TANZANIA INSTITUTE OF ACCOUNTANCY (TIA) Full Name .. Reg No... BAC III: TEST 2 Name of module: Advanced Public Finance and Taxation. General instruction:- (a) Answer the questions by filling the given blanks. (b)Use the back page for workings. (c) Time given: 40 minutes Practical Case study. Kinga's Company Ltd is conducting a business, lodged statement of estimated income of 2020/2021 year of income on 30" September 2020, the statement was showing total income of 250M Tshs. On 28" February 2022 lodged the returns of a year of income worth 350M Tshs. During the year of income the Company paid non final withholding tax on the following dates:- 1. 20" March 2021 paid 4M Tshs. 2. 20" October 2020 paid 6M Tshs. 3. 20" July 2020 paid 6M Tshs. 4, 20" May 2021 paid 4M Tshs. 5. 20" December 2020 paid 8m Tshs. Note that: Year of income ends on 30 June every year and statutory rate is 12%, REQUIRED: According to ITA and TAA; Compute for year income 2020/2021:- (i) Tax to be paid in 1%, 2", 3 and 4" installment. (4 marks) (ii) Penalties if any. (4 marks) (4 marks) (iii) Interests if any. (iv) Penalty if the Company failed to maintain documents for 8 months in YOL 2020/2021. (3 marks) Answering Zone. @) 1 Installmen 2" Installment .. 3" Installment 4" Installment. (ii) Ain)