8/12/2019 Previous Math Questions of Taxation- I Which Required to Complete the Solution to Some Past Years Questions of

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8/12/2019 Previous Math Questions of Taxation- I Which Required to Complete the Solution to Some Past Years Questions of

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[2]May June 2001

(1) The Profit & Loss Account with notes thereon for the year ended December 21, 2000 ofSurma Aare!s Ltd" #s as under $ %

Taa Taa

Sa!aries and 'a(es )2,)00 *ross Profit +,,-)0Printin( and Stationary 10,000 Premium on issue of Shares 1),000

.ent )0,000/ffice enses 2,000otor Lorry enses 3+,000Pro4ision for doubtfu! debts 1+,000Directors5 fees 6,000Audit fees 2),000Le(a! enses 1),0007ines and Pena!ties 21,0008roera(e on Loans /btained 10,0009nderwritin( :ommission 1),000:ost of issue of Debenture 20,000#nterest on Debenture 2-,000

Donations 10,000'ormen5s :omensation #nsurance ,000Loss by embe;;!ement 16,000:ontribution to P"7 ),2)0Dereciation 26,000,-)0 +,)>,-)0

Notes: ?1@

Donations inc!ude T" ),000 aid to a charitab!e fund estab!ished under theaat 7und /rdinance, 1>62

?2@

The Pro4ident 7und is reco(ni;ed by the :ommissioner of Taes"

?3@

Le(a! eenses ha4e been incurred in defendin( an action a(ainst of e4asion ofcustom duty"

?@

mbe;;!ement !oss is on account of theft committed by an em!oyee whobreas into cashier5s room after office hours"

Bou are reCuired to comute tota! income of the comany from the abo4e information" P!ease(i4e reasons in suort of your comutation and eenses to be a!!owed and disa!!owed by youunder the ro4ision of the #ncome Ta Law"

(2) r" Amin owns a house in :hitta(on(, municia! 4a!ue of which is T" 6,000 er annum"The house was used by him throu(hout re4ious year 1>>>%2000 for his residentia!uroses" e maes the fo!!owin( eenditure in resect of the house $ %

Taaunicia! Taes +,000.eairs 6,0007ire #nsurance 2,)00Land .e4enue 3,000

#nterest on borrowed caita! for the year 1>>>%2000 T" 2),000 ?T" 1,+0,000 was borrowed onEu!y 3, 1>>) F 1)G "a" construction of the house was com!eted on Eu!y ), 1>>6@" The house

was ne4er !et out"Assumin( that income of r" Amin from other sources is T" 2,1+,000" Determine is taab!eincome for the assessment year 2000%2001"

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November December 2007

r" .ahman, *enera! ana(er of A8: & :o" Ltd" a Pub!ic Ltd" :omany has earned thefo!!owin( income for year ended Eune 30, 200-$

A" Sa!ary income$a" 8asic sa!ary "m" 3),000b" 7esti4a! 8onus -0,000c" #ncenti4e 8onus at 2 months 8asic Sa!aryd" 7ree furnished accommodatione" m!oyer5s :ontribution to P"7" F10G on the basic sa!ary"f" e has been ro4ided wit a car which is ec!usi4e!y for ersona! use of r" .ahman"(" e has aid T" 1),000 "a" a(ainst his !ife insurance remium"h" e has in4ested T" )0,000 in urchasin( 8an(!adesh Sanchay Patra durin( the year"

8" Proerty #ncome$r" .ahman and is wife owned two house roerties of which e resides in one, the annua!4a!ue of which is T" 300,000 "a" and another he rented to r" A on which he recei4es T"3)0,000 "a" enses incurred are as fo!!ows$

a" :ity :ororation Ta?20,000 H 30,000@

)0,000 "a"

b" #nsurance Premium?),000 H 10,000@

1),000 "a"

c" :o!!ection char(es 2,000 "a"d" 'ater 8i!! ?his own ortion@ 20,000 "a"

:" #ncome from /ther Sources$a" r" .ahman has recei4ed T" )),000 as director5s fee in which he is a art time

director on which the comany aid T" ))0 IAT"b" e has recei4ed T" 0,000 as di4idend from a !isted :omany on which ta has been

deducted F10G"c" e has recei4ed T" )0,000 as interest on Sa4in( 8an A=: on which ta has been

deducted F10G"

P!ease comute the tota! income and ta ayab!e of r" .ahman mentionin( the assessmentyear"

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May June 2008

r" #Jba! a retired :hartered Accountant owns a two storied house in *u!shan, Dhaa" eoccuies the (round f!oor whi!e the uer f!oor has been !et out to a buyin( house from 1Setember 200+ for a month!y rent of T"-0,000 and before it was 4acant for 6 months" e has

constructed the house with a !oan of T"30,00,000 from a :ommercia! 8an and aid interest ofT"2,-),000 durin( construction eriod from 7ebruary 200) to December 200)" #n the financia!year 200+%200- he has aid T"),00,000 to the ban inc!udin( T">0,000 as interest"

#n Eanuary 200- he, with another !oan from a housin( :omany of T" 2),00,000, furtherde4e!oed his se!f occuied f!oor and aid interest on the !oan T"1,>0,000 uto Eune 200-"/ther eenses in re!ation to the roerty are$

Taaa@ .eairs and maintenance -),000b@ #nsurance ),000c@ unicia! Ta 26,000d@ Land Ta 3,000

e@ Darwan, a!i, Dri4er, etc" )),000

Annua! 4a!ue of the who!e roerty has been assessed at T" ),00,000" /ther income of r"#Cba! durin( income year 200+%200- are as fo!!ows$

a@ #ncome from tradin( in !isted securities T" 1,>),000b@ 8an #nterest recei4ed net T" 1,2),000c@ Di4idends from !isted securities net T" >),000d@ .emittance sent throu(h roer channe! by his dau(hter residin( in #ta!y T"

2,)0,000e@ :ounse!in( fees recei4ed from his re4ious firm T" 1,2),000

:omute the Taab!e income and ta !iabi!ity of r" #Cba! for the re!e4ant assessment year"