53C. Collection of tax on sale price of goods or property sold by public auction.-

53C.  Collection  of  tax  on  sale  price  of  goods  or  property  sold  by  public auction.-

Any person making sale, by  1[public auction through sealed tender or otherwise,] of any goods or property belonging to the Government or any authority,  corporation  or  body,  including  its  units,  the  activities  or  the principal activities of which are authorised by any Act, Ordinance, order or instrument having the force of law in Bangladesh or any company

2[other than a private limited company,]  as defined in 3[4the Companies Act, 1913 (VII of 1913) or1or any banking company,  কোম্পানী আইন, 1994 (1994 সনের ১৮  নং  আইন),    or any banking  company,  or  any  insurance  company  or  any  co-operative  bank established  by  or  under  any  law  for  the  time  being  in  force  shall  collect, before delivering the possession  of the goods or the property, as advance tax on the income from the sale price of such goods or property from the auction purchaser  at  such  rate,  not  exceeding  seven  and  a  half  per  cent.  of the  sale price, as may be prescribed.


Explanation.-  For the purposes of this section, sale of any goods or property includes the awarding of any lease to any person, including a lease of the right to collect octroi duties, fees or other levies, by whatever name called, but does not include sale of a plot of land.

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1Subs. for "public auction" by F.A. 1996

2 Omitted by F.A. 2011
3 Subs. for "the companies Act. 1913 (VII of 1913)" by F.A. 1995
4 Omitted by F.A. 2011

 

 

 

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