82C. Minimum Tax. -

1[82C. Minimum Tax.  - 

[(1) Notwithstanding anything contained in any other provisions of this Ordinance, minimum tax shall be payable by an assessee in accordance with the provisions of this section.

(2) Minimum tax on income on sources from which tax has been deducted or collected under certain sections shall be the following-

(a) any tax deducted or collected at source under the provisions of sections mentioned in clause (b) shall be the minimum tax on income from the source or sources for which tax has been deducted or collected;
(b) the tax referred to in clause (a) shall be the tax deducted or collected under sections 52, 52A, 52AAA, 52B, 52C, 52D, 52JJ, 52N, 52O, 52R, 53, 53AA, 53B, 53BB, 53BBB, 53BBBB, 53C, 53CCC, 2[53E], 53EE, 53F, 53FF, 53G, 53GG, 53H, 53M, 53N, and 55:
Provided that the tax deducted or collected from the following sources shall not be the minimum tax for the purpose of this sub-section-

(i) tax collected under section 52 from the following persons-

a.a contractor of an oil company or a sub-contractor to the contractor of an oil company as may be prescribed;
b.an oil marketing company and its dealer or agent excluding petrol pump station;
c.any company engaged in oil refinery;
d.any company engaged in gas transmission or gas distribution;

(ii) tax deducted under section 53 from import of goods by an industrial undertaking as raw materials for its own consumption;
(iii) tax deducted under section 53F from a source other than the sources mentioned in clause (c) of sub-section (1) and sub-section (2) of that section;

(c) for the sources of income for which minimum tax is applicable, books of accounts shall be maintained in the regular manner in accordance with the provisions of section 35;
(d) income from any source, for which minimum tax is applicable under this sub-section, shall be determined in regular manner and tax shall be calculated by using 3[applicable   rate] on such income. If the tax so calculated is higher than the minimum tax under clause (a), the higher amount shall be payable on such income:
Provided that income shall be determined and tax shall be calculated for certain sources in the manner as specified in the following-

 

Serial No. Sources of income as mentioned in Amount that will be taken as income Rate or amount of tax
(1) (2) (3) (4)
1 Section 52C amount of compensation as mentioned in section 52C as mentioned in section 52C
2 Section 52D amount of interest as mentioned in section 52D as mentioned in section 52D
3 Section 53DDD amount of export cash subsidy as mentioned in section 53DDD as mentioned in section 53DDD
4 Section 53F(1)(c) and (2) amount of interest as mentioned in section 53f as mentioned in section 53F
5 Section 53H deed value as mentioned in section 53H as mentioned in section 53H and the rule made thereunder

(3) Where the assessee has income from regular source in addition to the income from source or sources for which minimum tax is applicable under sub-section(2)-

(a) regular tax shall be calculated on the income from regular source;
(b) the tax liability of the assessee shall be the aggregate of the tax as determined under sub-section(2) and the regular tax under clause(a).

(4)Subject to the provisions of sub-section (5), minimum tax for a firm or a company shall be the following-

(a) every firm having gross receipts of more than taka fifty lakh or every company shall, irrespective of its profits or loss in an assessment year, for any reason whatsoever, including the sustaining of a loss, the setting off of a loss of earlier year or years or the claiming of allowances or deductions (including depreciation) allowed under this Ordinance, be liable to pay minimum tax in respect of an assessment year at the following rate-

 

Serial No. Classes of assessee Rate of minimum tax
1 Manufacturer of cigarette, bidi, chewing tobacco, smokeless tobacco or any other tobacco products 1% of the gross receipts
2 Mobile phone operator 0.75% of the gross receipts
3 Any other cases 0.60% of the gross receipts:

Provided that such rate of tax shall be zero point one zero percent (0.10%) of such receipts for an industrial undertaking engaged in manufacturing of goods for the first three income years since commencement of its commercial production.

(b) where the assessee has an income from any source that is exempted from tax or is subject to a reduced tax rate, the gross receipts from such sourece or sources shall be shown separately, and the minimum tax under this sub-section shall be calculated in the following manner-

(i) minimum tax for receipts from sources that are subject to regular tax rate shall be calculated by applying the rate mentioned in clause(a);
(ii) minimum tax for receipts from sources that enjoys tax exemption or reduced tax rate shall be calculated by applying the rate mentioned in clause (a) as reduced in proportion to the exemption of tax or the reduction of rate of tax;
(iii) minimum tax under this sub-section shall be the aggregate of the amounts calculated under sub-section (i) and (ii).
Explanation.- For the purposes of this sub-section, ‘gross receipts’ means-
(i) all receipts derived from the sale of goods;
(ii) all fees or charges for rendering services or giving benefits including commissions or discounts;
(iii) all receipts derived from any heads of income.

(5) Where the provisions of both sub-section.(2) and sub-section(4) apply to an assessee, minimum tax payable by the assessee shall be the higher of

(a) the minimum tax under sub-section(2); or
(b) the minimum tax under sub-section(4).

(6) Minimum tax under this section shall not be refunded, nor shall be adjusted against refund due for earlier year or years or refund due for the assessment year from any source.

(7) Where any surcharge, additional interest, additional amount etc. is payable under provisions of this Ordinance, it shall be payable in addition to the minimum tax.

(8) Where the regular tax calculated for any assessment year is higher than the minimum tax under this section, regular tax shall be payable.

(9) In this section-
(a) “regular source” means any source for which minimum tax is not applicable under sub-section(2);
(b) “regular tax” means the tax calculated on regular income using the regular manner;

(c)4 ["regular tax rate"] means the rate of tax, that would be applicable if the tax exemption or the reduced tare were not granted.]

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1 Subs. by F.A. 2016

Subs. by F.A. 2017

Subs. by F.A. 2017

4Subs. by F.A. 2017

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