51A. Deduction at source from interest on fixed deposits,-

[51A. Deduction at source from interest on fixed deposits,-
Any person responsible for paying any sum by way of interest on any fixed deposit maintained with any scheduled bank including a co-operative bank or by way of share of profit on term deposit maintained with any bank run on Islamic principles, as the case may be,shall deduct, at the time of credit of such interest or share or profit to the account of the recipient, being resident,or at the time of the payment thereof, whichever is earlier,income tax at the following rates namely:-

(i) where the amount of deposit does not
exceed taka 40,000


(ii) Where the amount of deposit exceedsTaka 40,000

10 per cent,of the sum of interest or share of profit,as the case may be,on the whole of such deposit:

Provided that nothing contained in this section shall apply to such recipient or class of recipients as the Boars may,by a general or specila order,specify in this behalf.] by I.T.(amend) Ord. 1985 (sec-2) Sec. 51A ins by F.O. 1985 and subsequently deleted


1 Ins, sec. 51A by F. O. 1985 and subsecuently ommited by I, T. (amend.) Ord. 1985 (sec-2)

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