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Sadia Afrin

Income Year-2011-2012, Assessment Year-2012-2013


Items Tk. Tk.
Income From Business And Profession:
Net profit as per P/L account 232000
Add: Inadmissiable Expenses:
Salaries 50000
Comission 30000
Purchase of trademarks 80000
Fines and Penalties 30000
Depreciation Expense(to be treated later on)
On Machinery 20000
On office building 37000
Miscellaneous Expense 20000 267000
499000
Less:Depreciation Expense(as per ITO)
On Machinery 30000
On office building 32000 62000
437000
Less:Non-Business Income:
Interest on tax free commercial securities 50000
Taxable income from Business or profession 387000
Add:Non-Business Income:
Interest on tax free commercial securities 50000
Less:Fully Exempted-fully 50000 0
Total 387000
Joynul Abedin & Co.(The Assessment of The Company)
Status:Rasident Company
Income year:2011-2012 Assessment Year:2012-2013
Particulars Taka Taka
Income from Business or Profession:
Net profit as per profit & loss account 496400
Add:Inadmissible Expenses:
Salaries 600000
Rent & Taxes(To the extent of VAT) 4000
Donations 55000
Porvision for bad and doubtful debt 25000
Fines paid to customs 25800
Trademark 80000
Dividend equalization fund 55000
Depriciation 50000
Share Discount 32000
Legal Expense 24000 950800
1447200
Less: Expenses Admissible but not shown:
Depreciation 120000
Provision for bad and doubtful debt 15000 135000
1312200
Less:Income received from non business heads:
Dividend 150000
Gain on sale of asset 25000
Interest on govt. securities 15000 190000
1122200
Add: Revenue Porfit on sale of asset 4000
Taxable income from business 1126200
Add: Non-Business Income:
Dividend 150000
Total Income 1276200
Computation of tax Laibility
Particular Taka
Tax on total income excluding Capital Gain and Dividend:
27.5% of taka 11,26,200(1276200-150000) 309705
On Dividend Income (20% of tk. 1,50,000) 30000
Gross Tax Laibility 339705
Less:Tax Rebate (10% of tk. 339705) 33970.5
Net Tax Laibility 305734.5
Minimum Tax
Particulars: Taka
Turnover 2225000
Income From other sources 150000
Total Gross Receipt 2375000
Minimum Tax =Tk.2375000*.50%=tk.11875 11875
As actual tax laibility becomes more than minimum tax, company is required to pay the total amount of net tax payable as computed above.
As actual tax laibility becomes more than minimum tax, company is required to pay the total amount of net tax payable as computed above.
Rose Garden And Associates
Assessment Year: 2012-2013; Income Year:2011-2012
Requirement 1:Taxable income of the firm
Particulars Tk. Tk. Tk.
Net Profit per Profit and Loss Account 283350
Add: Distribution to the owners:
Salaries:
Sara 25000
Jara 26000
Sima 28000 79000
Comission to:
Sara 12000
Sima 8000 20000
Doubtful debt 10000
Income tax paid last year 31000
Repair- Typewritter 32550
Premium on the Policies of partner 2900
Interest on Capital:
Sara 41000
Jara 39000
Sima 30000 110000 285450
Taxable income of the firm 568800
Requirment 2: Tax liability of the firm
Particulars Tk. Rate Tk.
On first tk. 220000 0% 0
On next tk. 300000 10% 30000
on next tk. 48800 15% 7320
On Total Tk. 568800 37320
Requirement 3:Distribution to the partner
Items Partners Total Amount left to be Distributed
Sara Jara Sima
Amount to be Distributed 568800
Salaries 25000 26000 28000 79000 489800
Comission to 12000 8000 20000 469800
Interest on Capital: 41000 39000 30000 110000 359800
Profit (1:1:1) 119933.3 119933.3 119933.3 359800
Total amount allocated 197933.3 184933.3 185933.3
Requirement 4:Taxable income of the Partners
Particulars Sara Jara Sima
Income from Interest on Security 30000 10000
Income from House Property 48750 33750 26250
(Less cost of repairs and maintenance @25%)
Agricultural Income 80000 30000
Income from firm 197933.3 184933.3 185933.3
Income from other Sources(Dividend) 50000 50000 50000
Total taxable income 376683.3 298683.3 302183.3
Requirement 5: Net Tax liability of the partners
Income Slabs Rates Amount of tax
Sara Jara Sima
On first taka 0% 0 0 0
On next taka 10% 15668.33 7868.33 8218.33
15668.3 7868.3 8218.3
Less:Rebate on firm income on average rate 8233.119 4871.751 5056.736
Net tax Liability 7435.181 2996.549 3161.564
Amount left to be Distributed