1. (a) What are the principles of taxation? Discuss.

(b) Discuss MSA

(c) Discuss the impact and incidence of tax

2. (a) What is Income year and Assessment year? Discuss

(b) What are the sources of income? Mention elaborately.
(c) Discuss some aspects of Customs duty?

3. (a) What is Pubic Finance?

(b) What are the sources of government’s income? Mention each.
(c) What are different direct and indirect taxes in Bangladesh?

4. Md. Aminuzzaman has been working as the administrative officer of Zisan & Co and earns
the followings in the year 2015-16.

Basic salary Tk. 80000per month

House rent allowance Tk 15000 per month
Entertainment allowance Tk. 4000 per month
Medical allowance Tk. 2500 per month

He contributes to the recognized provident fund at the rate of 10% of his basic salary. His
employer also contributes the same amount to the provident fund.
Other particulars relating to income year ending on 30th June, 2016 were as follows-
i. Income from agricultural land Tk. 95000
ii. Md. Aminuzzaman had one house owned by him which he lets out for residential
purpose. The monthly rent for the whole house was Tk. 65000, but the reasonable
monthly rent should be Tk. 40000

For the income year 2015-2016, he has claimed the following deductions:

Municipal tax Tk 450000, Insurance premium Tk 35000, Land revenue Tk 30000,

Interest on house loan Tk 70000 and Repairs and maintenance Tk 5000 per month or
as per rule.

iii. Interest on savings bank deposit gross Tk. 8000, interest on bank loan si subject to tax
@10%
iv. Interest on debenture Tk 50000, and on preference share Tk. 25000
v. Life insurance premium Tk 20000 per month
vi. Purchase of shares from the Dhaka Stok Exchange Tk 200000 and Chittagong Stock
Exchange Tk. 100000
compute total income and tax liability of Md. Aminuzzaman for the assessment year 2016-
2017