No credit shall be given in the case. (Ii) in the case of export sales to total sales of more than 10% but not more than 0%; In that case the 30% export tax on the sale aropanayogya. (3) In case of export sales in total sales is greater than 0% but not more than 30%; In that case the 40% export tax on the sale aropanayogya. (4) that in the case of export sales in total sales of more than 30% but not more than 40%; In that case the 50% export tax on the sale aropanayogya. (5) In case of export sales to total sales is greater than 40%; In that case the 60% export tax on the sale aropanayogya: Provided that, locally arrangements appliances, equipment and other arrangements made goods produced in the country to any organization is to sell their foreign exchange quota under the Collection of this phase it is used "from Bangladesh Export "," exported goods "and" export sales "to be defined: Provided further that, locally produced raw materials and other materials in domestic export industries on the basis of back-to-back letter of credit is provided, it is used the term" Bangladesh Export from "," exported goods "and" export sales "to be defined. (B) in the case of the following products or classes of products (a) shall not apply to the provisions of clause, namely: - (1) tea; (Ii) raw jute; (3) jute products; (4) Raw-hide and skin and wet-blue leather; (5) The National Board of Revenue may be included in this list from time to time by notification in any other product.
(C) profits derived from export sales and on its effect to the provisions of this subsection aropanayogya tax and the National Board of Revenue may make rules. (5) 1990 1st July Epoch tax year, the company which the company is registered as a not such a taxpayer other than the taxpayer's total income in the bus or a passenger ferry from the acquired profit are included, then the bus or launch profit aropanayogya tax case 50 percent of the concessional tax rate shall be determined. (6) that the Income Tax Ordinance, 1984 (XXXVI of 1984) shall not apply in the case of the SECOND SCHEDULE aropanayogya tax shall be levied according to the SCHEDULE, but in determining the tax rate in sub-section (1) or, where applicable, subsection dhara (ii) the provisions shall apply. (7) Income Tax Ordinance, 1984 (XXXVI of 1984) under Chapter VII of tax deductions for the tax rates specified in the First Schedule of the first epoch, dated July 1, 1990 and for the year, which concludes on 30 June 1991 shall apply. (8) The tax imposed under this section and also used for the purpose of this section "total income (total income)" expression and the Income Tax Ordinance, 1984 (XXXVI of 1984) of the total revenue realized in accordance with the provisions of the x (total income) means. Income Tax Ordinance, 1984 (XXXVI of 1984) under 1 surcharge. Income Tax Ordinance, 1984 (XXXVI of 1984) on July 1, 1990 under the epoch of the tax year, the tax rates specified in the Second Schedule in determining the surcharge shall be levied.