(1) Notwithstanding anything contained in any other provision of this Act, the minimum tax shall be payable by the taxpayer, subject to the provisions of this section.

(2) Subject to sub-section (3), the following minimum tax shall be paid on income from such sources deducted or collected under certain sections:

(a) the tax deducted or collected under the clauses mentioned in clause (b) shall be deemed to be the minimum tax on the income of one or more sources from which the tax is deducted or collected;

(b) the tax referred to in clause (a) shall be deemed to be tax deducted or collected under sections 88-92, 94-95, 100-102, 105, 106, 108, 110-118, 120-129 and 132-139;

(c) account shall be kept regularly in accordance with the provisions of section 72 for such source or sources of income to which the minimum tax is applicable;

(d) the income from any such source to which minimum tax is payable under this sub-section shall be determined in a regular manner and tax shall be calculated on such income at the applicable rate; if the tax so calculated is more than the minimum tax under clause (a), such higher tax shall be payable on the said income;

(e) Income or loss computed under clause (d) shall not be adjusted against income or loss computed for any regular source respectively.

(3) Tax deducted or collected from the following sources shall not, for the purpose of sub-section (2), be treated as minimum tax, namely:-

(a) Tax collected under section 89 from the following persons any oil company contractor or, as may be prescribed, a sub-contractor of any oil company;

1) oil marketing companies and their dealers or agents, but shall not include petrol pump stations;

IV) any company engaged in the transmission or distribution of gas;

(b) tax collected under section 120 on goods imported by any industrial undertaking other than an industrial undertaking engaged in the manufacture of cement, iron or ferrous products, ferro alloy products or perfumes, carbonated beverages and toilet water for its own use as raw materials.

(4) Where a taxpayer derives income from regular sources in addition to income from one or more such sources to which minimum tax is applicable under sub-section (2),-

(a) regular tax shall be assessed on income from regular sources;

(b) the tax of the said taxpayer shall be the sum of the tax assessed under sub-section (2) and the regular tax under clause (a).

(5) Subject to the provisions of sub-section (6), the minimum tax on any person, firm or company shall be as follows, namely:-

(a) A taxpayer-

(i) any such person having gross receipts of not less than Tk. 3 (three) crores;

(ii) any such firm or association of individual having gross receipts not less than Tk. 50 (fifty) lakhs; or

iii) any company,

In any assessment year, whatever his profit or loss may be from any reason, including consequential loss, adjustment of loss in one or more previous years or allowance (including depreciation allowance) or deduction allowed under this Act, the minimum tax payable in any assessment year at the rate specified in the table below.