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| Income Year” as per Section 15-ITA-2023 |
As per Section 15 of the Income Tax ACT-2023,”
Income Year means-
1. In this Act, “income year” means the financial year immediately preceding the assessment year and includes the following periods:
(a) New Businesses: The period commencing on the date of establishment of a business and ending on the 30th day of June following that date.
(b) Newly Accrued Income: The period commencing on the date on which such income arises and ending on the 30th day of June following that date.
(c) Discontinued Business or Liquidated Company: The period commencing on the 1st day of July and ending on the date of discontinuance of the business, dissolution of an unincorporated body, or liquidation of a company, as applicable.
(d) Retirement or Death of a Partner: The period commencing on the 1st day of July and ending on the date of retirement or death of a partner of an unincorporated body.
(e) Post-Retirement or Post-Death Period: The period immediately following the date of retirement or death of a participant of an unincorporated body and ending on the date of retirement or death of another participant or on the 30th day of June following the initial retirement or death, whichever occurs first.
(f) Banks, Insurance Companies, Finance Companies, and Subsidiaries: A period of twelve (12) months commencing from the 1st day of January of the relevant year.
2. Provided that, subject to the approval of the Deputy Commissioner of Taxes, a different period of twelve (12) months may be deemed as the income year for a company that is:
(i) a subsidiary of a parent company incorporated outside Bangladesh, including a subsidiary of that subsidiary; or
(ii) a holding company, branch, representative, or liaison office,
If such a company requires a different financial year for the purpose of consolidating its accounts with the parent company.