Section 72 - Accounting Method
(1) Subject to other provisions of this Act, the income of a person shall be computed in with method of accounting regularly applied.
(2) Where a person considers that any change in the method of accounting is necessary, such person may apply to the deputy Commissioner of Taxes regarding the desired change and on receipt of such application the Deputy Commissioner of Taxes may approve the necessary changes to clearly reflect the income of the taxpayer.
(3) The Board may, by rules, prescribe med10d of accounting and other verification criteria for any business. or any class of business, or any other source, or income from any source,
(4) Without prejudice to die provisions, a company shall prepare accounts and financial report in accordance with International Accounting Standards (IAS), International Financial Reporting Standards (FRS) and relevant laws in force in Bangladesh.
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.