(1) The Board may, by notification in the official Gazette, grant exemption from tax to any person  persons. 

(2) Where exemption from tax has been granted to a person under the provisions of any Act other than this Act or any other enactment deemed to be an Act, the notification issued under sub-section (1) shall, notwithstanding anything contained in the other Act or enactment, such provision shall not be operative unless such person is granted tax exemption by the notification.

(3) The Board may cancel any tax exemption by issuing a notification under this section.  

(4) No tax exemption under this Act shall be granted retrospective effect. 

(5) Notwithstanding anything contained in Part 6 and other provisions of this Act, no person shall be exempted from tax under this Act in any tax year if he fails to comply with the following conditions, namely:

(a) filing the return within the tax day; or 

(b) filing returns in compliance with the provisions of sections 166 and 171; or 

(c) the deduction, collection, deposit or, filing of returns in respect of tax at source and compliance with the provisions of Part 7; or

(d) receiving all types of receipts and income from any tax exempted sector through bank transfer:

Provided that this provision shall not apply in cases where the category of receipt is considered as “Income from Agriculture” and the total amount of receipt in any income year does not exceed Tk.  1 (one) crore;

(6) In computing income from an exempted source or income of a person, any expenditure disallowed under section 55, as the case may be, shall be deemed to be income from the said source or income of the person and tax shall be payable on the said income at the regular rate.