35. Method of accounting.-

35. Method of accounting.-

(1) All income classifiable under the head 1["Agricultural income"], "Income from business or profession" or "Income from other sources" shall be computed in accordance with the method of accounting regularly employed by the assessee.

2[(2) Notwithstanding anything contained in sub-section (1), the Board may, in the case of any business or profession, or class of business or profession, or any other source of income, or any class of persons, by a general or special order, direct that the accounts and other documents shall be maintained in such manner and form, and that payments of commercial transactions recorded in such manner, as may be prescribed or as may be specified in such direction ; and thereupon the income of the assessee shall be computed on the basis of the accounts maintained, payments made and transactions recorded accordingly.]

(3) Without prejudice to the preceding sub-sections, every public or private company as defined in 3[the Companies Act, 1913 (VII of 1913) or কোম্পানী আ‌ইন, 1994 (1994 সনের 18 নং আ‌ইন)]  4[and every registered firm whose capital on the last day of any income year was not less than five lakh taka,] shall, with the return of income required to be filed under this Ordinance for any income year, furnish a copy of the trading account, profit and loss account and the balance sheet in respect of that income year 5[certified by a chartered accountantto the effect that

6 [the accounts are maintained and the statements are prepared and reported in accordance with the Bangladesh Accounting Standards (BAS) and the Bangladesh Financial Reporting Standards (BFRS), and are audited in accordance with the Bangladesh Standards on Auditing (BSA)”]

(4) Where-

(a) no method of accounting has been regularly employed, or if the method employed is such that, in the opinion of the Deputy Commissioner of Taxes, the income of the assessee cannot be properly deduced therefrom; or

(b)    in any case to which sub-section (2) applies, the assessee fails to maintain accounts, make payments or record transactions in the manner directed under that sub- section ; or

(c) a company 7[or a registered firm]] has not complied with the requirements of sub- section (3); the income of the assessee shall be computed on such basis and in such manner as the Deputy Commissioner of Taxes may think fit.


1 Ins. by F.A. 1991
2 Subs. by F.A. 2014

3 Subs. for "the Companies Act. 1913 (VII of 1913)" by F.A. 1995
4 Omitted by F.A. 1996
5 Subs. by F.A. 2014

6 Subs F. A. 2016
7 Omitted by F.A. 1998


About Author

Profile Picture

Golden Bangladesh

Golden Bangladesh is a point of access to information.We present information from diverse sources in a unified way. It is the leading web portal, e-Directory and business guide in Bangladesh.

Leave a Comment