Methods of Accounting

 

Section 35(3) of ITO 1984 requires every company as defined in the
Companies Act 1913 or 1994 to submit trading account, profit, and loss account
and the balance sheet in respect of that income year certified by a chartered
accountant to the effect that the accounts are maintained and the statements are
prepared and reported in accordance with International Accounting Standards
and the International Financial Reporting Standards and are audited by in
accordance with the Bangladesh Standards on Auditing. As per Section 35(4)
only in case when a company has not complied with the requirements of the sub-
section 35(3) a DCT can compute the income on such a basis and in such a manner
he/she thing fit. So first he/she has to prove that non-compliance with Section
35(3) occurred. When revenues are supported by VAT returns such revenues
reported in trading/profit and loss accounts shall not be ignored by the DCT
and use any other amount for the calculation of the minimum turnover tax.

Accounting

9.15 Definition of person:
As per Section 2(46) definition, “person” includes an individual, a firm, an
association of persons, a Hindu undivided family, a trust, a fund, a local
authority, a company, an entity, and every other artificial juridical person.

Methods of Accounting