Thursday, 18 August, 2022
E-paper

Savings Tools above Tk 5 lakh

Banks asked to ensure proof of tax return submission

  • Staff Correspondent
  • 26 July, 2022 12:00 AM
  • Print news

As the government has made the submission of proof of income tax returns mandatory for investing over Tk 5 lakh in savings certificates and opening postal savings accounts, the Bangladesh Bank has asked all banks to take measures in this regard.

The Debt Management Division of the central bank sent a letter to chief executives of all scheduled banks on Monday to this end.

Earlier on July 7, the Directorate of National Savings issued a circular making the submission of documents to prove the income tax returns mandatory for investing more than Tk 5 lakh in savings certificate and opening postal savings accounts.

The proof of submission of return will be an acknowledgment receipt of returns or a system -generated certificate containing name and tax identification number (TIN) of the person and the year for which return has been submitted or a certificate issued by the deputy commissioner of taxes containing name and TIN of the person and the year for which return has been submitted.

However, TIN will have to be submitted instead of the tax return proof for institutional investment, it said.

As per the circular, the provision of submission of TIN for investing below Tk 5 lakh in savings instruments and opening postal savings accounts has been revoked.