123. Penalty for not maintaining accounts in the prescribed manner-

CHAPTER XV
IMPOSITION OF PENALTY

¹[123.  Penalty  for  not  maintaining  accounts  in  the  prescribed  manner-(1) Where  any  person,  not  having  income  from  house  property,  has,  without reasonable  cause,  failed  to  comply  with  the  provisions  of  any  order  or  rule made  in  pursuance  of,  or  for  the  purposes  of  section  35(2),  the  Deputy Commissioner of Taxes, may impose upon him a penalty at the rate of a sum not exceeding-

(a) one and a half times the amount of tax payable by him;

(b)  one  hundred  Taka  where  the  total  income  of  such  person  does  not exceed the maximum amount on which tax is not chargeable.

(2)  Where  any  person,  having  income  from  house  property,  has,  without reasonable  cause,  failed  to  comply  with  the  provisions  of  any  order  or  rule made  in  pursuance  of,  or  for  the  purposes  of  section  35(2),  the  Deputy Commissioner of Taxes, shall impose upon him a penalty of fifty percent of taxes payable on house property income or five thousand taka, whichever is higher.]

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¹Subs. by F.A. 2014

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