Part 18: Registration Of Assessee
Section 2 (Definitions.)
clause 1: written down value means the written down value as defined in Part 1 of the Third Schedule;
clause 2: Additional Commissioner of Taxes (Appeals) means the Additional Commissioner of Taxes (Appeals) and Joint Commissioner of Taxes (Appeals) as referred to in section 4;
clause 3: Extra Assistant Commissioner of Taxes means the Extra Assistant Commissioner of Taxes referred to in section 4;
clause 4: non-resident means a person who is not a resident;
clause 5: approved gratuity fund means a gratuity fund approved by the Commissioner of Taxes under the provisions of Part 2 of the Second Schedule;
clause 6: approved superannuation fund or pension fund means any superannuation fund or pension fund approved by the Commissioner of Taxes under the provisions of Part 1 of the Second Schedule;
clause 7: partner has the same meaning as defined in the Partnership Act, 1932 (Act No. IX of 1932), and includes a person who, being a minor, has been admitted to the partnership through receiving share of profit from the partnership;
clause 8: partnership has the same meaning as defined in the Partnership Act, 1932 (Act No. IX of 1932);
clause 9: legal representative means a legal representative as defined in clause
clause 11: of section 2 of the Code of Civil Procedure, 1908 (Act No. V of 1908);
clause 10: relative, in relation to an individual, means the husband or wife, son, daughter, brother, sister or any lineal ascendant or descendant of that individual;
clause 12: Appellate Tribunal means the Taxes Appellate Tribunal established under section 13;
clause 13: income includes (a) any income, receipts, profits or gains, from whatever source derived, which is chargeable to tax under any provision of this Act; (b) any amount which is subject to collection or deduction of tax at source under any provision of this Act; (c) any loss of income, profits or gains specified in sub-clause (a); (d) profits or gains derived from any insurance business carried on by a mutual insurance association computed in accordance with paragraph 8 of the Fourth Schedule; (e) any sum deemed or considered 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 Act; (f) any amount, payment or transaction on which a tax is imposed; 2[(g) acquisition of any asset, which is not 1 Clause
clause 11: was omitted by section 15(c) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. 2 Sub-clause (g) was inserted by section 15(d) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.(i) natural; (ii) created by any person himself; (iii) foreclosure against liability or mortgage; (iv) acquired by way of inheritance, will, bequest or trust; (v) acquired by way of exchange or purchase;]
clause 14: income tax means any tax or surcharge chargeable or payable under this Act;
clause 15: income year means the financial year immediately preceding the assessment year and includes (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) in case of an income newly accrued, the period beginning with the date on which it comes into existence and ending with the thirtieth day of June following the date on which such new income 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 unincorporated 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 partner 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 such retirement, or death, as the case may be; (f) in the case of bank, insurance or 1[finance company] or any subsidiary thereof, the period of 12 months commencing from the first day of January of the relevant year : 1 The words finance company were substituted for the word financial institution by section 14(a) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. Provided that subject to the approval of the Deputy Commissioner of Taxes, a different period of 12 (twelve) months may be deemed as income year for a company which is a subsidiary of a parent company incorporated outside Bangladesh, including a subsidiary of that subsidiary, or a holding company or a branch, representative 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;
clause 16: tax payable on income means a sum chargeable or payable based on the income under this Act;
clause 17: Deputy Commissioner of Taxes means a person appointed as a Deputy Commissioner of Taxes under section 4, and includes a person appointed as a Transfer Pricing Officer, an Assistant Commissioner of Taxes, an Extra Assistant Commissioner of Taxes and a Tax Recovery Officer;
clause 18: merger means merger as defined in the Eighth Schedule;
clause 19: Commissioner means Commissioner of Taxes or Commissioner of Taxes (Large Taxpayer Unit) as referred to in section 4;
clause 20: Commissioner (Appeals) means Commissioner of Taxes (Appeals) as referred to in section 4;
clause 21: tax means tax payable on income, and includes any additional tax, excess profit tax, penalty, super tax, fine, interest, fee or any other charges leviable or payable under this Act;
clause 22: assessee means any person having income chargeable to tax and also includes the following persons, namely: (a) a person by whom any tax or other sum of money is payable under this Act; (b) every such person (i) whose income or the income of any other person in respect of which he is assessable; or (ii) in respect of whom any proceeding has been taken under this Act for the assessment of the amount of refund due to him or to such other person; (c) any person by whom a minimum tax is payable; (d) any person who is required to file a return, submit documents or statement, or provide information; (e) any person who desires to be assessed and submits his return of income under this Act; (f) any person who is deemed to be an assessee, or an assessee- in-default, under any provision of this Act; (g) any person against whom any proceedings under this Act has been taken;
clause 23: Tax Day means (a) in the case of an assesse other than a company, the 30th (thirtieth) day of November following the end of the income year; (b) in the case of a company, the 15th (fifteenth) day of the seventh month following the end of the income year or the fifteenth day of September following the end of the income year where the said fifteenth day falls before the fifteenth day of September; (c) in the case of an assessee, who is an individual and has not submitted return before, the 30th (thirtieth) day of June following the end of the income year; (d) in the case of an individual assessee residing abroad, the 90th (ninetieth) day from the date of his return to Bangladesh, if such individual (i) stays outside Bangladesh on leave for higher education or on deputation or lien for employment; or (ii) resides outside Bangladesh in possession of a valid visa and permit for the purpose of earning money; (e) the next working day following such day if the day mentioned in sub-clauses (a) and (b) is a public holiday;
clause 24: assessment year means the period of 12 (twelve) months commencing on the 1st day of July every year; and includes any such period which is deemed, under the provisions of this Act, to be assessment year in respect of any income for any period; 10462
clause 25: employee means any employee and also includes the following persons, namely: (a) in case of a company, any director or managing director thereof and any such person, who, irrespective of his designation, performs any duties in connection with the management of the company; (b) in case of any business other than a company, any such person, who, irrespective of his designation, performs any duty in connection with the management of the business; (c) any such person, who receives salary from the employer, and is guided and controlled by the employer, and performs duties in accordance with the decisions of the employer; (d) all other persons who receive income from employment under section 32:Provided that it shall not include any worker of a tea garden and day labourer;]
clause 26: tax exemption means a partial or total exemption from any tax arising under this Act by granting the following benefits to a person, namely: (a) rebate, tax holiday, exemption; (b) payment of tax at a reduced rate; or (c) the exclusion of any income from the computation of total income; 2[(26A) Commissioner of Taxes means the Commissioner of Taxes, Director General (Central Intelligence Cell) and Director General (Inspection) referred to in section 4 and appointed or posted under section 5; (26B) assessment means any assessment under this Act and also includes reassessment, additional assessment or further assessment;]
clause 27: tax-free limit means the limit of total income for which tax rate is zero;
clause 28: taxed dividend means the dividend income on which tax has already been paid by the recipient under this Act; 1 Clause 25 were substituted by section 15(e) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. 2 Clauses 26A and 26B were inserted by section 15(f) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.
clause 29: Cost and Management Accountant means a Cost and Management Accountant as defined in the Cost and Management Accountants Act, 2018 (Act No. LXX of 2018);
clause 30: fees for technical services means any consideration including any lump sum consideration for rendering of any managerial, technical or consultancy services and also includes any technical services or any other professional services but shall not include the following matters, namely: (a) consideration for any construction, assembling machineries, mining or like project undertaken by the recipient; or (b) consideration which would be income of the recipient classifiable under the head income from employment;
clause 31: company means a company as defined in the Companies Act, 1994 (Act No. XVIII of 1994) and includes (a) any liaison office, representative office or branch office of any foreign institution; (b) any permanent establishment of a foreign entity or person; (c) any association or body incorporated by or under the laws of a country outside Bangladesh; (d) any bank, insurance body or 1[finance company]; (e) any industrial and commercial organizations, foundations, societies, cooperative societies and any educational institutions; (f) any organization registered with the Bureau of NGO Affairs or the Microcredit Regulatory Authority; (g) any firm, association of persons, joint venture or an association or combination of persons, called by whatever name, if any of such persons is a company as defined in the Companies Act, 1994 (Act No. XVIII of 1994) or a foreign entity; (h) statutory government authority, local authorities, autonomous bodies; 1 The words finance company were substituted for the word financial institution by section 14(a) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. (i) any entity established or constituted by or under any law for the time being in force; (j) all entities other than individual, firm, association, trust, Hindu undivided family and fund; (k) any foreign association or body, 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 Act;
clause 32: assessee-in-default means (a) any person who has failed to pay any tax under this Act; or (b) any person who is deemed to be an assessee-in-default under this Act;
clause 33: research and development means any systematic, investigative and experimental study that involves (a) novelty or technical risk; (b) the field of science or technology; (c) the object of acquiring new knowledge ; or (d) the result of the study for the purpose of development of production or materials, equipment, products, agricultural products or process; but the research and development shall not include the study conducted for following purposes, namely: (i) quality control or routine testing of materials, equipment or products; (ii) research in the field of social science including the arts and humanities; (iii) the creation or development of financial instruments or financial products; (iv) market research or sales promotion, routine data collection, efficiency surveys or management studies; (v) routine modifications or changes to materials, equipment, products, processes or production methods; (vi) cosmetic modifications or stylistic changes to materials, equipment, products, processes or production methods; or (vii) the creation or enhancement of trademarks or goodwill;
clause 34: public servant means a public servant as defined in section 21 of the Penal Code, 1860 (Act No. XLV of 1860);
clause 35: employment includes (a) any post in which the person appointed is entitled to fixed remuneration or remuneration to be fixed from time to time; (b) any directorship or any position connected with the management of the company; (c) holding or acting in a position in a government office;
clause 36: Chartered Accountant means a Chartered Accountant as defined in the Bangladesh Chartered Accountants Order, 1973 (President's Order No. 2 of 1973); 1[36A) Chartered Secretary means a Chartered Secretary as defined in clause
clause 6: of section 2 of the Chartered Secretaries Act, 2010 (Act No. XXV of 2010];
clause 37: trading account or profit and loss account includes income statement and other similar statement of accounts prepared under International Financial Reporting Standards (IFRS);
clause 38: trust means a trust constituted under the Trust Act, 1882 (Act No. II of 1882) and also includes a trust as defined in the Specific Relief Act, 1877 (Act No. II of 1877): Provided that where the trust is constituted as a prerequisite for the formation of a company or fund or for the purpose of managing the company or fund, the said company or fund, as the case may be, shall be a taxable entity and the trust shall not be treated as a taxable entity;
clause 39: Tax Recovery Officer means a person appointed to be a Tax Recovery Officer under section 4;
clause 40: demerger means a demerger as defined in the Eighth Schedule; 1 Clause 36A was inserted by section 15(g) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. 10466
clause 41: Scheduled Bank means a Scheduled Bank as defined in the article 2(j) of the Bangladesh Bank Order, 1972 (President's Order No. 127 of 1972);
clause 42: fund means any fund created or recognized under any Act or rule for the time being in force;
clause 43: charitable purpose means (a) relief for the poor, education relief, medical relief; and (b) the improvement or advancement of any purpose of general public utility; but the improvement or advancement of any purpose of general public utility shall not be deemed to be a charitable purpose (i) unless it is approved by the 1[Commissioner of Taxes]; and (ii) if it engages in any of the following activities
clause 1: any activity in the nature of trade, commerce or business of whatever kind or manner; or
clause 2: rendering any services in exchange for consideration and the aggregate value of such consideration in any income year exceeds Taka 2[1(one) crore];
clause 44: money borrowed includes, in the case of a banking company, money received by way of deposit;
clause 45: 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, minimum 183 (one hundred and eighty-three) days or more in that year; or (ii) for a period of, or periods amounting in all to, 90 (ninety) days or more in that year having previously been in Bangladesh for a period of, or periods amounting in all to, 1 The words Commissioner of Taxes were substituted for the words National Board of Revenue by section 15(h) (a) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. 2 The figure, brackets and words 1 (one) crore were substituted for the figure, brackets and words 20 (twenty) lakh by section 15(h) (b) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.365 (three hundred and sixty-five) days or more during 4 (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 in Bangladesh in that year; (c) a Bangladeshi company or any other company, the control and management of whose affairs is situated wholly in Bangladesh in that year; and (d) a trust, a fund, an entity or every other artificial juridical person whose creation is under any Act of Bangladesh for the time being in force or the control and management of whose affairs is situated wholly in Bangladesh in that year;
clause 46: prescribed means prescribed by rules;
clause 47: employer includes a former employer;
clause 48: fair market value means the value determined by the Board;
clause 49: goods means all tangible movable property other than securities and money;
clause 50: supply of goods means (a) transfer of the right of goods by way of sale, exchange or otherwise; or (b) granting of the right to use of goods by way of lease, rent, instalment or by any other means and also includes sale of goods under finance lease;
clause 51: Inspecting Additional Commissioner of Taxes means the Inspecting Additional Commissioner of Taxes and Inspecting Joint Commissioner of Taxes referred to in section 4;
clause 52: Inspector means Inspector of Taxes as referred to in section 4;
clause 53: Director or Manager means a director or manager as defined in the Companies Act, 1994 (Act No. XVIII of 1994);
clause 54: Principal Officer, in the case of a company, body or any association of persons, includes the following persons, namely: (a) managing director, chief executive officer, chief financial officer, manager, secretary, treasurer, agent or accountant, by whatever designation may be called, 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 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;
clause 55: perquisite means perquisite as defined under section 32;
clause 56: person with disability means an individual registered as person with disability under section 31 of the Rights and Protection of Persons with Disabilities Act, 2013 (Act No. XXXIX of 2013);
clause 57: 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 shares 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; Explanation. For the purpose of this clause, i. goods shall include shares or stocks; ii. investment in any securities and purchase and sale of securities on any stock exchange shall not be deemed to be speculation business; (57A) finance company means finance company as defined in clause
clause 17: of section 2 of the Finance Company Act, 2023 (Act No. LIX of 2023);]
clause 58: firm means a firm as defined in the Partnership Act, 1932 (Act No. IX of 1932);
clause 59: year means a financial year;
clause 60: 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, the value computed 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 regard to the circumstances of each case, to represent a reasonable rate of profit on the sale of the produce in question as agricultural produce;
clause 61: Bangladeshi company means a company formed and registered under the Companies Act, 1994 (Act No. XVIII of 1994) and includes an entity 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;
clause 62: annual value, in relation to any property let out, means (a) the sum for which property might reasonably be expected to let from year to year; or 1 Clause 57A was inserted by section 15(i) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. (b) where the annual rent in respect thereof is in excess of the sum referred to in sub-clause (a), the amount of the annual rent;
clause 63: sale proceeds means (a) where the asset is sold, the proceeds thereof or the fair market value of the said asset, whichever is higher; (b) where the asset is transferred by way of exchange, the fair market value of the asset acquired by such transfer; (c) where the asset is transferred otherwise than by sale or exchange, the consideration received for such transfer; (d) where the asset is discarded, demolished, destroyed or lost, the scrap value of the asset, or any amount received or receivable for insurance, salvage or compensation against the asset including the amount recovered through sale; (e) where the asset is compulsorily acquired under any law for the time being in force in Bangladesh, the compensation paid thereof; (f) where the asset ceases to be used by the assessee for the purpose of agriculture, the fair market value thereof at the time of such cessation; (g) where any plant or machinery, after having been used in Bangladesh, is exported or transferred outside Bangladesh, the export value thereof; (h) where the value of any passenger vehicle with respect to the maximum limit under the Third Schedule, the amount thereof shall be A x (B/C), where A = proceeds from the sale of the vehicle; B = the amount specified in the Third Schedule; C = actual expenditure incurred to acquire the vehicle; Explanation.Sale shall include exchange or otherwise transfer or compulsory acquisition under any law for the time being in force;
clause 64: foreign company means a company which is not a Bangladeshi company;
clause 65: rules means rules made under this Act;
clause 66: scientific research means any activity carried on in the field of natural or applied sciences for the extension of knowledge;
clause 67: expenditure on scientific research includes donations made to any university, college, technical school or other institution approved by the Board, but shall not include the following expenditure, namely: (a) acquisition of any such asset or intangible asset to which depreciation or amortization allowance is applicable; (b) acquisition of fixed assets; or (c) any expense incurred for the purpose of determining the existence, location, extent or quality of any natural resource;
clause 68: Board means the National Board of Revenue constituted under clause
clause 1: of article 3 of the National Board of Revenue Order, 1972 (Presidents Order No. 76 of 1972);
clause 69: person includes a natural person, a firm, an association of persons, a Hindu undivided family, a trust, a fund and a company;
clause 70: business includes (a) any trade, commerce or manufacture; (b) any venture or concern in the nature of trade, commerce or manufacture; (c) any exchange of goods or services of any profitable or non- profit entity; or (d) any profession or vocation;
clause 71: bank company means any bank company as defined in the Bank-Company Act, 1991 (Act No. XIV of 1991) and includes any statutory organization established or constituted by or under any law for the time being in force which transacts the business of banking in Bangladesh;
clause 72: bank transfer includes (a) transfer of money by crossed cheque, or any other means approved by the Bangladesh Bank; (b) transfer of money from one account to another account by mobile financial services; (c) any payment of fee, charge, duty-tax or any other amount prescribed by the Government or any government authority to the credit of the Government or any government authority by challan;
clause 73: inventory, in the general course of business, means (a) anything produced or manufactured; (b) anything extracted or purchased for the purpose of manufacture, sale or exchange; or (c) all such materials or supplies used in the process of production or manufacture, but it shall not include shares or stocks;
clause 74: Director General (Central Intelligence Cell) means the Director General (Central Intelligence Cell) referred to in section 4;
clause 75: Director General (Inspection) means the Director General (Inspection) referred to in section 4;
clause 76: Director General (Training) means the Director General (Training) referred to in section 4;
clause 77: capital asset means (a) property of any nature or kind held by an assessee; (b) any business or undertaking, wholly or as a unit; (c) any stock or share; but does not include i. any stock-in-trade, consumer goods or raw materials held for the purposes of the business of an assessee; ii. personal effects, that is to say, movable property which includes wearing apparel, jewelry, furniture, fixture or handicraft, equipment and vehicles, which are held exclusively for personal use by the assessee or any member of his family dependent on him and are not used for purposes of the business of the assessee or any member of his family dependent on him.
clause 78: total income means the total amount of income referred to in section 26 computed in the manner laid down in this Act, and includes any income which, under any provision of this Act, is to be included in the total income of an assessee;
clause 79: royalty means consideration to be acquired in the following way, including any lump sum consideration but excluding any consideration which is classifiable as income of the recipient under the head "capital gains", namely: (a) transfer of all or any rights, including the granting of an approved license, in respect of a patent, industrial design or trademark or any property related to intellectual property; (b) the imparting of any information concerning the working of, or the use of, a patent, industrial design or trademark, or any property related to intellectual property; (c) using a patent, industrial design or trademark, or any property related to intellectual property; (d) the imparting of any information concerning technological, industrial, commercial, or scientific knowledge, experience or skill; (e) transfer any patent including granting of a license in respect of copyright or film other than considering sale, distribution or exhibition of cinematograph films; or (f) the rendering of any services in connection with any of the aforesaid activities;
clause 80: export means the supply of goods or services from within Bangladesh to outside the geographical limits of Bangladesh and shall include the supply of locally manufactured raw materials and other inputs to export-oriented industries under domestic back-to- back letter of credit;
clause 81: dividend includes (a) any distribution by a company of accumulated profits, whether capitalized 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 capitalized or not, to its shareholders of debentures, debenture-stock or deposit certificates in any form; (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 capitalized 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 capitalized or not; (e) any profit remitted outside Bangladesh by a company not incorporated in Bangladesh under the Companies Act, 1994 (Act no. XVIII of 1994); (f) any distribution of profit of a mutual fund, real estate investment trust, exchange traded fund or an alternative investment fund; (g) any payment by a 1[***] company of any sum, whether as representing a part of the assets of the company or otherwise, by way of advance or loan to shareholders, 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 1 The word private was omitted by section 15(j)(a) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. meaning of 1[sub-clause (g)] to the extent to which it is so set off; (iv) any bonus share issued by a company; Explanation.The expression accumulated profits shall include (a) in this clause, any reserve made up wholly or partly of any allowance, deduction or exemption admissible under this Act; (b) in case of sub-clauses (a), (b) and (d), all profits of the company up to the date of such distribution; and (c) in case of sub-clause (c), all profits of the company up to the date of its liquidation;
clause 82: shareholder includes a preference shareholder;
clause 83: Member (Tax) means a person appointed as Member (Tax) of the National Board of Revenue;
clause 84: child, in relation to any individual, includes a step-child and an adopted child of that individual;
clause 85: co-operative society means a co-operative society registered under Co-operative Societies Act, 2001 (Act No. XLVII of 2001) or under any other law for the time being in force governing the registration of co-operative societies;
clause 86: Assistant Commissioner of Taxes means a person appointed as an Assistant Commissioner of Taxes under section 4;
clause 87: securities includes (a) Treasury Bills, Bonds, Savings Instruments, Debenture, Sukuk or Shariah-based issued securities or similar instruments issued by the Government; (b) shares or stocks issued by any company or legal entity or issuer, instruments issued by way of mortgage or charge or hypothecation, bonds, debentures, derivatives, units of any collective investment scheme including mutual funds or alternative investment funds, sukuk or similar instruments issued based on Shariah, and the purchase right or power of attorney (warrant) to accept the aforesaid document: 1 The words and brackets sub-clause (g) were substituted for the word and brackets sub-clause (e) by section 15(j)(b) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024. Provided that any currency or note, draft, cheque, bill of exchange, bank acceptance, trade receivables or trade payable shall not include therein;
clause 88: interest shall include (a) any kind of interest or financial obligation payable against any kind of financial support, such as- loan, borrowing, trade credit, advance, security or guarantee; or (b) any service fee or any such charge or payment which shall be treated as interest on monetary equivalent, but it shall not include expenses involved in raising money or capital;
clause 89: service means any service, but does not include goods, immovable property and money; 1[(89A) admitted tax liability means payable income tax liability computed under section 173, 174 or 181, as the case may be, on the basis of return or revised return filed;]
clause 90: recognized provident fund means such provident fund as is approved by the Commissioner under the provisions of Part 3 of the Second Schedule;
clause 91: local authority means the City Corporation, Zilla Parishad, Upazila Parishad, Municipality and Union Parishad;
clause 92: permanent establishment means, in relation to business income, the fixed place or place of business through which such business of a person is wholly or partly carried on, and shall include (a) any place of management; (b) any branch; (c) any agency; (d) any office; (e) any warehouse; 1 Clause (89A) was inserted by section 15(k) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.(f) any factory; (g) any workshop; (h) any mine, oil or gas well, quarry or any other place for exploration, extraction or extraction of natural resources; (i) any farm or plantation; (j) any construction site, any construction, installation or addition project or any supervisory activity related thereto; (k) furnishing of services, including consultancy services, by any person or by any manpower engaged for the purpose by such person, if such activities continue in Bangladesh (in the same work or in any other work connected with the said work); and (l) any associated entity of a non-resident person or any person commercially dependent on such non-resident person who carries on any activity connected with any sale made by the non-resident person in Bangladesh;
clause 93: 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 following matters, namely: (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.