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After the government publishes a reliable translated text in English through an official gazette, we will incorporate the Authentic English Text here.

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2(35). “income year” means financial year immediately preceding the assessment year and includes

(a) the period beginning with the date of setting up of a business and ending with the thirtieth day of June following the date of setting up of such business;

(b) the period beginning with the date on which a source of income newly comes into existence and ending with the thirtieth day of June following the date on which such new source comes into existence;

(c) the period beginning with the first day of July and ending with the date of discontinuance of the business or dissolution of the unincor- porated body or liquidation of the company, as the case may be;

(d) the period beginning with the first day of July and ending with the date of retirement or death of a participant of the unincorporated body;

(e) the period immediately following the date of retirement, or death, of a participant of the unincorporated body and ending with the date of retirement, or death, of another participant or the thirtieth day of June following the date of the retirement, or death, as the case may be;

(f) in the case of bank, insurance or financial institution or any subsidiary thereof] the period of twelve months commencing from the first day of January of the relevant year; or

(g) in any other case the period of twelve months commencing from the first day of July of the relevant year: 

Provided that the Deputy Commissioner of Taxes may allow a different financial year for a company which is a subsidiary, including a subsidiary thereof, or a holding company of a parent company incorporated outside Bangladesh or a branch or liaison office thereof] if such company requires to follow a different financial year for the purpose of consolidation of its accounts with the parent company;