53I. Deduction at source from interest on deposit of Post Office Savings Bank Account.-

¹[53I.  Deduction  at  source  from  interest  on  deposit  of  Post  Office  Savings Bank Account.- 

Any person responsible for paying any amount on account of interest of Post Office Savings Bank Account shall deduct, at the time of credit  to  the  account  of  the  payee  or  at  the  time  of  payment  thereof, whichever is earlier, tax on such amount at the rate of ten percent:

²[Provided that no tax shall be deducted at source under this section if total amount of interest does not exceed one lakh fifty thousand taka during the year]:
Provided ³[further] that  nothing  contained  in  this  section  shall  apply  to  such payee  or  class  of  payees  as  the  Board  may,  by  a  general  or  special  order, specify in this behalf.

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¹Ins new section by F. O. 2008

²Omitted by F.A. 2010
³Omitted by F.A. 2010

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