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"An Individual Assesse Is Allowed To Get Tax Rebate On Certain Investment"-Explain. 4

This document contains instructions and questions for a final exam in Taxation Assessment of Companies & VAT. It provides 4 questions assessing students' understanding of topics like: [1] tax rebates on certain investments for individuals; [2] treatment of farmer income; [3] calculating taxable income and liability from various sources of income and investments; and [4] calculating tax liability based on an individual's income sources including salary, allowances, property rental, agricultural activities, and investments. Students are instructed to show their own understanding and work, and any copying will be considered an offense.

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Shawon Sarker
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345 views3 pages

"An Individual Assesse Is Allowed To Get Tax Rebate On Certain Investment"-Explain. 4

This document contains instructions and questions for a final exam in Taxation Assessment of Companies & VAT. It provides 4 questions assessing students' understanding of topics like: [1] tax rebates on certain investments for individuals; [2] treatment of farmer income; [3] calculating taxable income and liability from various sources of income and investments; and [4] calculating tax liability based on an individual's income sources including salary, allowances, property rental, agricultural activities, and investments. Students are instructed to show their own understanding and work, and any copying will be considered an offense.

Uploaded by

Shawon Sarker
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SOUTHEAST UNIVERSITY

BBA PROGRAM, SOUTHEAST BUSINESS SCHOOL

FINAL EXAM, FALL 2021

TAXATION ASSESSMENT OF COMPANIES & VAT (ACT4135.1)

FULL MARKS: 40

INSTRUCTIONS

 ANY DELAY IN SUBMISSION WILL RESULT IN DEDUCTION OF MARKS.


 IN CASE OF THEORITICAL QUESTION, ANSWER MUST BE FROM YOUR OWN
UNDERSTANDING AND LANGUAGE
 ANY PROOF OF COPY FROM EACH OTHER OR TAKING UNETHICAL MEASURE WILL
CONSIDERED AS PUNISHABLE OFFENSE.
 ANSWER SHEET SHOULD BE NEAT & CLEAN.
 START EACH ANSWER FROM A FRESH SHEET.

1. “An individual assesse is allowed to get tax rebate on certain investment”-explain. 4


2. “Any income of a farmer is to be treated as agricultural income”. Do you agree? Explain.
4

3. From the following information calculate taxable income and tax liability of Ms. Sobhan
for the income year ended 30th June 2019: 10

Income Data: Income from Salary Tk. 10, 00,000. Income from Securities Tk. 650,000,
Income from house property Tk. 360,000, Income from agriculture Tk.80,000, Income
from Business or profession Tk. 525,000, Capital gain Tk. 20,000, and Income from
other sources Tk. 450,000.

Investments & Expenses Data: Insurance Premium- own (policy value Tk. 820,000)
82000; and spouse (policy value Tk. 500000) Tk. 45000; Deposited to DPS per month
Tk. 2300; Educational expenses of son Tk. 84,000; Household expenses 200,000;
Donated to recognized fund Tk. 100,000; Purchased of savings certificate Tk. 40,000;
Purchase of treasury bond Tk. 50000; Purchase of megazines & books Tk. 4500;
Purchase of 10% debentures Tk. 10000 (through IPO); Donated to prime minister’s relief
fund Tk. 45000; Recognized high school Tk. 56,000; a local sporting club Tk. 15,000; Sir
Salimullah Muslim Orphanage Tk. 20,000; Recognized welfare fund 1500; Government
zakat fund 16,000; Gift to wife Tk. 36,000; Purchased share of unlisted company Tk. Tk.
22,000; Purchase of shares of a co-operative society Tk.13,000; Purchase of shares of a
private limited company Tk. 7,000, Purchased of shares of registered partnership firm Tk.
5000; Purchased primary shares of a listed company Tk 23,000; Purchased shares of a
listed company from Dhaka Stock Exchange Tk. 45,000; Donated to Bangladesh Sports
Council Tk. 9000; Donated to President’s relief fund Tk. 50,000; Advance payment for
expenses Tk. 17,000; Purchase of a desktop Computer Tk. 45,000; Donation for
Philanthropic Institution Tk. 110,000.

4. Consider the following income and investments for the year and calculate tax liability.

Ms. Rahman is the Chief Accountant of a public limited company. Her sources of income
for the year ended 30th June, 2019 were: Basic salary Tk. 40,000 per month; medical
allowance tk. 3,700 per month; conveyance allowance tk. 4,625 per month; Mobile bill
allowance tk. 1,000 per month; dearness allowance 5% of basic salary ; two festival
bonuses each equal to one month’s basic salary. Ms. Rahman has been provided with a
house for which the company pays a monthly rent of tk. 20,000. With the house the
company provides her a servant for whom company pays a monthly salary of tk. 2000.
She also enjoys the benefit of a full-time car for which the company paid maintenance
expense of tk. 25,000 during the year she uses the car both for personal and office
purposes. She contributed 10% of her basic salary to a recognized provident fund and her
employer also contributed the same amount. She received interest @14.5% from the
same fund tk. 8000 during the year. She also contributed five days basic salary to a
private sector relief fund. The company deducted tk. 2,000 each month from her salary as
income tax. She received honorarium as visiting faculty of UIU for fall 2016 semester.

Ms. Rahman sold 300 mounds of rice @ tk. 585 per mound and Rabi crops tk. 35000 that
was grown in her cultivable land. She kept records of all expense with proper books of
accounts. According to her settlement expenses relating to cultivation and others are:
labor charge tk. 30,000, cost of seeds & fertilizer tk. 25000, union parisad tax tk. 3,250;
crop insurance premium tk. 2,000 per quarter; depreciation cost tk. 16,000. Ms. Rahman
charge depreciation at a flat rate 15% on the assets used for agricultural purposes which
are: tractor worth tk. 50,000, power pumping machine worth tk. 15,000, weighing
machine tk. 15,000 and cost of kutcha irrigation channel tk. 10,000. Ms. Rahman also
generated income from tea garden tk. 80,000; Sale of share tk. 20000 (cost price tk.
12000); sale of palm juice tk. 5,000, sale of pond fish tk. 8,000 and interest on post office
savings bank tk. 18,000.
The person also has a house at Bannai consisiting of 4 flats. The whole house has been let
out to White Shark Communications Limited, an advertising firm for Tk. 60,000 per
month. The Municipal Value is Tk. 600000. The Annual expenses relating to the house
are:
Repair & maintenance expenses Tk. 180000, Collection charges 4000 per month,
municipal tax 10000, WASA charge Tk. 9000, Interest on borrowed capital Tk.5000,
Insurance premium paid Tk. 7500, Out of the for flats in the house one remained vacant
for two months during the year.

Consider the following investments for the year: Insurance premium tk. 80,000 (policy
value tk. 1,00,0000) Deposited to DPS per month tk 2,000; Educational expenses of son
who studied public university tk. 44,000; Donation to recognized fund tk. 115,000;
purchase of family savings certificate tk. 80,000; purchase of tax exempt government
securities tk. 112,000 and purchased share of an unlisted company tk. 25,000.

Net Asset during the income year amounted to tk. 10 crore.

Compute : (a) Total Income for the Income year 2018-2019 (b) Actual investment and
investment allowance (c) Tax liability for the assessment year 2019-2020.
(d) Notes
(15+2+4+1)

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