(1) "Agricultural income" means - (a) Any income derived from any land in Bangladesh and used for

agricultural purposes - (i) by means of agriculture; or (ii) by the performance of any process ordinarily employed by a cultivator to render marketable
the produce of such land; or (iii) by the sale of the produce of the land raised by the cultivator in respect of which no process, other than that to render
the produce marketable, has been performed; or
(iv) by granting a right to any person to use the land for any period; or (b) any income derived from any building which -
(i) is occupied by the cultivator of any such land as is referred to in sub-clause (a) in which any process is carried on to
render marketable any such produce as aforesaid; (ii) is on, or in the immediate vicinity of such land; and (iii) is required by the cultivator as the
dwelling house or store-house or other out-house by reason of his connection with such land;

(2) "amalgamation", in relation to companies, means the merger of one or more companies with another company, or the merger of two or more
companies to form one company (the company or companies which so merged being referred to as the amalgamating company or companies and the
company with which they merge or which is formed as a result of the merger as the amalgamated company) in such a manner that by virtue of , and
for reasons attributable to the merger,- (a) all the property of the amalgamating company or companies immediately before the merger, becomes the
property of the amalgamated company;
(b) all the liabilities of the amalgamating company or companies immediately before the merger, become the liabilities of the amalgamated company;
and
(c) the shareholders holding not less than nine-tenths in value of the shares in the amalgamating company or companies (other than shares already
held therein immediately before the merger by, or by a nominee for, the amalgamated company or its subsidiary) become shareholders of the
amalgamated company;
(3) "annual value" shall be deemed to be -
(a) in relation to any property let out, - (i) the sum for which property might reasonably be expected to let from year to year 1[and any amount
received by letting out furniture, fixture, fittings etc; or]
(ii) where the annual rent in respect thereof is in excess of the sum referred to in paragraph (i), the amount of the annual rent;
(4) "Appellate Joint Commissioner" means a person appointed to be an Appellate Joint Commissioner of Taxes under section 3 1[and includes 2[an
Appellate Additional Commissioner of Taxes] 3[and also a person appointed to hold current charge of an Appellate Joint Commissioner of Taxes];
(5) "Appellate Tribunal" means the Taxes Appellate Tribunal established under section 11;
(5A) "Approved gratuity fund" means a gratuity fund which has been and continues to be approved by the Board in accordance with the provisions
of Part C of the First Schedule;
(6) "Approved superannuation fund or a pension fund" means a superannuation fund 5[or a pension fund] which has been and continues to be
approved by the Board in accordance with the provisions of Part A of the First Schedule;
(7) "Assessee", means a person by whom any tax or other sum of money is payable under this Ordinance, and includes -
(a) every person in respect of whom any proceeding under this Ordinance has been taken for the assessment of his income or the income of any other
person in respect of which he is assessable, or of the amount of refund due to him or to such other person;
(b) every person who is required to file a return under section 75, section 89 or section 91;
(c) every person who desires to be assessed and submits his return of income under this Ordinance; and
(d) every person who is deemed to be an Assessee, or an Assessee in default, under any provision of this Ordinance;
(8) "assessment", with its grammatical variations and cognate expressions, includes re-assessment and additional or further assessment;
(9) "assessment year" means the period of twelve months commencing on the first day of July every year; and includes any such period which is
deemed, under the provisions of this Ordinance, to be assessment year in respect of any income for any period;
(10) "Assistant Commissioner of Taxes" means a person appointed to be an Assistant Commissioner of Taxes under section 3;
(11) "Bangladeshi company" means a company formed and registered under the Companies Act, 1913 (VII of 1913) 1[or Company Act, 1994 (18
No. Law of 1994) and includes a body corporate] established or constituted by or under any law for the time being in force in Bangladesh having in
either case its registered office in Bangladesh;
(12) "Banking company" has the same meaning as in Ban Company Act, 1991 (14 No Law of 1991 ), and includes a body corporate established or
constituted by or under any law for the time being in force which transacts the business of banking in Bangladesh;
(13) "Board" means the National Board of Revenue constituted under the National Board of Revenue Order, 1972 (P.O. No. 76 of 1972);
(14) "business" includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture;
(15) "capital asset" means property of any kind held by an Assessee, whether or not connected with his business or profession, but does not include-
(a) any stock-in-trade (not being stocks and shares), consumable stores or raw materials held for the purposes of his business or profession; and (b)
personal effects, that is to say, movable property (including wearing apparel, jewellery, furniture, fixture, equipment and vehicles), which are held
exclusively for personal use by, and are not used for purposes of the business or profession of the Assessee or any member of his family dependent
on him;

(16) "charitable purpose" includes relief of the poor, education, medical relief and the advancement of any object of general public utility;
(17) "chartered accountant" means a chartered accountant as defined in the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973);
(18) "child", in relation to any individual, includes a step-child and an adopted child of that individual;
(19) "Commissioner" means a person appointed to be a Commissioner of Taxes or Commissioner (Large Tax Payer Unit) under section 3, or a
person appointed to hold current charge of a Commissioner of Taxes or Commissioner (Large Tax Payer Unit);
(19A) "Commissioner (Appeals) means a person appointed to be a Commissioner of Taxes (Appeals) under section 3 and includes a person
appointed to hold current charge of a Commissioner of Taxes (Appeals) "Commissioner of Taxes (Appeals) under section 3"
(20) "Company" means a company as defined in the Companies Act, 1913 (VII of 1913) or Company Act, 1994 (18 No. Act of 1994), and includes-
(a) a body corporate established or constituted by or under any law for the time being in force; (b) any nationalized banking or other financial
institution, insurance body and industrial or business enterprise; (bb) an association or combination of persons, called by whatever name, if any of
such persons is a company as defined in the Companies Act, 1913 (VII of 1913) or Company Act, 1994 (18 No. Act of 1994); (bbb) any association
or body incorporated by or under the laws of a country outside Bangladesh; and; (c) any foreign association or body, 5[not incorporated by or under
any law], which the Board may, by general or special order, declare to be a company for the purposes of this Ordinance;
(23) "Deputy Commissioner of Taxes" means a person appointed to be a Deputy Commissioner of Taxes under section 3, and includes a person
appointed to be a Transfer Pricing Officer, an Assistant Commissioner of Taxes, an Extra Assistant Commissioner of Taxes and a Tax Recovery
Officer;
(25) "Director-General of Inspection" means a person appointed to be a Director-General of Inspection (Taxes) under section 3, and except for the
purpose of section 117, includes a person appointed for the purpose of this Ordinance to be an Additional Director-General of Inspection (Taxes), a
Deputy Director-General of Inspection (Taxes), or an Assistant Director- General of Inspection (Taxes);
(26) "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,
whether with or without interest;(c) any distribution made to the shareholders of a company on its liquidation to the extent to which the distribution is
attributable to the accumulated profits of the company immediately before its liquidation, whether 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 payment by a private company of any sum (whether as representing a part of the assets of the company or otherwise) by way of advance or loan
to a shareholder or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to which the
company, in either case, possesses accumulated profit; but does not include- (i) a distribution made in accordance with sub-clause (c) or sub-clause
(d) in respect of any share including preference share for full cash consideration, or redemption of debentures or debenture-stock, where the holder of
the share or debenture is not entitled in the event of liquidation to participate in the surplus assets; (ii) any advance or loan made to a shareholder in
the ordinary course of its business, where the lending of money is a substantial part of the business of the company; (iii) any dividend paid by a
company which is set off by the company against the whole or any part of any sum previously paid by it and treated as dividend within the meaning
of sub clause(e) to the extent to which it is so set off.
Explanation-The expression " accumulated profits",- (a) wherever it occurs in this clause, includes any reserve made up
wholly or partly of any allowance, deduction or exemption admissible under this Ordinance or under the Income tax Act, 1922(XI of 1922), but does
not include capital gains arising before the first day of April, 1946, or after the thirty-first day of March, 1949, and before the eighth day of June,
1963. (b) as used in sub-clauses (a), (b) and (d), includes all profits of the company up to the date of such distribution; and (c) as used in sub - clause
(c), includes all profits of the company up
to the date of its liquidation;
(28) "employee", in relation to a company, includes the managing director, or any other director or other person, who irrespective of his designation,
performs, any duties or functions in connection with the management of the affairs of the company;
(29) "Extra Assistant Commissioner of Taxes" means a person appointed to be an Extra Assistant Commissioner of Taxes under section 3 and
includes a person appointed to hold current charge of an Extra Assistant Commissioner
of Taxes.

(30) "fair market value" means, in relation to capital asset- (a) the price which such asset would ordinarily fetch on sale in the open market on the
relevant day, and, where such price is not ascertainable, the price which the Deputy Commissioner of Taxes may, with the approval in writing of the
Inspecting Joint Commissioner, determine; (b) the residual value received from the lessee in case of an asset leased by a financial institution having
license from the Bangladesh Bank on termination of lease agreement on maturity or otherwise subject to the condition that such residual value plus
amount realized during the currency of the lease agreement towards the cost of the asset is not less than the cost of acquisition to the lessor financial
institution;
(31) "fees for technical services" means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or
consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction,
assembly, mining or like project undertaken by the recipient, or consideration which would be income of the recipient classifiable under the head
"Salaries";
(34) "income" includes-
(a) any income, profits or gains, from whatever source derived, chargeable to tax under any provision of this Ordinance under any head specified in
section 20; (b) any loss of such income, profits or gains; (c) the profits and gains of any business of insurance carried on by a mutual insurance
association computed in accordance with paragraph 8 of the Fourth Schedule; (d) any sum deemed to be income, or any income accruing or arising or
received, or deemed to accrue or arise or be received in Bangladesh under any provision of this Ordinance;
Provided that the amount representing the face value of any bonus share or the amount of any bonus declared, issued or paid by any company
registered in Bangladesh under Company Act, 1994 (18 No. Act of 1994) to its shareholders with a view to increase its paid-up share capital shall not
be included as income of that shareholder.
(35) ― “income year” means -
(a) the period beginning with the date of setting up of a business and ending with the thirtieth day of June following the date of setting up of such
business; (b) the period beginning with the date on which a source of income newly comes into existence and ending with the thirtieth day of June
following the date on which such new source comes into existence; (c) the period beginning with the first day of July and ending with the date of
discontinuance of the business or dissolution of the 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 participant of the unincorporated body; (e) the period immediately
following the date of retirement, or death, of a participant of the unincorporated body and ending with the date of retirement, or death, of another
participant or the thirtieth day of June following the date of the retirement, or death, as the case may be; (f) in the case of bank, insurance or financial
institution the period of twelve months commencing from the first day of January of the relevant year; or (g) in any other case the period of twelve
months commencing from the first day of July of the relevant year;
(36) "Inspecting Joint Commissioner" means a person appointed to be an Inspecting Joint Commissioner of Taxes under section 3, and includes an
Inspecting Additional Commissioner of Taxes and also a person appointed to hold current charge of an Inspecting Joint Commissioner of Taxes.
(37) "Inspector" means an Inspector of Taxes under section 3 and also includes a person appointed to hold charge of an Inspector of Taxes;
(38) "Interest" means interest payable in any manner in respect of any money borrowed or debt incurred (including a deposit, claim or other similar
right or obligation) and includes any service fee or other charge in respect of the money borrowed or debt incurred or in respect of any credit facility
which has not been utilized;
(40) "market value", in respect of agricultural produce, means - (a) where such produce is ordinarily sold in the market in its raw state or after
application to it of any process employed by a cultivator to render it fit to be taken to the market, the value calculated according to the average price
at which it has been sold during the year previous to that in which the income derived from such produce first becomes assessable; and (b) where
such produce is not ordinarily sold in the market in its raw state, the aggregate of -
(i) the expenses of cultivation; (ii) the land development tax or rent paid for the lands in which it was grown; and (iii) such amount as the Deputy
Commissioner of Taxes finds, having 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;
(43) "partner" has the same meaning as assigned to it in the Partnership Act, 1932 (IX of 1932), and includes a person who, being a minor, has been
admitted to the benefits of partnership;
(45) "perquisite" means- (i) any payment made to an employee by an employer in the form of cash or in any other form excluding basic salary,
festival bonus, incentive bonus not exceeding ten percent of disclosed profit of relevant income year, arrear salary,
advance salary, leave encashment or leave fare assistance and over time, and
(ii) any benefit, whether convertible into money or not, provided to an employee by an employer, called by whatever name, other than contribution to
a recognized provident fund, approved pension fund, approved gratuity fund and approved superannuation fund;
(46) "person" includes an individual, a firm, an association of persons, a Hindu undivided family, a local authority, a company and every other
artificial juridical person;
(48) "principal officer", used with reference to a local authority, a company, any other public body or any association of persons, includes-
(a) managing director, manager, secretary, treasurer, agent or accountant (by whatever designation known), or any officer responsible for
management of the affairs, or of the accounts, of the authority, company, body or association; and
(b) any person connected with the management or the administration of the local authority, company, body or association upon whom the Deputy
Commissioner of Taxes has served a notice of his intention to treat him as principal officer thereof ;
(50) "profits in lieu of salary" includes-
(a) the amount of compensation due to, or received by, an Assessee from his employer at, or in connection with, the termination of, or the
modification of any terms and conditions relating to, his employment; and
(b) any payment due to, or received by, an Assessee from a provident or other fund to the extent to which it does not consist of contributions by the
Assessee and the interest on such contributions;
(51) "public servant" The words "public servant" denote a person falling under any of the descriptions hereinafter following, namely:- First.-
[Omitted by section 2 of the Penal Code (Amendment) Ordinance, 1982 (Ordinance No. X of 1982)]; Second. Every Commissioned Officer in the
Military, Naval or Air Forces of Bangladesh ;[Third.- Every Judge including any person empowered by any law to perform, whether by himself or as
a member of any body of persons, any adjudicatory function;] Fourth.- very officer of a Court of Justice whose duty it is, as such officer, to
investigate or report on any matter of law or fact, or to make, authenticate, or keep any document, or to take charge or dispose of any property, or to
execute any judicial process, or to administer any oath, or to interpret, or to preserve order in the Court; and every person specially authorized by a
Court of Justice to perform any of such duties; Fifth.-Every juryman, assessor, or member of a panchayat assisting a Court of Justice or public
servant; Sixth.-Every arbitrator or other person to whom any cause or matter has been referred for decision or report by any Court of Justice, or by
any other competent public authority; Seventh.-Every person who holds any office by virtue of which he is empowered to place or keep any person in
confinement; Eighth.-Every officer of the Government whose duty it is, as such officer, to prevent offences, to give information of offences, to bring
offenders to justice, or to protect the public health, safety or convenience; Ninth.-Every officer whose duty it is, such officer, to take, receive, keep or
expend any property on behalf of the Government, or to make any survey, assessment or contract on behalf of the Government, or to execute any
revenue-process, or to investigate, or to report, on any matter affecting the pecuniary interests of the Government, or to make, authenticate or keep
any document relating to the pecuniary interest of the Government, or to prevent the infraction of any law for the protection of the pecuniary interests
of the Government ; Tenth.-Every officer whose duty it is, as such officer, to take, receive, keep or expend any property, to make any survey or
assessment or to levy any rate or tax for any secular common purpose of any village, town or district, or to make, authenticate or keep any document
for the ascertaining of the rights of the people of any village, town or district; Eleventh.-Every person who holds any office in virtue of which he is
empowered to prepare, publish, maintain or revise an electoral roll or to conduct an election or part of an election. A Municipal Commissioner is a
public servant. [Twelfth.-Every person- (a) in the service or pay of the Government or remunerated by the Government by fees or commissions for
the performance of any public duty; (b) in the service or pay of a local authority or of a corporation, body or authority established by or under any
law or of a firm or company in which any part of the interest or share capital is held by, or vested in, the Government.]
(52) "recognized provident fund" means a provident fund which has been, and continues to be, recognized by the Commissioner in accordance with
the provisions of Part B of the First Schedule;
(54) "relative", in relation to an individual, means the husband, wife, brother, sister or any lineal ascendant or descendant of that individual;
(55) "resident", in respect of any income year, means -
(a) an individual who has been in Bangladesh - (i) for a period of, or for periods amounting in all to, one hundred and eighty two days or more in that
year; or (ii) for a period of, or periods amounting in all to, ninety days or more in that year having previously been in Bangladesh for a period of, or
periods amounting in all to, three hundred and sixty-five days or more during four years preceding that year;
(b) a Hindu undivided family, firm or other association of persons, the control and management of whose affairs is situated wholly or partly in
Bangladesh in that year; and
(c) a Bangladeshi company or any other company the control and management of whose affairs is situated wholly in Bangladesh in that year;
(56) "royalty" means consideration (including any lump sum consideration but excluding any consideration which is classifiable as income of the
recipient under the head "Capital gains") for -
(a) transfer of all or any rights, including the granting of a license in respect of a patent, invention, model, design, secret process or formula, or trade
mark or similar property;
(b) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret process or formula, or trade
mark or similar property;
(c) the use of any patent, invention, model, design, secret process or formula, or trade mark or similar property;
(d) the imparting of any information concerning technical, industrial, commercial, or scientific knowledge, experience or skill;
(e) the transfer of all or any rights, including granting of a license, in respect of any copyright, literary, artistic or scientific work, including films or
video tapes for use in connection with television or tapes for use in connection with radio broadcasting, but not including consideration for sale,
distribution or exhibition of cinematograph films; or
(f) the rendering of any services in connection with any of the aforesaid activities;
(58) "salary" includes -
(a) any pay or wages; (b) any annuity, pension or gratuity; (c) any fees, commissions, allowances, perquisites or profits in lieu
of, or in addition to, salary or wages; (d) any advance of salary; (e) any leave encashment;
(61) "speculation-business" means business in which a contract for the purchase or sale of any commodity, including stocks and shares, is
periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scripts, but does not include business in which
-
(a) a contract in respect of raw materials or merchandise is entered into by a person in the course of his manufacturing or mercantile business to guard
against loss through future price fluctuations for the purpose of fulfilling his other contracts for the actual delivery of the goods to be manufactured or
the merchandise to be sold by him;
(b) a contract in respect of stocks and shares is entered into by a dealer or investor therein to guard against loss in his holdings of stocks and share
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;
(62) "tax" means the income tax payable under this Ordinance and includes any additional tax, excess profit tax, penalty, interest, fee or other
charges leviable or payable under this Ordinance;
(65) "total income" means the total amount of income referred to in section 17 computed in the manner laid down in this Ordinance, and includes
any income which, under any provision of this Ordinance, is to be included in the total income of an Assessee;

(66) "transfer", in relation to a capital asset, includes the sale, exchange or relinquishment of the asset, or the extinguishment of any right therein, but
does not include- (a) any transfer of the capital asset under a gift, bequest, will or an irrevocable trust; (b) any distribution of the assets of a company
to its shareholders on its liquidation; and (c) any distribution of capital assets on the dissolution of a firm or other association of persons or on the
partition of a Hindu undivided family;