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