Income Tax Act 2023
Section 53 - Special Limits on Allowance of Interest
(as updated till Finance Act 2024)
(1) Notwithstanding anything contained in any other provisions of this Act, subject to the provisions of sub-section (2), any interest paid to an associated enterprise as defined in section 233 in any assessment year by a resident other than a bank and 1[finance company] shall be allowed as expense in accordance with the procedure and limit prescribed by the Board in this regard.
(2) Notwithstanding anything contained in sub-section (1), this section shall not apply if the amount of interest paid in any income year does not exceed Taka 15 (fifteen) lakh.
1 The words “finance company” were substituted for the word “financial institution” by section 14(a) of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.
Disclaimer: This is the authentic English text of the Income Tax Act 2023, as published under SRO No. 404-Law/2025 dated 08 October 2025. In the event of any inconsistency or conflict between the content on this website and the official Government publications or gazette notifications relating to laws, rules, regulations or SROs, the official Government publications and notifications shall prevail.