Excise Duty is a kind of charges on a account deducted once in a year as per rules of the Office of The Customs & Excise Duty realized on the basis of balance maintained in a account in the following manner:
- Balance of a account less then Tk. 10,000.00 no excise duty would be realized ***
- Balance of a account in between Tk. 10,000.00 to Tk. 1.00 Lac the excise duty is Tk. 120.00
- Balance of a account above Tk. 1.00 Lac to Tk. 10.00 Lac the excise duty is Tk. 250.00
- Balance of a account above Tk. 10.00 Lac to Tk. 1.00 Crore the excise duty is Tk. 550.00
- Balance of a account above Tk. 1.00 Crore to Tk. 5.00 Crore the excise duty is Tk.2,500.00
- Balance of a account above Tk. 5.00 Crore the excise duty is Tk. 5,000.00
*** If the balance of a account exceeds Tk. 10,000.00 any time in the year the bank must realize excise duty on the account. Financial year counted from January to December.
The bank realize charges in the month of December and after realization the money must be deposited to the appropriate authority with in the month of February of next year positively.
1 comment:
Dear Banker,
Take my regard for writing & continuing such informative posts.
Anyway, I'd like to mention that, the slabs & amounts of ED have been changed. If you update the post, it will be much helpful.
Another thing to add, I've seen discrepancy between the Banks in deducting ED on Loan Accounts. As per my understanding on the circulars of BB and NBR, ED should not be deducted from Loan Accounts. Can you please shade some light on this issue?
Regards,
Ruhul
http://www.bigboss9.co.cc
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