> ## Documentation Index > Fetch the complete documentation index at: https://laws.sayed.app/llms.txt > Use this file to discover all available pages before exploring further. # The Finance Ordinance, 1982 > An Ordinance to give effect to the financial proposals of the Government and to amend certain laws. **Status:** Active **Date of Publication:** 30th June, 1982 **Act No:** Ordinance NO. XVI OF 1982 WHEREAS it is expedient to make provisions to give effect to the financial proposals of the Government and to amend certain laws for the purpose hereinafter appearing; NOW, THEREFORE, in pursuance of the Proclamation of the 24th March, 1982, and in exercise of all powers enabling him on that behalf, the Chief Martial Law Administrator is pleased to make and promulgate the following Ordinance:- ### Short title and commencement 1\. (1) This Ordinance may be called the [Finance Ordinance, 1982](/laws/act-626 "Act 626") . (2) Except as otherwise provided in this Ordinance, this section and sections 5, 11 and 13 shall come into force at once, and other sections shall come into force on the first day of July, 1982. ### Amendments of Act XI of 1922 2\. The following amendments shall be made in the Income tax Act, 1922 (XI of 1922), namely:- (1) in section 2, clause (6AA) shall be omitted; (2) in section 4, in sub section (3), - (a) in clause (xii), (i) in sub clause (ff), the words вҖңbegun andвҖқ shall be omitted and shall be deemed to have been so omitted on and from the first day of July, 1980; (ii) in sub clause (h), the words вҖңbegun andвҖқ shall be omitted and shall be deemed to have been so omitted on and from the first day of July, 1980; (3) in section 7, in sub section (1), in the third proviso, for the words вҖңfour thousand two hundred TakaвҖқ, вҖңtwo thousand four hundred TakaвҖқ and one thousand eight hundred TakaвҖқ the words вҖңsix thousand TakaвҖқ, вҖңthree thousand two hundred TakaвҖқ and вҖңtwo thousand four hundred TakaвҖқ shall, respectively, be substituted; (4) in section 8, in the second proviso, the words вҖңor super taxвҖқ shall be omitted; (5) in section 9, in sub section (2), in the first proviso, in clause (b), for the words вҖңthe total incomeвҖқ the words вҖңall other income excluding the notional income from the residential houseвҖқ shall be substituted; (6) in section 10, in sub section (2),- (a) in clause (vi), in the proviso, in clause (a), for the word вҖңprescribedвҖқ the words вҖңnecessaryвҖқ shall be substituted; (b) in clause (vib), - (i) for the figure вҖң1982вҖқ the figure вҖң1987вҖқ shall be substituted; (ii) in the third proviso, for the word вҖңprescribedвҖқ the word вҖңnecessaryвҖқ shall be substituted; (c) in clause (x), in the proviso, for the semi colon at the end a colon shall be substituted and thereafter the following new proviso shall be added, namely: вҖңProvided further that any sum paid to an employee as festival bonus shall not be subjected to the conditions laid down in the first proviso;вҖқ; (7) in section 12B, after sub section (6), the following new sub section (7) shall be added, namely:- вҖң(7) Notwithstanding anything contained in sub section (1) where a capital gain arises from the sale, exchange or transfer of a capital asset being buildings or lands which within a period of two years immediately following the date on which the sale, exchange or transfer took place, is invested in the acquisition of capital asset of a new industrial undertaking, then instead of the capital gain being charged to tax as income of the previous year in which the sale, exchange or transfer took place, it shall, if the assessee so elects in writing before the assessment is made, be dealt with in accordance with the following provisions of this sub section, that is to say, (a) if the amount of the capital gain is greater than the cost of the new asset,- (i) the difference between the amount of the capital gain and the cost of the new asset shall be charged under this section as income of the previous year, and (ii) for the purposes of computing in respect of the new asset any allowance under clause (vi) or clause (vii) of sub section (2) of section 10 or the amount of any capital gain arising from its sale, exchange or transfer, the cost or the written down value, as the case may be, shall be nil, or (b) if the amount of the capital gain is equal to or less than the cost of the new asset,- (i) the capital gain shall not be charged under this section, and (ii) for the purposes of computing in respect of the new asset any allowance under the said clause (vi) or any allowance or adjustment under the said clause(vii) or the amount of any capital gains arising from its sale, exchange or transfer, the cost or the written down value, as the case may be, shall be reduced by the amount of the capital gain: Provided that where in respect of the acquisition of the capital asset of a new industrial undertaking, the assessee satisfies the Deputy Commissioner of Taxes that despite the exercise of due diligence it has not been possible to acquire the new asset within the period specified in this sub section, the Deputy Commissioner of Taxes may, with the prior approval of the Inspecting Joint Commissioner of Taxes, extend the said period to such date as he considers reasonable.вҖқ; (8) in section 13A, in sub section (1), for the words вҖңtwenty lakhsвҖқ the words вҖңten lakhsвҖқ shall be substituted; (9) in section 14, in sub section (3), in clause (b), in sub clause (ii), in the Explanation, in clause (b), for the words вҖңten thousandвҖқ the words вҖңfifty thousandвҖқ shall be substituted; (10) in section 14A,- (a) in sub section (2A), the words вҖңand super taxвҖқ shall be omitted; (b) in sub section (2C), the words вҖңand super taxвҖқ shall be omitted; (11) in section 15, sub section (3A) shall be omitted; (12) section 15A shall be omitted; (13) in section 15D, in sub section (1), the proviso shall be omitted; (14) after section 15D, the following new section 15DD shall be inserted, namely- вҖң15DD. Contribution to Zakat Fund, etc.-The tax shall not be payable by any person in respect of any sums paid by him as Zakat to the Zakat Fund or as donation or contribution to the charitable Fund established by or under the [Zakat Fund Ordinance, 1982](/laws/act-622 "Act 622") вҖқ; (15) section 15E shall be omitted; (16) in section 15G,- (a) in sub section (1), the words вҖңin the manner hereinafter providedвҖқ at the end shall be omitted; (b) sub section (2) shall be omitted; (c) for sub section (3) the following shall be substituted, namely:- вҖң(3) Where no tax is payable by a company in respect of the year in which it makes such investment or where the amount of tax payable is less than the amount of credit, the amount of the credit or so much of it as has not been deducted, as the case may be, shall be carried forward and deducted from the tax payable by the company in the following year and so onвҖқ.; (17) section 15H shall be omitted; (18) in section 16, in sub section (1), for clause (a) the following shall be substituted, namely:- вҖң(a) any sums exempted under the first, third and fourth provisos to sub section (1) of section 7, the second proviso to section 8, sub-section (2) of section 14, section 15, section 15AA, section 15C, section 15CC, section 15D, section 15DD and section 15F shall be included;вҖқ; (19) in section 17,- (a) in sub section (1) the commas and words вҖңincluding super-taxвҖқ, shall be omitted; (b) in sub section (1), in clause (a), the commas and words вҖң, or the income tax which would be payable on his total income if it were the total income of the person resident in taxable territories, whichever is theвҖқ shall be omitted; (c) in sub-section (5),- (i) the words вҖңincluding super-taxвҖқ and the words вҖңand super taxвҖқ wherever occurring shall be omitted; (ii) in clause (b), for sub clause (ii) the following shall be substituted, namely:- вҖң(ii) in the case of other assessees-

(1) Where the capital gains arise as a result of disposal by the assessee of his capital assets after two years but within five years from the date of their acquisition.

Income‑tax payable on the capital gains at the rate applicable to his total income including the said capital gains, or in­come‑tax at the rate of 25% on the amount of capital gains, whichever is the lower.

(2) Where the capital gains arise as a result of disposal by the assessee of his capital assets after five years but within fifteen years from the date of their acquisition.

Income‑tax payable on the capital gains at the rate applicable to his total income including the said capital gains, or, income‑tax at the rate of   20% on the amount of the capital gains, whichever is the lower.

(3) Where the capital gains arise as a result of disposal by the assessee of his capital assets after fifteen years from the date of their acquisition. Income‑tax payable on the capital gain at the rate applicable to his total income including the said capital gains,        or income‑tax at the rate of 15% on the amount of the capital gains, whichever is the lower.Г”ГҮГҳ;
   

(iii) the proviso at the end shall be omitted ;

 

                (20) in section 18,-­

                       

(a)   sub-section (3A) shall be omitted ;

 

(b)   in sub‑section (3B), the words Г”ГҮВЈand super‑taxГ”ГҮГҳ and the words Г”ГҮВЈand super‑tax at the rateГ”ГҮГҳ shall be omitted ;

 

(c)   sub‑section (3D) shall be omitted ;

 

(d)   in sub‑section (5) the words Г”ГҮВЈor super‑taxГ”ГҮГҳ shall be omitted ;

 

(e)   in sub‑section (9),­-

 

(i)    the words Г”ГҮВЈor super‑taxГ”ГҮГҳ occurring twice shall be omitted fromboth the places; and

 

(ii)   the brackets, figure, letter and comma Г”ГҮВЈ3A,Г”ГҮГҳ shall be omitted ;

 

                (21) in section 18A-

 

(a)   in sub‑section (1)-

 

(i)    the words Г”ГҮВЈand super‑taxГ”ГҮГҳ wherever occurring shall be omitted ;

 

(ii)   for the words Г”ГҮВЈtwenty‑five thousand TakaГ”ГҮГҳ the words Г”ГҮВЈfifty thousand TakaГ”ГҮГҳ shall be substituted ;

 

(iii)  the brackets, figure, letter and comma Г”ГҮВЈ(3A)Г”ГҮГҳ, shall be omitted ;

 

(b)   in sub‑section (3), for the words Г”ГҮВЈtwenty‑five thousand TakaГ”ГҮГҳ the words Г”ГҮВЈfifty thousand TakaГ”ГҮГҳ shall be substituted ;

 

(c)   in sub‑section (5), for the words Г”ГҮВЈten per centГ”ГҮГҳ the words Г”ГҮВЈthirteen and a half per centГ”ГҮГҳ shall be substituted ;

 

(22)   in section 21, in clause (c), the words Г”ГҮВЈand super‑taxГ”ГҮГҳ shall be omitted ;

 

(23)   section 21A shall be omitted ;

 

(24)   in section 22,-

 

in sub‑section (1) in the second proviso, for the words Г”ГҮВЈTaka twenty-five thousandГ”ГҮГҳ the words Г”ГҮВЈTaka fifty thousandГ”ГҮГҳ shall be substituted ;

 

(25)    in section 23, sub‑section (3A) shall be omitted ;

 

(26)    in section 23B, in sub‑section (3), the words and comma Г”ГҮВЈsuper‑tax, but notГ”ГҮГҳ shall be omitted ;

 

(27)    in section 26A, in sub‑section (1), the words Г”ГҮВЈor super‑taxГ”ГҮГҳ shall be omitted ;

 

                (28) in section 28,­-

 

(a)   in sub‑section ( 1A ), the words Г”ГҮВЈand super-taxГ”ГҮГҳ shall be omitted ;

 

(b)   in sub‑section (1B), for words Г”ГҮВЈeighty per centГ”ГҮГҳ occurring twice the words Г”ГҮВЈseventy‑five per centГ”ГҮГҳ shall be substituted inboth the places;

 

(c)   in sub‑section (2), the words Г”ГҮВЈand super‑taxГ”ГҮГҳ occurring twice shall be omitted in both the places;

 

(d)   in sub‑section (2A) for the words Г”ГҮВЈeighty per centГ”ГҮГҳ the words  Г”ГҮВЈseventy‑five per centГ”ГҮГҳ shall be substituted ;

 

(29)   in section 34, in sub‑section (2D) for the word Г”ГҮВЈwhereГ”ГҮГҳ at the beginning the words, brackets, figure and letter Г”ГҮВЈNotwithstanding anything contained in sub‑section (1A) whereГ”ГҮГҳ shall be substituted ;

 

(30) in section 44F, the words Г”ГҮВЈor super‑taxГ”ГҮГҳ wherever occurring shall be omitted ;

 

(31) in section 47A, in sub‑section (1), for the words Г”ГҮВЈfifty thousand TakaГ”ГҮГҳ the words Г”ГҮВЈone lakh TakaГ”ГҮГҳ shall be substituted ;

 

(32) in section 49AA, in sub‑section (2), the words Г”ГҮВЈincluding super‑taxГ”ГҮГҳ shall be omitted ;

 

(33) in section 49B, the brackets and words Г”ГҮВЈ(exclusive of super‑tax)Г”ГҮГҳ shall be omitted ;

 

(34) in section 49C, the brackets and words Г”ГҮВЈ(but not super‑tax)Г”ГҮГҳ occurring twice shall be omitted in both the   places;

 

(35)   in section 49D, in sub‑section (1),-

 

(a)   in the first proviso,-

 

(i)    brackets and words Г”ГҮВЈ(but not super‑tax)Г”ГҮГҳ shall be omitted ;

 

(ii)   the comma and the words Г”ГҮВЈ, but as if for the reference to income‑tax therein there were submitted a reference to super‑taxГ”ГҮГҳ shall be omitted ;

 

(b)  in the Explanation, in clauses (i) and (iii), the words Г”ГҮВЈand super‑taxГ”ГҮГҳ shall be omitted ;

 

                (36)  in section 50, the words Г”ГҮВЈor super‑taxГ”ГҮГҳ shall be omitted ;

 

                (37)  in section 58G-

 

(a)  sub‑section (i) shall be omitted ;

 

(b)  in sub‑section (3) , the words Г”ГҮВЈand super‑taxГ”ГҮГҳ occurring twice shall be omitted in both the places;

 

(38) in section 58J, in sub‑section (2), in the second paragraph, the words Г”ГҮВЈand super‑taxГ”ГҮГҳ shall be omitted ;

 

(39) in section 58L, in sub‑section (2), in clause (d), the words Г”ГҮВЈand super-taxГ”ГҮГҳ shall be omitted ;

        

### Amendment of the First Schedule, Ben. Act I of 1932 3\. In the [Motor Vehicles Tax Act, 1932](/laws/act-156 "Act 156") (Ben. Act I of 1932), for the First Schedule the following shall be substituted, namely- *** ### Footnotes Click [here](http://bdlaws.minlaw.gov.bd/act-details-626.html) to see the original act on the Bangladesh Legal Database.