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In forceACT NO. XV OF 1940 · 6th April, 1940

The Excess Profits Tax Act, 1940

অতিরিক্ত মুনাফা কর আইন, ১৯৪০

An Act to impose a tax on excess profits arising out of certain businesses. ♣♠ ♦

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Contents

  1. PreamblePreamble
  2. Section 1Short title, extent and commencement
  3. Section 2Definitions
  4. Section 3Excess profits tax authorities
  5. Section 4Charge of tax
  6. Section 5Application of Act
  7. Section 6Standard profits
  8. Section 7Relief on occurrence of deficiency of profits
  9. Section 7ASpecial provision for chargeable accounting period failing partly before and partly after the end of March, 1941
  10. Section 8Successions and amalgamations
  11. Section 9Inter connected companies
  12. Section 10Artificial transactions
  13. Section 10ATransactions designed to avoid or reduce liability to excess profits tax
  14. Section 11AAgreement for avoidance of double taxation in Pakistan and India
  15. Section 11Relief in respect of double excess profits taxation
  16. Section 12Allowance of excess profits tax in computing income for income tax purposes
  17. Section 13Issue of notice for assessment
  18. Section 14Assessments
  19. Section 14APower to make provisional assessments
  20. Section 15Profits escaping assessments
  21. Section 16Penalties
  22. Section 17Appeals
  23. Section 18Appeal to Commissioner against Appellate Assistant Commissioner’s orders imposing penalties or enhancing assessments or penalties
  24. Section 19Power of revision
  25. Section 20Rectification of mistakes
  26. Section 21AApplication of Income tax Act before 15th day of August 1947, with certain modifications
  27. Section 21Application of provisions of Act X1 of 1922
  28. Section 22Income tax papers to be available for the purposes of this Act
  29. Section 23Failure to deliver returns or statements
  30. Section 24False statement and declaration
  31. Section 25Institution of proceedings and composition of offences
  32. Section 26Power of National Board of Revenue to grant relief in special cases
  33. Section 26AFurther powers of National Board of Revenue to grant certain relief
  34. Section 27Power to make rules

Schedules

  1. First ScheduleRULES FOR THE COMPUTATION OF PROFITS FOR PURPOSES13 entries
  2. Second ScheduleRULES FOR COMPUTING THE AVERAGE AMOUNT OF7 entries
  3. Third ScheduleRULES FOR DETERMINING THE AMOUNT OF CAPITAL6 entries