38. Procedure for self-assessment

¹[38. Procedure for self-assessment:---
     
(1) Where an assessee, not being a company, as defined in clause (20) of section 2 of the Ordinance, files a return under section 83A of the Ordinance of his total income and such return:
 

(a) describes “self-assessment” as superscribed on the top of the return form;
(b) is filed on or before the date specified in ²[sub-section (2)(c)] of section 75 of the Ordinance;
(c) does not show income below taxable limit, loss or lesser income than the income last assessed;

(d) does not show any refund nor any payment or receipt of gift;
(e) does not show any income in respect of which tax is exempted;
3[(ee) shows an income for which   tax payable is not less than taka three thousand and six
hundred if the total income of the assessee includes income from business or preofession or if the assessee is a share holder director of a company;]
(f) is accompanied by a statement of assets & liabilities in the form specified in rule 25 in
case of an individual assessee;
⁴[(ff) is accompanied by a statement of particulars of his personal and family expenditure to
be called life style in the form specified in rule 25A in case of an individual assessee.]
(g) is accompanied by a Manufacturing and/or Trading Account, Profit & Loss Account or Receipt and Expenditure Account and Balance Sheet, where the assessee derives income chargeable under the head  “Income from business or profession” and maintains proper books of accounts;
(h) is accompanied by a statement showing particulars of his income where the assessee derives income chargeable under the head “Income from business or profession” and does not maintain proper books of accounts;
(i) is accompanied by a bank certificate from a scheduled bank confirming maintenance of an account either in the name of the assessee or in the name of the business or profession in the first year of commencement of business.
 

(2) The return is duly verified by the assessee and found to be correct and complete in all
         respect.
(3) The assessee pays tax of an amount calculated at the rates applicable to the total income
         shown in the return.
(4) The amount of tax payable is paid by the assessee on or before the date on which the
         return is filed by him.
(5)     Nothing in this rule shall apply to a new assessee deriving income from business or
         profession whose return shows income less than ⁵[twenty five] per cent of the capital
         invested in business or profession.
(6) The receipt of any return which fulfills the provisions of the preceding sub-rules and
         section 83A of the Ordinance shall be deemed to be the order of assessment under the
         said section of the Ordinance.
⁶[(7)   The initial capital investment or any fraction thereof shall not be transferred in any

manner or lent out within five years from the end of the assessment year in respect of which assessee's return of income has been filed under this rule.]

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¹.Subs. S.R.O.No. ১৭৯-আয়কর /২০০২তারিখ ০৩/০৭/২০০২ subsequently omitted by এস,আর,,ও নং২০৩-আইন/আয়কর ২০০৮.তাং ৩০-০৬-২০০৮

².Subs by এস,আর,,ও নং ২০৭-আইন/আয়কর ২০০৫.তাং ০৬-০৭-২০০৫

³.Ins. by এস,আর,,ও নং ২১৯-আইন/আয়কর ২০০৩.তাং ১৯-০৭-২০০৩  

⁴.Ins.by এস,আর,,ও নং ২১৫-আইন/আয়কর ২০০৪.তাং ১৩-০৭-২০০৪ 

⁵.Subs. for "fifteen percent "by S.R.O No. এস,আর,,ও নং ১৭৩-আইন/আয়কর ২০০৬.তাং ০৬-০৭-২০০৬

⁶.Ins.by S.R.O.No. এস,আর,,ও নং ১৭৩-আইন/আয়কর ২০০৬.তাং ০৬-০৭-২০০৬

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