Tax on savings certificates income up to Tk 1.50 lakh exempted

Interest income up to Tk 1.50 lakh against savings certificates has been exempted from tax as per the recent amendment to the Income Tax (Amendment) Ordinance 2007.
Interest income over Tk 1.50 lakh will be charged at a rate of 10 percent tax.
The budget for fiscal 2007-08 had imposed a tax of 10 percent at source on the income exceeding Tk 25,000.
The budgetary measure drew widespread criticism, especially from the middle-class people.