The Finance Act, 1973

An Act to give effect to the financial proposals of the Government and to amend certain laws. WHEREAS it is expedient to make provisions to give effect to the financial proposals of the Government and to amend certain laws for the purposes hereinafter appearing; It is hereby enacted as follows:-

Section 1. Short title, extent and commencement

(1) This Act may be called the Finance Act, 1973.

(2) It extends to the whole of Bangladesh.

(3) Except as otherwise provided in this Act,-

Section 2. Amendments of Act XXXII of 1934

The amendments set out in the First Schedule to this Act shall be made in the Tariff act, 1934 (XXXII of 1934).

Section 3. Amendments of Act I of 1944

The amendments set out in the Second Schedule to this Act shall be made in the First Schedule to the Central Excises and Salt Act, 1944 (I of 1944).

Section 4. Amendments of Act XI of 1922

The following amendments shall be made in the Income Tax Act, 1922 (XI of 1922), namely:-

(1) throughout the Act, for the words “rupee”, and “rupees”, wherever occurring, the word “taka” shall be substituted;

(2) in section 2,-

“(a) any rent or revenue derived from land which is situated in Bangladesh and is used for agricultural purposes;”;

(3) in section 4, after sub-section (2B), the following new sub-sections shall be inserted, namely:-

“(2C). Where, in the financial year immediately preceding the assessment year the assessee is found to be the owner of any money, bullion or jewellery, or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article or the explanation offered by him is not, in the opinion of the Income-tax Officer, satisfactory, the money, the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such year.

(2D). Where, in any previous year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Income-tax Officer finds that the amount expended on making such investment or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Income-tax Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such previous year.”;

(4) in section 15C, in sub-section (2A), for the words, brackets, figures and letter “sum computed in the manner laid down in sub-section (3A) of section 15” the words, brackets and figures “sum laid down in sub-section (3) of section 15” shall be substituted;

(5) in section 15D, in sub-section (1),-

(6) in section 15F, the comma, word, brackets and letter “, sub-section (3A)” shall be omitted;

(7) in section 16,-

(8) in section 18A,-

“Provided that no interest shall be payable for the extended period for the delivery of the return under the first and second provisos to sub-section (1A) of section 22.”;-

(9) in section 22A, the existing provision shall be renumbered as sub-section (1) and after sub-section (1), renumbered as aforesaid, the following shall be added, namely:-

“(2) If any person, without reasonable cause, fails to pay the tax under sub-section (1), he shall be deemed to be an assessee in default.”;

(10) after section 22A, amended as aforesaid, the following new section shall be inserted, namely:-

“22AA. Signature and verification of return.- Except as otherwise provided in this Act, the return under section 22 shall be signed and verified,-

(11) in section 23, in sub-section (6), for the word “super-tax” the word “tax” shall be substituted;

(12) in section 23A,-

“Provided that, as respects any assessment year beginning on the first day of July, 1973, and for two subsequent assessment years thereafter, the provisions of the section shall not apply.”;

(13) in section 45, the commas, words, letter and figures, “, may subject to the provisions of section 45A,” shall be omitted;

(14) section 45A shall be omitted;

(15) section 49G shall be omitted;

(16) in section 61, in sub-section (2),-

“(d) any person who has retired after putting in satisfactory service in the Income-tax Department and has for a period of not less than ten years served in a post or posts not inferior to that of an Income-tax Officer:

Provided that in the determination of the year under this clause, part of a year less than six months shall be disregarded and part of the year equal to or exceeding six months shall be regarded as one year;”; and

(17) in section 66,-

(18) in section 66A,-

“(2) An appeal shall lie to the Appellate Division from any judgment of the High Court Division delivered on a reference made under section 66 in any case which the High Court Division certifies to be a fit one for appeal to the Appellate Division.

(3) The provisions of the Code of Civil Procedure, 1908 (V of 1908), relating to appeals to the Appellate Division shall, so far as may be, apply in the case of appeals under this section in like manner as they apply in the case of appeals from decrees of the High Court Division:

Provided that nothing in this sub-section shall be deemed to affect the provisions of sub-section (5) or sub-section (7) of section 66:

Provided further that the High Court Division may, on petition made for the execution of the order of the Appellate Division in respect of any costs awarded thereby, transmit the order for execution to any Court subordinate to the Supreme Court.

(4) Where the judgment of the High Court Division is varied or reversed in appeal under this section, effect shall be given to the order of the Appellate Division in the manner provided in sub-sections (5) and (7) of section 66 in the case of a judgment of the High Court Division.”;

(19) in section 67B, for the words “the National Assembly” the word “Parliament” shall be substituted.

Section 5. Amendments of Act X of 1950

The following amendments shall be made in the Estate Duty Act, 1950 (X of 1950), namely:-

(1) throughout the Act, for the words “rupee” or “rupees” the word “Taka” shall be substituted;

(2) in section 58BB, for the words “High Court” the words “High Court Division” shall be substituted;

(3) section 58E shall be omitted;

(4) section 58F shall be omitted;

(5) in section 59A, for the words “High Court”, wherever occurring, the words “High Court Division” shall be substituted;

(6) in section 59B,-

“(2) An appeal shall lie to the Appellate Division from any judgment of the High Court Division delivered on a case stated under section 59A or on a motion made to it by the Board before the commencement of the Estate Duty (Amendment) Act, 1953, in any case which the High Court Division certifies to be a fit one for appeal to the Appellate Division.

(3) The provisions of the Code of Civil Procedure, 1908 (V of 1908), relating to appeals to the Appellate Division shall, so far as may be, apply in the case of appeals under this section in like manner as they apply in the case of appeals from decrees of the High Court Division:

Provided that nothing in this sub-section shall be deemed to affect the provisions of sub-section (7) of section 59A:

Provided further that the High Court Division may on petition made for the execution of the order of the Appellate Division in respect of any costs awarded thereby, transmit the order for execution to any Court subordinate to the Supreme Court.

(4) Where the judgment of the High Court Division is varied or reversed in appeal under this section, effect shall be given to the order of the Appellate Division in the manner provided in sub-section (7) of section 59A.”.

Section 6. Amendments of Act III of 1951

The following amendments shall be made in the Sales Tax Act, 1951 (III of 1951), namely:-

(1) throughout the Act, for the words “rupee” or “rupees” the word “Taka” shall be substituted;

(2) section 12A shall be omitted;

(3) in section 17,-

“Provided that, if the amount of tax is reduced as a result of such reference, the amount overpaid shall be refunded with such interest as the Commissioner may allow unless the High Court Division, on intimation given by the Commissioner within thirty days of the receipt of the result of such reference that he intends to ask for leave to appeal to the Appellate Division makes an order authorising the Commissioner to postpone payment of such refund until the disposal of the appeal by the Appellate Division.”;

(4) in section 18, for the words “High Court” the words “High Court Division” shall be substituted;

(5) section 27B shall be omitted; and

(6) after section 33, the following new section shall be inserted, namely:-

“33A. No suit shall be brought in any Civil Court to set aside or modify any assessment made under this Act.”.

Section 7. Amendments of Act XIV of 1963

The following amendments shall be made in the Gift Tax Act, 1963 (XIV of 1963), namely:-

(1) throughout the Act, for the words “rupee” or “rupees” the word “Taka” shall be substituted;

(2) after section 13, the following new section shall be inserted, namely:-

“13A. (1) Every person who is required to furnish a return under sub-section (1) of section 13 shall pay, on or before the date on which he furnishes such return, the amount of tax payable on the basis of the return.

(2) If any person has, without reasonable cause failed to pay the tax under sub-section (1), he shall be deemed to be an assessee in default.”;

(3) in section 26,-

(4) In section 27,-

(5) after section 27, the following new section shall be inserted, namely:-

“28. Appeal to Appellate Division.- (1) An appeal shall lie to the Appellate Division from any judgment of the High Court Division delivered on a case referred to under section 26 in any case which the High Court Division certifies as a fit case for appeal to the Appellate Division.

(2) Where the judgment of the High Court Division is varied or reversed on appeal under this section, effect shall be given to the order of the Appellate Division in the manner provided in sub-section (6) of section 26.

(3) The High Court Division may, on application made to it for the execution of any order of the Appellate Division in respect of any costs awarded by it, transmit the order for execution to any Court subordinate to the Supreme Court.”;

(6) section 32A shall omitted;

(7) section 32B shall be omitted.

Section 8. Amendments of Act XV of 1963

The following amendments shall be made in the Wealth Tax Act, 1963 (XV of 1963), namely:-

(1) throughout the Act, for the words “rupee” or “rupees” the word “Taka” shall be substituted;

(2) in section 14A the existing provision shall be renumbered as sub-section (1) and after sub-section (1) renumbered as aforesaid, the following new sub-section shall be added, namely:-

“(2) If any person has, without reasonable cause, failed to pay the tax under sub-section (1), he shall be deemed to be an assessee in default.”;

(3) in section 27,-

“(7) Where the amount of any assessment is reduced as a result of any reference to the High Court Division, the amount, if any, overpaid as wealth-tax shall be refunded with such interest as the Commissioner may allow, unless the High Court Division, on intimation given by the Commissioner within thirty days of the receipt of the result of such reference that he intends to ask for leave to appeal to the Appellate Division, makes an order authorising the Commissioner to postpone payment of such refund until the disposal of the appeal by the Appellate Division.”;

(4) In section 28,-

(5) after section 28, the following new section shall be inserted, namely:-

“29. Appeal to Appellate Division.- (1) Appeal shall lie to the Appellate Division from any judgment of the High Court Division delivered on a case referred to under section 27 in any case which the High Court Division certifies as a fit case for appeal to the Appellate Division.

(2) Where the judgment of the High Court Division is varied or reversed on appeal under this section, effect shall be given to the order of the Appellate Division in the manner provided in sub-section (6) of section 27.

(3) The High Court Division may, on application made to it for the execution of any order of the Appellate Division in respect of any costs awarded by it, transmit the order for execution to any Court subordinate to the Supreme Court.”;

(6) section 31B shall be omitted;

(7) section 31C shall be omitted;

(8) for the Schedule the following shall be substituted, namely:-

| ÔÇ£THE SCHEDULE | ┬á | | --- | --- | | (See Section 3) | ┬á | | ┬á | ┬á | | RATES OF WEALTH-TAX | ┬á | | 1. ┬á┬á┬á On the first Taka two lakhs of net wealth, or where an assessee, being a person owning and occupying a house for purposes of his own residence, exercises the option to have the value of such house being excluded from his assets, on the first Taka one lakh of net wealth | Nil | | 2. ┬á┬á┬á On the next Taka two lakhs of net wealth ..┬á┬á | 1% | | 3. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 2% | | 4. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 3% | | 5. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 3┬¢ % | | 6. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 4% | | 7. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 4┬¢% | | 8. ┬á┬á┬á On the next Taka five lakhs of net wealth ..┬á┬á | 5% | | 9. ┬á┬á┬á On the balance of net wealth ..┬á┬á | 6% .ÔÇØ | | | |

Section 9. Income Tax and Super Tax

(1) Subject to the provisions of sub-sections (2), (3), (4) and (5), in making any assessment for the year beginning on the first day of July, 1973-

(2) In making any assessment for the year beginning on the first day of July, 1973,-

(3) In making any assessment for the year beginning on the first day of July, 1973, where the assessee is a co-operative society, the tax shall be payable at the rates specified in paragraph A of Part I, or paragraph B of Part I and paragraph A of Part II of the Third Schedule as if the assessee were a company to which the proviso to sub-paragraph (1) of paragraph A of the said Part II applied, whichever treatment is more beneficial to the assessee :

Provided that in calculating for the purposes of this sub-section, the amount of income-tax at the rates specified in paragraph A of Part I of the Third Schedule, no deduction in respect of any allowance or sums referred to in clause (i) of the proviso to the said paragraph shall be made.

(4) (a) In making any assessment for the year beginning on the first day of July, 1973, where the total income of an assessee, not being a company, to which the proviso to sub-paragraph (i) of paragraph A of Part II of the Third Schedule does not apply, includes any profits and gains derived from the export of goods out of Bangladesh, income-tax and super-tax, if any, payable by him in respect of such profits and gains shall, subject to the provisions of clauses (b) and (c) be reduced by an amount computed in the manner specified hereunder:-

| | Amount | | --- | --- | --- | --- | | | | | | | (i) Where the goods exported abroad had not been manufactured by the assessee who exported them: | | 15 per cent. of the income-tax and super-tax, if any, attributable to export sales. | | | | | | | | (a) and where the exports sales during the relevant year exceed the export sales of the preceding year. | | Plus an additional 1 per cent. for every increase of 10 per cent. in export sales over those of the preceding year, subject to an overall maximum of 25 per cent. | | | | | | | | (b) and where the export sales during the relevant year do not exceed the export sales of the preceding year. | | Minus 1 per cent. for every decrease of 10 per cent. in export sales over those of the preceding year, subject to an overall minimum of 10 per cent. | | | (ii) Where the goods exported had been manufactured by the assessee who had exported them: | | | | | | | | | | (a) Where the export sales do not exceed 10 per cent. of the total sales. | | Nil | | | | | | | | (b) Where the export sales exceed 10 per cent. but do not exceed 20 per cent. of the total sales. | | 15 per cent. of the income-tax and super-tax, if any, attributable to export sales. | | | | | | | | (c) Where the export sales exceed 20 per cent. but do not exceed 30 per cent. of the total sales. | | 20 per cent. of the income-tax and super-tax, if any, attributable to export sales. | | | | | | | | (d) Where the export sales exceed 30 per cent. of the total sales. | | 25 per cent. of the income-tax and super-tax, if any, attributable to export sales : | | | | | | | | Provided that in the case of a registered firm super-tax payable by it under paragraph C of Part II of the Third Schedule shall be reduced under this clause by an amount calculated on the basis of the income-tax payable on its total income under paragraph A of Part I had it been the total income of an unregistered firm; | | | | | | | | |

| (b) Nothing contained in clause (a) shall apply in respect of the following goods or class of goods, namely: | | --- | | | | (i) tea, | | | | (ii) raw jute, | | | | (iii) jute manufacture, | | | | (iv) such other goods as may be notified by the National Board of Revenue from time to time; | | | | (c) The National Board of Revenue may make rules providing for the computation of profits and the tax attributable to export sales and for such other matters as may be necessary to give effect to the provisions of this sub-section. | | | | (5) In cases to which section 17 of the Income-tax Act, 1922 (XI of 1922), applies, the tax chargeable shall be determined as provided in that section, but with reference to the rates imposed by sub-section (1), and in accordance, where applicable, with the provisions of sub-section (2). | | | | (6) For the purposes of making deduction of tax under section 18, the rates specified in Part I and Part II of the Third Schedule shall apply as respects the year beginning on the first day of July, 1973, and ending on the thirtieth day of June, 1974. | | | | (7) For the purposes of this section and of the rates of tax imposed thereby, the expression “total income” means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with provisions of the Income-tax Act, 1922 (XI of 1922); and the expression “public company” means a company- | | | | (i) in which not less than fifty per cent. of the shares are held by the Government, or | | | | (ii) whose shares were the subject of dealings in a registered stock exchange in the taxable territories at any time during the previous year and remained listed on the stock exchange till the close of that year. | | |

Section 10. Surcharge under the Income-tax Act, 1922(XI of 1922)

Surcharge under the Income-tax Act, 1922 (XI of 1922), shall be charged as respects any assessment for the year beginning on the first day of July, 1973, at the rates specified in Part III of the Third Schedule to this Act.

Section 11. Toll on Vessels Plying on Inland Waters

(1) During the period from the 1st day of July, 1973 to the 30th day of June, 1974 (both days inclusive), there shall be levied and collected a toll on every mechanically propelled vessel registered under the Inland Mechanically Propelled Vessels Act, 1917 (I of 1917), plying on inland waters at the rates specified below, namely:-

Description of vessels Rate of Toll

Provided that if a vessel remains idle for breakdown of engine or otherwise for a continuous period exceeding three months in the year, toll payable shall be reduced in such proportion as the period or the aggregate of such periods for which the vessel remained idle bears to the year for which the toll is payable, subject to the condition that the owner of the vessel shall give a notice to the Assessing Officer within 15 days from the first day the vessel remained idle, failing which he shall not be entitled to any relief on account of the idle period:

Provided further that Government may, by notification in the official Gazette, exempt any vessel or class of vessels from payment of toll under this sub-section.

Explanation I.- Vessels carrying both passengers and cargo shall be charged on the total of the maximum registered carrying capacity of passengers and cargo at the rate specified in sub-clause (a) and (b).

Explanation II.- For the purpose of sub-clause (c) one nominal horse power shall be calculated as equivalent to 5.65 brake horse power.

Explanation III.- Where there are more than one maximum registered passenger carrying capacity, the maximum registered passenger carrying capacity shall mean the highest one.

(2) The toll shall be payable by the owner or charterer of the vessel.

(3) The Government may make rules regulating the procedure for the assessment, collection and payment of the toll and other matters incidental to its levy.

Explanation.- In this section and in sections 12 and 15 “mechanically propelled vessel” and “inland water” have the same meaning as in the Inland Mechanically Propelled Vessels Act, 1917 (I of 1917).

Section 12. Toll on Fares and Freights on Traffic by Inland Vessels

(1) During the period from the 1st day of July, 1973 to the 30th day of June, 1974 (both days inclusive), there shall be levied and collected on fares and freights charged for transport by mechanically propelled vessels registered under the Inland Mechanically Propelled Vessels Act, 1917 (I of 1917), plying on inland waters, a toll according to the scale specified in the Fourth Schedule to this Act.

(2) The toll shall be collected by the owner or the charterer of the vessel and paid to the Government.

(3) The Government may make rules regulating the procedure for the assessment, collection and payment of the toll and any other matter incidental to its levy.

Section 13. Toll on Motor Vehicles Carrying Goods by Road on Freights

(1) Notwithstanding anything contained in the Motor Vehicles Tax Act, 1932 (Beng. I of 1932), during the period from the 1st day of July, 1973 to the 30th day of June, 1974 (both days inclusive) there shall be levied and collected a toll on every motor vehicle carrying goods by roads on freights according to the rates specified below, namely:-

| Description of Motor Vehicles | Rate of toll | | --- | --- | | | | | (i) Motor vehicles of registered goods carrying capacity not exceeding 3 tons. | Taka 150 annually. | | (ii) Motor vehicles of registered goods carrying capacity exceeding 3 tons but not exceeding 5 tons. | Taka 500 annually. | | (iii) Motor vehicles of any registered goods carrying capacity exceeding 5 tons. | Taka 700 annually. | | | | | Explanation.-For the purpose of levying the toll, less than half of a ton shall be ignored and half of a ton or above shall be treated as one ton. | | | | | | (2) The toll shall be payable by the owner of the motor vehicle. | | | | | | (3) The Government may make rules regulating the procedure for the assessment, collection and payment of the toll and any other matter incidental to its levy. | | | | |

Section 14. Toll on Motor Vehicles carrying goods by road other than on freights

(1) Notwithstanding anything contained in the Motor Vehicles Tax Act, 1932 (Beng. I of 1932), during the period from the 1st day of July, 1973 to the 30th day of June, 1974 (both days inclusive), there shall be levied and collected a toll on motor vehicles carrying goods by road, other than on freights, at the rate of Taka forty per annum per ton of registered goods carrying capacity or fraction thereof:

Provided that Government may, by notification in the official Gazette, exempt any motor vehicle or any class of motor vehicles from payment of toll under this clause.

Explanation.- For the purpose of levying the toll, less than half of a ton shall be ignored and half of a ton or above shall be treated as one ton.

(2) The toll shall be payable by the owner of the motor vehicle.

(3) The Government may make rules regulating the procedure for the assessment, collection and payment of the toll and any other matter incidental to its levy.

Section 15. Bar to renewal of Certificate of Survey and Certificate of Fitness

Notwithstanding anything contained in the Inland Mechanically Propelled Vessels Act, 1917 (I of 1917), or the Motor Vehicles Act, 1939 (IV of 1939), an application for the renewal of a certificate of survey in the case of a mechanically propelled vessel or for the renewal of a certificate of fitness in the case of a motor vehicle shall not be allowed unless it is accompanied by a certificate in the prescribed manner to the effect that no arrear toll in respect of any such mechanically propelled vessel or motor vehicle is due under this Act.

Section 16. Amendment of the Finance Act, 1950 (E.B. XVI of 1950)

In the Finance Act, 1950 (E.B. XVI of 1950), in section 3, in sub-section (1), for clause (d), the following shall be substituted, namely:-

“(d) (i) Contractors or Suppliers supplying goods, commodities or services to Government or autonomous bodies:-

| ┬á | Rates Taka | | --- | --- | | First Class Contractor┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 5,000 | | Second Class Contractor┬á┬á┬á┬á┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 2,500 | | Other Contractors and Suppliers┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 500 | | (ii) Contractors or Suppliers supplying goods, commodities or services to local bodies- | ┬á | | First Class Contractor┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 500 | | Second Class Contractor┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 200 | | Other Contractors and Suppliers┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 100 | | (iii) ┬á Clearing, forwarding agents┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 2,000 | | (iv) ┬á Indenting firm┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á┬á ..┬á┬á┬á ..┬á┬á┬á┬á ..┬á┬á | 1,000 | | (v) ┬á┬á Persons holding licences under the Imports and Exports (Control) Act, 1950 and engineering or architectural consultants. | 50ÔÇØ | | | |

Section 17. Amendment of the Finance Act, 1957 (E.P. X of 1957)

During the period from the 1st day of July, 1973 to the 30th day of June, 1974 (both days inclusive), section 6 of the Finance Act, 1957(E.P. X of 1957), shall have effect as if in sub-section (1) of section 6 for the word and figure “annas 2” the word and figures “Taka 2.00” were substituted.

Section 18. Continuance of rules framed under the Finance Act, 1957 (E. P. X of 1957)

The rules made under the provisions of the Finance Act, 1957(E.P. X of 1957) shall, so far as they are not inconsistent with the provisions of this Act, be deemed to be rules under the corresponding provisions of this Act.

Section 19. Amendment of the Urban Immovable Property Tax Act, 1957 (E.P. XI of 1957)

In the Urban Immovable Property Tax Act, 1957 (E.P. XI of 1957), clause (c) of section 6 shall be deleted and shall be deemed to have been so deleted with effect from the 28th day of February, 1972.

Section 20. Amendment of the Finance Act, 1966 (E. P. III of 1966)

In the Finance Act, 1966 (E.P. III of 1966), in section 5, for sub-section (3) the following shall be substituted, namely:-

“(3) the tax shall be levied according to the scale specified below:-

| Amount of capital gain | Rate of tax | | --- | --- | | For the first Taka 3,000 .. .. | Nil | | For the next Taka 7,000 .. .. | 10% | | For the next Taka 10,000 .. .. | 15% | | For the next Taka 20,000 .. .. | 20% | | For the next Taka 30,000 .. .. | 30% | | For the next Taka 30,000 .. .. | 45% | | For the balance .. .. | 60% | | | | | Provided that there shall be a rebate according to the holding period of the property as indicated below:- | | | | |

| (i) If the holding period does not exceed 5 years .. | Nil | | --- | --- | | (ii) If the holding period exceeds 5 years but does exceed 15 years. | 15% of the tax payable; | | (iii) If the holding period exceeds 15 years .. | 30% of the tax payable: | | | | | Provided further that where investment in the property is spread over in different periods the rebate under clauses (ii) and (iii) of the first proviso shall be allowed proportionately as prescribed in the rules.” | | | | |

Section 21. Penalty

If a person, on whom a tax is levied or who is responsible for the collection and payment of any tax or toll under this Act, fails to pay the tax or toll or, fails to collect and pay the tax or the toll as provided in this Act and the rules made thereunder he shall be liable to a penalty not exceeding the amount of the tax or toll payable.

Section 22. Public Demand

A tax or toll leviable under any provision of this Act or any penalty imposed thereunder shall be recoverable as a public demand under the Public Demands Recovery Act, 1913(Beng. III of 1913).

Section 23. Bar of Suits in Civil Courts

No suit shall lie in any Civil Court to set aside or modify any assessment of tax or toll made under this Act and the rules made thereunder.

Section 24. Indemnity

No suit, prosecution or legal proceeding shall lie against any person for anything in good faith done or intended to be done under this Act or the rules made thereunder.

Section 25. Inland Postage Rates

For the year beginning on the first day of July, 1973, the Schedule contained in the Fifth Schedule to this Act shall be inserted in the Post Office Act, 1898 (VI of 1898) as the First Schedule to that Act.

Section 26. The Motor Vehicles Tax Act, 1932 (Bengal Act I of 1932)

In the Motor Vehicles Tax Act, 1932 (Bengal Act I of 1932), in the First Schedule, for item No. II, the following shall be substituted, namely,-

“II – Vehicles for carrying passengers not plying for hire-