1. Application —

This Part shall apply to a resident natural taxpayer, and to a non-resident Bangladeshi natural taxpayer.

2. Such allowable investment and expenditure to which general tax rebate is applicable —

General tax rebate shall apply to the following investments and expenditure, namely:-

(1) Any amount paid by the taxpayer for managing life insurance or contractual deferred annuity for himself or his spouse or any of his minor children, provided that in the case of insurance, the amount paid shall be equal to the actual amount of the insurance (bonus or other benefits); except) 10% (ten percent);

(2) Amount paid by a taxpayer as a Hindu undivided family for life insurance of any male member of such family or the wife of such member:

Provided that no exemption under this paragraph or paragraph (1) shall be admissible if the premium of the life insurance policy or, as the case may be, the premium paid for the contractual deferred annuity is not paid in Bangladesh;

(3) from any amount payable by or on behalf of Government to any particular person in respect of salaries, the amount deducted for the purpose of providing for the deferred annuity of such person or the security of his wife or children under the terms of service;

Provided that such amount shall not exceed one-fifth of the salary due

(4) the amount payable in respect of the taxpayer’s contribution to any such fund to which the provisions of the Provident Fund Act, 1925 (Act No. 19 of 1925) apply;

(5) subject to the limits set out in Part 3 of the Second Schedule, if the taxpayer is a participant in any provident fund, the amount paid by him as annual general contribution to the said fund

(6) if the taxpayer is a participant in an approved superannuation fund, the amount paid by him as annual general Contribution to the said fund;

(7) Any amount invested in the following in any income year, namely:-

(a) any government securities not exceeding taka 5 (five) lakhs;

(b) unit certificates and mutual fund, ETF or collective investment scheme unit certificates issued by any financial institution or Investment Corporation of Bangladesh or asset manager or fund manager not exceeding taka 5 (five) lakh;

(c) Not exceeding taka 1 (one) lakh 20 (twenty) thousand deposited in a deposit pension scheme or monthly savings scheme sponsored by any scheduled bank or financial institution;

1[ (d) Any amount of contribution payable to a public pension scheme; ]

(8) Investment in any securities listed on any stock exchange operated under the Bangladesh Securities and Exchange;

(9) Any donation made by the taxpayer to a charitable hospital established outside the City Corporation area within 1(one) year prior to such payment and approved by the Board for the purpose;

(10) any amount paid as donation by the taxpayer to an organization established for the welfare of persons with disabilities, such organization was established one year prior to the said donation and approved for the purpose by the Department of Social Welfare and the Board;

(11) any amount paid by the taxpayer as Zakat to the Zakat Fund or as a contribution or donation to any charitable fund established by or under the Zakat Fund Management Act, 2023 (Act No. 5 of 2023);

(11) money paid to a welfare fund for the benefit of a wife, child or other dependent or paid in respect of any premium under joint insurance scheme if such fund or scheme is approved for the purpose by Board;

(12) money paid as grant by the taxpayer to any public welfare or educational institution approved by the government;

(13) any amount paid by way of grant by any taxpayer to any national level institution established in remembrance of the War of Independence;

(14) any amount paid by way of grant by any taxpayer to any national institution established in memory of the Father of the Nation;