Section 53 - Limitation for Deduction of Interest
(1) Notwithstanding anything contained in other provisions of this Act, subject to the provisions of sub-section (2), the procedure to be prescribed by the Board in respect of the approval of interest expenditure in any tax year by a resident person other than a bank and financial institution shall be allowed in relation to a subsidiary as defined in section 233, in any tax year shall be allowed in accordance with the procedures and limits prescribed by the Board.
(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 Tk. 15 (fifteen) lakhs.
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.