17H. Deduction of tax on interest on saving deposits, fixed deposits and term deposits

¹[17H. Deduction of tax on interest on saving deposits, fixed deposits and term deposits.--      

(1)   For the purposes of making deduction of tax under section 53F of the Ordinance, each branch of a scheduled bank including a co-operative bank shall deduct income tax on interest or share of profit on saving deposits or fixed deposits or term deposits at the time of credit or payment of the interest or the share of profit, whichever is earlier, and report the total amount of tax deducted to its head office.
(2)   The head office of each such bank shall deposit the total amount of tax deducted by all its  branches  in  the  Bangladesh  Bank,  in  lump sum  under  the  head  of  account  ²[1/1141/0000/0111-  Income  tax -  other  than  companies],  giving  particulars  as “Deduction of income tax under section 53F of the Income Tax Ordinance, 1984”.

(3)   The head office of each bank shall furnish to the Director, Research and Statistics, National Board of Revenue in each financial year beginning of the 1st July, 1990 a statement in the form given below showing the particulars of tax so deposited;

FORM

Total amount of interest/ share of profit           Amount of tax              Challan No./Token No./
credited/ paid in respect of saving/ term/              deposited           Treasury voucher No. and date      Remarks.
fixed deposits.  of deposit .

(4) The statement referred to in sub-rule (3) shall be signed by an officer of the bank not below  the  rank  of  a  General  Manager  and  furnished  to  the  Director,  Research  and Statistics,  National  Board  of  Revenue  so  as  to  reach  him  as  per  schedule  specified       below:-

(a)    For tax on interest or share of profit credited or paid during the period from             by the 31st
the 1st July to the 30th September.                                                                                        October,

(b)     for tax on interest or share of profit credited or paid during the period from the           by the 31st
1st October to 31st  December.                                                                                               January,

(c)   for tax on interest or share of profit credited or paid during the period from the           by the 30th
1st January to 31st  March.                                                                                                     April,

(d)   for tax on interest or share of profit credited or paid during the period from                by the 30th
the 1st April to 31st       May.                                                                                                  June,

(e)    for tax on interest or share of profit credited or paid during the period from the           by the 31st
1st June to 30th June.

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¹.Ins.by S.R.O.No 272-L/90 dt. 01-07-1990

².Subs.by S.R.O.No 141-L/98, dt. 02-07-1998.

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