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CT 1 B Solution

This document contains 4 problems and solutions related to taxation calculations in Bangladesh. Problem 1 asks to calculate the total income for Mr. Rahman as a resident or non-resident based on various income sources in different countries. Problem 2 asks to calculate the tax liability for Mr. Sabbir given his total income, income from cigarettes, net wealth, and car engine sizes. Problem 3 asks to calculate the income tax liability for a listed company called X Limited based on its net operating income, interest income, and sales revenue. Problem 4 discusses the consequences of overstating an investment amount claimed for rebate by Mr. Bulbul.

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66 views2 pages

CT 1 B Solution

This document contains 4 problems and solutions related to taxation calculations in Bangladesh. Problem 1 asks to calculate the total income for Mr. Rahman as a resident or non-resident based on various income sources in different countries. Problem 2 asks to calculate the tax liability for Mr. Sabbir given his total income, income from cigarettes, net wealth, and car engine sizes. Problem 3 asks to calculate the income tax liability for a listed company called X Limited based on its net operating income, interest income, and sales revenue. Problem 4 discusses the consequences of overstating an investment amount claimed for rebate by Mr. Bulbul.

Uploaded by

Ansary Labib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Residential Status

Problem 1:
From the following particulars of Mr. Rahman for the income year 2022-23, compute total
income if he is resident or non-resident:
a. Income from employment received in Bangladesh for services rendered in Afghanistan Tk.
40,000
b. Income from profession in Bangladesh, but received in Nepal Tk. 150,000
c. Profits earned from business in Chittagong Tk. 60,000
d. Income from agriculture in Bhutan Tk. 20,000

Solution 1:
Mr. Rahman
Income year: 2022-23
Assessment year: 2023-24
Computation of total income
Particulars Resident Tk. Non-resident Tk.
Income in Bangladesh
(a) Income from employment received in 40,000 40,000
Bangladesh
(b) Income from profession accrues in 150,000 150,000
Bangladesh
(c) Profits earned from business in Chittagong 60,000 60,000

Foreign income:
(a) Income from agriculture in Bhutan 20,000
Total income 270,000 2,50,000

Surcharge
Problem 2:
Mr. Sabbir has a total income of Tk. 13,00,000 (of which Tk. 4,00,000 from cigarette
manufacturing business) and net wealth of Tk. 4,10,00,000. He owns two motor cars of 1500 cc
and 1800 cc respectively. Calculate his tax liability.
Solution 2:
Regular Tax (3,50,000 * 0% + 1,00,000 * 5% + 3,00,000 * 10% + 1,50,000 * 15% + 4,00,000 *
45%) = 2,37,500
Rebate = (3% of 13,00,000) = 39,000 or 10 lac (lower one)
Tax after rebate = (2,37,500 – 39,000) = 1,98,500
For having assets withing 4-10 crore = (1,98,500 * 10%) = 19,850
2.5% on income from cigarette = (4,00,000 * 2.5%) = 10,000
Environmental surcharge for 1800 CC = 50,000
Total Tax = 2,78,350

Minimum Tax (Company)


Problem 3:
X Limited is a Public Limited Company registered in Bangladesh involved in manufacturing
carbonated beverage (Listed in the Stock Exchange). During the assessment year 2023-24, its net
operating income was 2,50,000 and interest income was 50,000. If sales revenue is 20,00,000
and income tax rate is applicable as per law, Calculate income tax liability.
Solution 3:
Regular Tax = 3,00,000 * 20% = 60,000
Minimum Tax (20,00,000 + 50,000) * 3% = 61,500
Regular Tax 61,500 is payable.

Overstatement of Investment amount


Problem 4:
Mr. Bulbul has claimed and adjusted the rebate on an investment if Tk. 1,00,000. But through an
audit, it has been found that his actual investment amount was Tk. 80,000. What will be the
consequences?
Solution 4:
(1,00,000 – 80,000) * 50% = 10,000 Tk. Penalty.

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