(1) Notwithstanding anything contained in any other provision of this Act or in any other law with respect to the exemption from tax on profits received on savings certificates purchased with the money of an approved superannuation fund or pension fund or gratuity fund or recognized provident fund or workers’ interest participation fund, for payment of profits on savings certificates, a person responsible for payment of profit on savings certificates shall deduct tax at the rate of 10% (ten percent) on such payment.

(2) If the accumulated investment in a pensioner’s savings instrument does not exceed Taka 5 (five) lakhs in an income year, no tax shall be deducted under this section from the profit earned on such investment.

(3) No tax shall be deducted from the interest or dividend arising from Wage Earners Development Bonds, US Dollar Premium Bonds, US Dollar Investment Bonds, Euro Premium Bonds, Euro Investment Bonds, Pound Sterling Investment Bonds or Pound Sterling Premium Bonds.