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Tax Class 5 Ques

The document presents two problems related to the agricultural income of Mr. Alif Ahnaf and Mrs. Mala Mallick for the income year ending 30 June 2024. It details their respective sales, expenses, and additional financial information necessary to compute their total income and tax liabilities. The problems also specify the conditions under which the computations should be made, including whether proper books of accounts were maintained.

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80 views2 pages

Tax Class 5 Ques

The document presents two problems related to the agricultural income of Mr. Alif Ahnaf and Mrs. Mala Mallick for the income year ending 30 June 2024. It details their respective sales, expenses, and additional financial information necessary to compute their total income and tax liabilities. The problems also specify the conditions under which the computations should be made, including whether proper books of accounts were maintained.

Uploaded by

zangzop5
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Problem-1

Following are agriculture income of Mr. Alif Ahnaf for the income year ended 30 June 2024:

1 Sale of paddy- 150 tons @ Tk. 600 per ton;


2 Sale of jute – 100 tons @ 800 per ton;
3 Sale of rabi crops – Tk. 65,000;
4 Sale of tea - Tk. 70.000;
5 Income from Adhi – Tk. 20,000; and
6 Lease of agricultural land – Tk. 30,000

Expenses relating to above income are as follows:

1. Cost of seeds and fertilizer – Tk. 40,000;


2. Cultivation costs Tk. 65,000;
3. Transportation costs Tk. 15,000;
4. Ordinary processing costs – Tk. 25,000;
5. Land revenue tax – Tk. 7,000;
6. Union parishad tax – Tk. 4,400;
7. Crop insurance premium – Tk. 5,600;
8. Allowable depreciation – Tk. 3,000; and
9. Interest on borrowed fund – Tk. 2,800

Compute total income of Mr. Ahnaf considering:

a) He did not keep proper books of accounts;


b) He kept necessary books of accounts;
Problem-2

Income of Mrs. Mala Mallick for the year ended 30 June 2024 includes:

a) Sale of jute – 500 tons @ Tk. 700 per ton;


b) Sale of rice – 325 tons @ Tk. 550 per ton;
c) Income from lease of agricultural land Tk. 68,000;
d) Income from ferry ghat Tk. 45,000;
e) Income from tea garden Tk. 120,000; and
f) Sale of honey – Tk. 30,000

Expenses relating to all these incomes are:

a) Land revenue paid - Tk. 10,000;


b) Union parishad tax - Tk. 7,800;
c) Crop insurance premium – Tk. 12,500;
d) Allowable depreciation – Tk. 10,000;
e) Interest on mortgage loan - Tk. 6,750; and
f) Maintenance costs for irrigation plant – Tk. 9,200;

Mrs. Mallick had a weighing machine which was purchased at Tk. 28,000. It has become
obsolete and has been discarded at Tk. 12,500. At the time of the sales, the written down
value of the machine was Tk. 16,000. Moreover, she has also sold a tractor at a price of Tk.
52,000 (cost Tk. 50,000; accumulated depreciation Tk. 6,000). In addition to this she had a
pump machine which was destroyed by fire and the insurance compensation amount Tk.
20,000 (cost Tk. 40,000; accumulated depreciation Tk. 24,000, scrap Tk. 4,000).

Mrs. Mallick has not maintained the proper books of accounts; however she claimed Tk.
320,000 as production costs.

Compute total income and tax liability of Mrs. Mala Mallick for the year ended 30 June 2024.

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