Tax return proof mandatory to invent more than 5 lakh in savings certificate

The government has made submission of income tax return proof mandatory for investing more than five lakh in savings certificate and to open account in post office savings bank.

The information came from a circular sent from Debt Management Division of the Bangladesh Bank to Chief Executives of all banks on July 25.

The central bank has given directive to take necessary action to perform Section 48 of 2022 Finance Act properly in perspective of investing more than five lakh as savings certificate in commercial banks and opening post office account.

As per the directive of the central bank, anyone has to show proof of submission of income tax return of latest year, to invest more than five lakh as savings certificate and opening savings account in post offices.

Even if the credit balance crosses 10 lakh in bank account then income tax return proof will have to be submitted, the circular said.