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TERM PAPER

On

Submitted to : Prepared by :
Md. Ziaul Islam Mehedi Hassan
Lecturer Class Roll-3060
Department of Accounting N.U. Roll-8014077
Jessore Cantonment College. Jessore. N.U. Reg. No.- 2016859
Session: 2011-2012
Department of Accounting
Jessore Cantonment College. Jessore.

Department of Accounting
Jessore Cantonment College. Jessore.
Date of Submission :
Date :

To
Md. Ziaul Islam
Lecturer
Department of Accounting
Jessore Cantonment College. Jessore.

Subject : Submission of term paper on Assessment Procuder of An Individuals

Dear sir,
It is a great pleasure for me to submit the term paper on portfolio Investment on
Assessment Procuder of An Individuals for the partial fulfillment for the Degree
Bachelor of Business Administration.

Although the Preparation of the study was not an easy task for me .I enjoyed the
challenge and tried to face the Problems with patience .This study gave me a read life
experience and open my eyes to the actual business environment .It helped me in
gathering various aspects of knowledge a business and its regular operation.

I have provide my best effort to pre pare this report I hope my Term paper will meet
your expectation . However if you need any clarification from any part of this report
then please let me know about it and I will try my best to make that understandable.

Your truly
Mehedi Hassan
Class Roll-3060
N.U. Roll-8014077
N.U. Reg. No.- 2016859
Session: 2011-2012
Department of Accounting
Jessore Cantonment College. Jessore.
I hare by declare that the Term Paper namely Assessment Procuder of An
Individuals by me after the completing inspection.

I also declare that this s my original worked and prepared for academic
purpose hich is a part ot BBA and the paper may not be used in actual information.

Prepared by:
Mehedi Hassan
Class Roll-3060
N.U. Roll-8014077
N.U. Reg. No.- 2016859
Session: 2011-2012
Department of Accounting
Jessore Cantonment College. Jessore.
I here by declare that the report of term paper namely Assessment Procuder of An
Individuals is an original work by Mehedi Hassan, A student of BBA (Hons).
Department of Accounting Jessore Cantonment College, Jessore has completed
his term paper under my supervision and submitted for the partial fulfillment of the
requirement of the degree Bachelor of Business Administration BBA at Jessore
Cantonment College, Jessore.

........................
Md. Ziaul Islam
Lecturer
Department of Accounting
Jessore Cantonment College. Jessore.
Table of content
Sl No Particular Page No.
Chapter-1
1.1 Introduction
1.2 Defination Of Tax
1.3 Characteristics of Tax
1.4 Assertain The Position of Cannons of Taxes In Tax
System of Bangladesh
Chapter-2
2.1 Defination Of Assessment
2.2 Assessment Cycle Tax
2.3 Assessment Proceuder
2.4 Tax Audit
Chapter-3
3.1 Scople And Sources Of Total Income
3.2 Form of return of individuals :
3.3 A specimen from for the computation of investment
allowance or tax credit income.
3.4 From for Computation of tax liability
3.5 Determine The Total Income And Tax Liability Of Mr.
Hasan From The Following Particulars Relating To
Income Year Ended On 30 June,2014.
Chapter-1

1.1 INTRODUCTION :
The Assessment Procedure Is An Instruction And Contains Exact Statements
For Each Individual Assessment The Individual Assessment Steps Are Dfined
Here. Also Defined Are The Expected Assessment Results As Well As The
Regulations About Assessment Preparation And Post Processing The
Assessment Procedure Is Generated For ExceutableObjects To Be Assessd,
l.E, For The System, Segments,Hw Units And Sw Units, For Sw Components,
Sw Modules And Databases. Physically, The Assassment Procedure Can Be
Maintained For These Objects To Be Assened Together With The
Corressponding Assessment. Assessment Is A Mechanism For Providing
Their Teaching Methods And For Guiding And Motivating Students To Be
Activelly lnvbolved In There Own Learning. Tax Assessment And Collection
Are Two lmportanr Functions Of Tax Authorities. Clarity And Simplicity Of
Tax Assessment And Efficiancy Of Tax Collection Ensure Better Performance
Of Tax Authority. Indirectly It Can Be Said That Sound Assessment
Procuder And Collection Policy Gnerate Sufficient Tax Revenue For The
Government.

1.2 Defination Of Tax :


The Term Taxation Comes From Latin Word Taxsaton. It Means To
Determine The Payable Quantum On Estimate. Taxing Authority Determines
Tax To Be Payable By The Assessee. So Tax Is The Revenue Collected By
The Government From Persons And Organizations Under Different Taxing
Acts. In Other Worlds,It Is A Liablitity Imposed Upon The Assessee Who
May Be Individuals, Groups Of Individuals And Other Legal Entities.
According To Justice Holmes, The Price Paid To The Govt. For Living In A
Civilized Society Is The Tax. According To Taylor, Taxes Are The Tax-Pager
For Any Definite Service Rendered Or A Commodity Supplied By The
Government. The Tax-Payers Do Get Many Benefits From The Government
But No Tax Payer Has A Right To Any Benefit From Public Expenditure On
The Benefits Of Public Expenditure May Go To Anyone irrespective Of The
Taxes Paid We Shall See, The Element Of Compulsion Exists In Cause Of
Some Other Pulic Receipts Also. Thus To Be Tax Both Compulsion And No
Direct Benefit Elements Are To Be Present.

1.3 Characteristics of Tax :


Against The Backdrop Of The Defination Of Tax,Folling Charactersties Of
The May Be Indentified :
(1) It Is A Compulsory Levy Under Taxing Act;
(2) Tax Payers Cannot Clam Direct And Quid Qua Pro Servies For Payment
Of Tax;
(3) It Is A Price Paid To The Government For Living In A Civilized Society.

1.4 Assertain The Position Of Cannons Of Taxes In Tax System Of


Bangladesh :
A Tax System, In Order To Achieve Its Various Objectives, Needs To
Adherecertan Principles. But In View Of The Fact That The Objectives Of
Taxes Are Many And Some Of Them Are Conflicing,The Writers Of Public
Finance Have Generally Chosen And Precribed Certain Principles Which A
Good Tax System May Adhere.

(1) Principle Of Ability Or Equality The Subjects Of Every State Ought To


Contribute Towards The Support Of The Government, As Nearly As Possible,
In Proportion To Their Espective Abilities; That Is, In Proportion To The
Revenue Which They Respectively Enjoy Under The Protection Of The
State. This Canon Tries To Observe The Objective Of Economic Justice.
(2) Principle Of Certainty This Canon Describes That The Tax Which Each
Individual Is Bound To Pay Ought To Be Certain, And Not Arbitary. The Time
Of Payment, The Manner Of Payment, The Quantity To Be Paid, All Ought To
Be Clear And Plain To The Contributor And To Every Other Person, The Tax-
Payers Should Not Be Subject To Arbitrariness And Discretion Of The Tax
Officials, ln Which Cause There Will Be A Scope For A Corrupt Tax
Administration.

(3) Principle Of Covenience This Canon Takes Into Consideration The Interest
Of The Taxpayer From The View Of Payment Of Tax. It Emphasizes That The
Mode And Timings Of The Tax Payment Should Be, So Far As Possible,
Convenient To The Tax-Payer. This Canon Recommends That Unnecessary
Trouble To The Tax-Payer Should Be Avoided, Otherwise Various IIl-Eff May
Result.

(4) Principle Of Economy Every Tax Has A Cost Of Collection. It Is Important


That The Cost Of Collection Should Be As Minimum As Possible. It Will Be
Useless To Impose Taxes Which Are Too Wideespread And Difficult To
Administer. Productivity Of Taxes Has Been Given Importance In This Canon.

An Analysis Of These Canons Indicates That Adam Smith Was Basically


Concerned With The Ways In Which An Economy Could Increase Its
Producative Capacity, And Therby Achieve A Higer Rate Of Economic
Growth And At The Same Time He Considered Of The Tax Payers And
Economy In Tax Collection.

(5) Principle Of Productivity It Is Also Called The Canon Of Fiscal Adequacy.


According To This Principle, The Tax System Should Be Able To Yield
Enough Revenue For The Treasury And The Government Should Not Be
Forced To Resort To Deficit Finacing. The Canon Is Thus Also Called Canon
Of Adequacy.
(6) Principle Of Simplicity The Tax System Should Not Be Too Complicated.
That Makes It Difficult To Administer And Understand And Breeds Problems
Of Difference In Interpretation And Legal Disputes.

(7) Principle Of Flexibity It Should Be Flexible So That It Becomes Possible


For The Authorities, Without Under Delay, To Reviese The Tax Structer, Both
With Respect To Its Coverage And Rates, To Suit The Changing
Requirements Of The Economy And Of The Treasury.

In The Above Context, It Needs To Be Kept In Mind That The Tax Structure Is
A Part Of The Economic Organization Of A Society And Should, Therefore,
Fit In Its Overall Economic Philosophy. Tax System That Satisfies This Basic
Canon Can Be Termad A Good One.
Chapter-2
2.1 Defination Of Assessment
Assessment Is More Than Grades To Many,The Word Assessment Simply
Means The Process By Which We Assign Students Grades. Assessment Is
Much More Than This, However, Assessment Is A Mechanism For Providing
Instructors With Data For Improving Their Teaching Methods And For
Guiding And Motivating Students To Be Actively Involved In Their Own
Learning. As Such, Assessment Provides Important Feedback To Both
Instructors And Students. Tax Assessment And Collection Are Two lmportanr
Functions Of Tax Authorities. Clarity And Simplicity Of Tax Assessment And
Efficiancy Of Tax Collection Ensure Better Performance Of Tax Authority. In
This Chapter.

Different Provisions Of Tax Assessment And Their Collection Have Been


Elaborately Discussed.

2.2 ASSESSMENT CYCLE TAX :


ASSESSMENMT AND COLLECTION ARE TWO IMPORTANT
FUNCTIONS OF TAX AUTHORITIES. CLARITY AND SIMPLICITY OF
TAX ASSESSMENT PROCEDURE AND EFFICIENCY OF TAX
COLLECTION ENSURE BETTER PERFORMANCE OF TAX
AUTHORITY. THE ASSESSMENT CYCLE IS SHOWN BY THE
FOLLOWING CHART:
2.3 ASSESSMENT PROCEUDER
The Term Assessment Is Used Tornean The Determination Of Theamount
Of-
1) Total Income Of An Assessee.
2) Total Tax Payable By An Assessee,
3) Tax Collection; And
4) Refund Due To Him.

So The Term Cembraces Both Tax Determination And Collection Proceuder


Follwed By The Assessor. It Is.A Continuous Process Staring From The Assessment
And Ends With The Collection Of Tax. The Steps Of Assessment Are:

1) Submission Of Tax Return,


2) Determination Of Tax Liability,
3) Collection/Payment Of Tax; And
4) Refund, If Any. This Assessment procedure Is Shown by the following
chart:

The First Step In Assessment Is The Submission Of Tax Return. Deputy


Commissioner Of Taxes Will Determine Tax As Per Income Tax Ordiance, Under The
Following Situation:
(1) When The Assessee Submits The Tax Return Voluntarily.
(2) When The Assessee Submits The Tax Return In Response. To The
Notice Issued By Dct For This Pupose.
(3) When The Assessee Fails To Submit Tax Return In Response To The
Notice Issued By Dct For This Purpose, The Latter Can Determine Tax
Liability By His Own Inititative. Thus, Infact, No Assessment Can Be
Made On A Person Who Fails To Make A Return Voluntarily Or On
Whom No Notice Has Been Served By The Income Tax Officer.
(C.l.T.Vs. Express Newspapers Ltd.) Where, However, A Person Fails
To Make A Return In Respose To A Notice Served On Him A Best
Judgement Assessment May Be Made By The Dct On The Ground Of
Default In Filling A Return.

Now The Provison Relevant To The Submission Of Tax-Return Are


Cited.

2.4 Tax Audit


Is An Audit Carried Out By A tax Collecting Agency In Order To Determine
If A Taxpayer Paid The Correct Amount Of Tax. Taxpayers Are Chosen For
Audits If They Have Suspiciously High Claims For Deducation Or Credits, Or
If Their Reported Income Is Suspicously Low, But An Audit May Be Done
Simply As Part Of A Random Sampling. If The Auditor Finds A Tax
Deficiency, The Tax-Payer Has To Pay Back-Taxes, As Well As Interest And
Penalties. Audit By The Internal Revenue Service(IRS). Or State Or Local
Tax Collecting Agency, To Determine If A Tax Payer Paid The Correct
Amount Of Tax. In Taxsation The Process In Which The Tax Collection
Agency Reviews The Reports Of An Individual Or Company To See If All
Income And Reported Acurately Reflect Reality.
Chapter-3
3.1 Scople And Sources Of Total Income :
According to Income Tax Act 24 10 section for deciding income tax is
(1) Income From Salaries.
(2) Income From Interest On Securities.
(3) Income From House Property.
(4) Income From Agriculture.
(5) Income From Business Or Profession.
(6) Income From Partnership Firm.
7) Income Of The Spouse Or Minor Child.
(8) Capital Gain.
(9) Income From Other Sources.
(10) Foreign Income

3.2 Form of return of individuals :


Particulars Tk Tk Tk
1. Income from salaries (Section-21)
(1) Basis salaries - *
(2) Dearness allowance - *
(3) Bonus - *
(4) Commission and fees - *
(5) Compensation - *
(6) Annuities *
(7) Advance salaries *
(8) Entertainment allowance *
(9) Medical allowance *
Less: Exempted 10% of basic or Tk. 60,000 lower one * *
(10) Peasion allowance *
Less: Exempted (full) * -
(11) Employers contribution to recognised provident fund *
(12) Interest on recognised provident fund *
Less : Exempted interest on the basis of 14.5% rate or basic
salaries lower one * *
(13) Balance of unrecognised provident fund - *
(14) Salary of maid servant paid by employer - *
(15) Charge allowance - *
(16) Gratuity *
Less: Exempted (full) * -
(17) House rent allowance *
Less: Non-assessable or exempted yearly Tk. 2,40,000 or 50% of
basic salary lower one * *
(18) House facilities: For furnished and unfurnished house:
(i) Rent free accommodation:
25% of basis salaries or annual value lower one
(ii) Accommodation at concession rate:
25% of basic salaries or annual value lower one *
Less: Rent paid by employee * *
(19) Conveyance allowance Less Exempted *
Less: Exempted 30000 *
(20) Conveyance facilities: 5% of basic salary *
(21) Conveyance facilities with allowance; 5% of basic salaries
Add: Additional allowance *
* *
(22) Hill allowance *
(23)City allowance *
(24) Traveling allowance *
Less: exempted (actual expenses) * * **
2. Income from interest on securities (section-22)
(i) Interest on tax free government securities *
Less: Exempted (full) * -
100
(ii) Interest on less tax government securities (net interest *
80
)
Interest on upfront govt. securities *

Less: allowable expenses:


(a) Bank chages and commission *
(b) Interest on borrowed capital * * *
(iii) Interest on approved commercial securities/debenture *
Interest on u commercial securities/debenture *
Less: Allowance expenses same as (ii) * *
(iv) Interest on Zero cupon bond *
Less: Exempted (full) * * **
3. Income from House property (Section-24)
Acutal rental value *
Or, Municipal value * *
Annual value (higher one)
Less: Allowable expenses:
1
(i) Repair and maintenance (If resiential purpose then th of
4
annualvalue and if commercial purpose then 30% of annual value)
*
(ii) Land development tax
*
(iii) Land revenue and rent
*
(iv) Annual tax (municipal tax)
*
(v) Insurance premium
*
(Vi) Interest on mortgage loan
*
(vii) Interest on borrowed capital / Vacant time
*
Vacant .time
(viii) Vacant allowance (Annual value ( ) *
12
(ix) Unrealised rent * * **
4. Income from Agricultural source (Section-26)
(i) Sale of crops *
(ii) Income from building which is used for agriculture *
(iii) Income from agricultural land investment for cash *
(iv) Income from barga cultivate *
(v) Income from tea garden (60%) *
(vi) Income from Rubber garden (60%) *
(vii) Income from sugar industries (Market value of sugar cane) *
(viii) Income from tobaco industries (market value of tobaco
leaves) *
(ix) Income from sale of fish *
(x) Income from poultry firm *
Less: Exempted (full) * -
(x) Other agriculture income *
Less : Allowable Expense *
(i)Land development tax or rent *
(ii) Any local tax and rcrit *
(iii) Production costs:
(a) Cultivating expenses *
(b) Transportation expenses *
(c) Normal processing expenses *
(d) Maintenance cot of agricultural machineries and rising
livestock * *
(Where proper set of books are not maintained then 60% of
income from sale of crops are allowable as deductions)
(iv) Insurance premium *
(v) Irrigation project maintenance cost *
(vi) Depreciation *
(vii) Interest on mortgage loan *
(viii) Interest on borrowed capital *
(ix) Loss on sale of agricultural machinery *
(x) Loss on agricultural machinery wastage *
(xi) Other revenue expenses * * **
5. Income from business or profession (Section-28)
(i) Income from business *
(ii) Income from profession *
(iii) Income from tea garden (40%) *
(iv) Income from Rubber garden (40%) *
(v) Income from sale of business machineries or other assets
(Equivalent to before charge depreciation) * *
6. Income from firm (Section-43(3):
Portion of income from firm *

7. Income from spouse or minor child (Section-43(4) :


(i) Income from firm of husband/wife and minor child (if assessec
also a member of that firm) *
(ii) Income from spouse asset (if they dont submit return
separately) *
(iii) Income from minor child * **
8. Income from capital gain (Section-28)
Profit from sale of fixed assets (difference between cost price and
selling price) * *
9. Income from other sources (Section-33)
100
(1) Interest on fixed deposit (interest received ) *
90
100
(2) Interest on Bank savings AJc (Interest received )
90 *

100
(3) Profit from Islami Bank (Interest received ) *
90

(4) Sale of fish of pond *


(5) Sale of forests timber *

(6) Dividend from company:


Divident from private Ltd. (Dividend received *
Dividend from public Ltd. (Dividend received *
*
Less exempted 20000 *

(7) Royalty of books writing *


(8) Fees received as director 100 *
(9) Interest on savings instrument (Interest received *
(10) Rent of machineries 1 *
(11) Prize from lottery (Including prize bonds prize) *
Less: Considered final tax payment as per section 82C * -

(12) Income from wining of word filing, card playing and


gambling *
Less: Considered final tax payment as per section 82C * -
(13) Remuneration of examination of paper *
(14) Income from (mooring terminal) 100 *
(15) Interest from post office saving A/c (interest received ) *
(16) Unexplained income etc - (section 19) 90 * **
Total Domestic Income **
10. Foreign Income **
Total **
Less Interested paid on loan taken on personal residence. **
Total Income **
3.3 A specimen from for the computation of investment allowance or tax credit
income.
Particulars Tk Tk
(1) Life insurance preimium (for own, wife and minor child)
maximum limit 10% of life policy value *
(2) Life ins premium of undivided hindu family *
(3) Deduction for deferreJ annuity *
(4) Contributon to govt. or staturtory provident fund *
(5) Employee and employers contribution to recognised provident
fund *
(6) Contribution to superannuation fund *
(7) (a) Purchase of savings certificate or instruments *
(b) Purchase of unit certificates and mutual fund certificates issued
by ICB and its subsidiaries *
(c) Purchase of govt. securities (including development loans or
bonds) *
(d) Purchase of shares of investment company * *
(8) Contribution to approved deposit pension scheme maximum Tk.
60,000 *
(9) Donation to approved charitable hospital *
(10) Donation to approved organisation set up for the welfare of
related people *
(11) Payment of premium against approved group insurance or
benevolent fund *
(12) Donation to charitable organisation of Aga Khan development
network *
(13) Donation to govt. Zakat fund *
(14) Donation to approved philanthropic or educational institution *
(15) Purchase of a laptop, maximum Tk. 1,00,000 or desktop
computer maximum Tk. 50,000 *
(16) Donation to national level instution set up in memory of the
liberation war *
(17) Donation to National level instution set up in memory of father
of the nation *
(18) Purchase of stocks of shares, mutual fund or debenture through
initial public offering and Invested in Unit certificate and mutual
fund issud by ICB, Subsidiary Company of ICB and Financial
Institution. *
(19) Investment in govt. treasury bond *

Actual investment
Maximum limit: 30% of total income less employers contribution
*
to recognised provient fund and interestorTk. 1,50,00,000 lower one
Lower one of actual investment and maximum limit of investment is
*
investment allowance or tax credit income. *
3.4 From for Computation of tax liability
Particulars Tk Tk
First Tk. .2,20,000 of total income 0% - -
Next Tk. 3,00,000 of total income 10% *
Next Tk. 4,00,000 of total income 15% *
Next Tk, 00.000 of total income 20% *
Next Tk. 30,00,000 of o income 25% *
Balance of total income 30% *
*
Total Tax
*
Less: Rebate on tax free income (tat free income x average tax rate)
*
*
Less: Tax rebate on investment (Approved investment x 15%)
*
Tax Liability
Less: Tax paid:
(i) Tax deducted at source *

(ii) Advance payment of tax * *


(iii) Adjustment of tax refundable *
*
Tax Payable
3.5 Determine The Total Income And Tax Liability Of Mr. Hasan From The
Following Particulars Relating To Income Year Ended On 30 June,2014.
(A) Income From Salary:
(1) Basic Salary 1k. 11,000 Per Month;
(2) Dearness Allowance Tk. 1,000 Per Month;
(3) Medical Allowance @ 1k. 1,200 Per Month.
(4) House Rent Allowance Tk. 6000 Per Month.
(5) Entertainment Allowance @ Tk. 1,025. Per Month.
(6) Two Festival Bonuses Equal To One Months Basic Salary Each.
(7) He Is Provided With A Car By His Employer For His Full Time
Use.
(8) He Contributes 10% Of His Basic Salary To A Recognised Providend
Fund, Interest On The Accumulated Balance Was 1k. 8000 For The
Year, He Subscribes 1k . 400 Per Month To A Group Insurance
Scheme. During The Year He Received Tk. 10,000 As Travelling
Allowance.
(B) Income From Securities:
(1) Interest Received On Tax Free Government Securities 1k. 10,000.
(2) Interest On Approved Commercial Securities 1k. 34,000.
(3) Interest On Less Tax Government Securities 1k. 3,200.
(4) Interest On Debenture 1k. 25,000.
(5) lnt On Unapproved Commercial Securities Tk. 32,000.
(C) Income From House Property:
He Has Two Stoied House At Rampura,Dhaka. Where He Resides On The 1st
Floor And The Ground Floor Is Let Out At A Monthly Rent 1k. 10,000

Expeses Relating To The House Where As Follows:


Municipal Tax 1k. 7,500 Per Quarter
Land Revenue 1k. 1,000 Per Year
Local Rate 1k. 6,000 Per Year
Insurance Premium Tk. 6,000 Per Year
(D) Income From Agricultural Lands:
He Has Agricultural Lands From Where His Gross Income From Sale Of
Differents Crop Was 1k. 70,000. He Did Not Keep Proper Accounts Of Cost
Of Production But Could So The Authorities Proof About The Following:
Interest On Borrowed Capital 1k. 5,000
Cost Of Transportation Tk. 4,000
Kepa agricultural Implements Tk.5,00(J Crops Insurance Tk. 5,000
His Agriculture Facilated Through A Pacca Irregation Channel Constructed At
A Cost Of Tk. 35,00 In The Year Of 2009-2010.
(E) Income From Business:
Income From Sole Trade rship 1k. 50,000;
Last Years Loss 1k. 10,000.
(F) Income From Firm:
Portion Of Income From Firm Tk. 60,000.
(G) Income From Spouse Or Minor Child:
He Purchased A Flat In The Name Of His Wife, Which Has Been Let Out Of
1k. 9000 Per Month.
(H) Interest From Other Sources:
(1) Interest From Fixed Deposite With Pubali Bank Ltd. 1k. 23,400.
(2) Dividend Received 1k. 1,21,500.
(3) tncdme From Lottery 1k, 2,50,000
(4) SalesOfTimberlk. 15,000
Mr. Hasans Investment And Expenses During The Year Are As Follow:
(1) Life Insurance Premium Tk. 65,000 On The Life Of His Wife.
(2) He Bought Shares Of A New Company Listed In The Stock Exchange Tk.
75,000.
(3) He Donated 1k. 10,000 To Bangladesh Football Federation.
(4) He Had A Deposit Pension Scheme Account With Of Bank Where 1k. 500
Is Deposited Each Month.
SOLUT ION:
Assessee: Mr.Hasan
Assessment Year:2013-2014
Income Year: 2012-20 13
Computation Of Total Income
Source Of Income And Particulars TK. TK. TK.
A. Income From Salaries (Sec.21)
1. Basic Salary (11,000 12) 1,32,000
2. Dearness Allowance (1,000 12) 12,000
3. Medical Allowance (1,200 12) 14,400
(-) Exempted 10% Of Salary = 13,200 Or,
Tk.60,000 (Lower One) 13,200 1,200
4. House Rent Allowance (6,000 12) 72,000
(-) Non Assessable (20,000 12) = 2,40,000 Or,
50% Of Ba Salary = 66,000 (Lower One) 66,000 6,000
5. entertainment Allowance (1,025 12) 12,300
6. Festival Bonus (11,000 2) 22,000
7. Conveyance Facilities (5% Of Basic Salary) 6,600
8. Employers Subscription To Recognized
Providend Fund (10% Of Basic Salary) 13,200
9. Interest On Providend Fund 8,000
(-) Non Assessable 8,000 -
10. Travelling Allowance . 10,000
(-) Non Assessable 10,000 -
B. Income From Securities (Sec.22)
1. Interest From Tax Govt.Securities 10,000
(-) Non Assessable (Fully) 10,000 -
2. Interest On Approved Commercial Securities 44,000
100 4,000
3. Interest On Less Tax Govt. Securites (3,200 )
80
4. Interest On Debenture 25,000
5.Interest On Unapproved Commercial Securities : 32,000 1,05,000
C. Income From House Property (Sec.24)
Anuall Value-Rental Income (10,000 X 12) 1,20,000
(-) Allowable Expenditure:
1. Repairs And Maintained 30,000
2. Municipal Tax (7,500 X 4) 30,000
3. Local Revenue 1,000
4. Local Rate 6,000
5. Insurance Premium 6,000 73,000 47,000
D. income From Agricultural Lands (Sec.26)

Sale Of Crops 70,000


(-) Allowable Expenditure:
1. Cost Of Production (60% Of Sale Of Crops) 42,000
2. Interest On Borrowed Capital 5,000
3. Crops Insurance 5,000
4. Depreciation On Pacca Irregation Channel
(35,000 X 15%) 5,250 57,250 12,750
E. Income From Business (Sec.28)
Income From Soletradesrship 50,000
(-) Last Years Loss 10,000 40,000 40,000
F. Income From Firm (Sec.43(3))
Income From Firm 60,000 60,000
G. Income From Spourse Or Minor Child (Sec 43(4)
Income From House: Annual Value (9,000 12) 1,08,000
(-) Allowabble Expenses:
Repairs And Maintaince 114 Of Annual Value 27,000 81,000
H. Income From Other Sources (Sec. 33)
1. Interest From Fixed Depusit (23,40090) 100 26,000
2. Dividend Received (1,21,50090) 100 1,35,000
(-) Exempted 20,000 1,15,000
3. Income From Lottery 2,50,000
(-) Final Tax Payment As Per (Sec.82-C) 2,50,000 -
4. Sales Of Timber 15,000 1,56,000
7,07,050
Computation Of Investment Aloowance
Particulars TK. TK.
1. Life Insurance Premium 65,000
2. Purchase Of Shares 75,000
3. Deposited To Pension Scheme (500 12) 6,000
4. Employee And Employes Contribution To Recognised Providend
Fund (13,2002) 26,400
5. Premium To Group Insurance Scheme Actual Investment 4,800
Actual Investment 1,77,200
Maximum Limit: 30% 01 Total Income (7,07, 050-13,200) 30%
= 2,08,155 Or Tk. 1,50,00,000 Is (Lower Once) 2,08,155
Maximum Investment Limit Lower Than That Of Actual
Investment. So, The Investment Allowance 2,08,155

Computation Of Tax Liability


Particulars TK.
First Tk. 2,20,000 Of Total Income 0% -
Next Tk. 3,00,000 Of Total Income 10% 30,000
Next Tk. 1,87,050 Of Total Income 15% 28,058
Total Tax 58,058
Les Tax Rebate On Investment (2,08,155 X 15%) 31,223
Tax Liability 26,835

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