Income tax return made mandatory for savings certificate over Tk5 lakh
The Bangladesh Bank has made it mandatory to show proof of last year's income tax return for investment in savings certificate worth more than Tk5 lakh.
In addition, income tax return documents were made mandatory to open account of more than Tk5 lakh in Bangladesh Post Office Savings Bank.
The central bank's Data Management department issued a circular in this regard Monday (25 July).
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According to the Directorate of National Savings Certificate and government gazette, Bangladesh Bank directed the banks to take necessary measures for proper compliance with Section 48 of the Finance Act, 2022 for investments over Tk5 lakh as Savings Certificate and in Post Office Savings Banks.
Similarly, if the credit balance exceeds Tk10 lakh in bank accounts, individuals must submit proof of income tax return deposit.
It will also be required when applying for a bank loan of more than Tk5 lakh or taking a credit card worth more than the amount.
