Staff Reporter :
An investor who wants to buy savings certificates of about five lakh taka must submit income tax return certificate of the previous year.
It has also been made compulsory for opening postal savings accounts.
Earlier, only tax identification number (TIN) was enough for purchasing savings certificates, or opening postal savings accounts.
Bangladesh issued a circular in this regard on Monday and sent it to all Chief Executive Officers of all commercial banks.
Such initiatives have been taken to augment the realization of income tax following the budget of the fiscal 2022-23.
As per the National Savings Certificate Department and the government gazette, the banks have been directed to follow the provision 48 of the Finance Act, 2022 about the investment of over five lakh taka in savings certificates and postal savings, the BB said.
The directive means if an investor wants to invest over taka five lakh in savings certificates and postal savings, he/she has to submit the documents of income tax return before buying it.
The government deems that your income is within the tax limit. So you have to show the papers as proofs before buying savings certificates.
In the same way, if a client has a bank account and it crosses the credit balance of Tk 10 lakh, he/she has to submit return.
This will also be applicable for taking credit card or bank loan over five lakh taka. Otherwise, a client cannot do anything.
