#02 a) VAT has become the single largest source of government revenue in Bangladesh. Do you agree with the statement? Justify your stand. b) Write notes on: i) Carry forward of losses; and ii) Speculation business. c) The Profit and Loss Account for the year ended June 30, 2019 of Daily Shop is given below: Daily Shop Profit and Loss Account For the year ended June 30, 2019 Particulars Taka Particulars Taka Salaries 290,000 Gross Profit 1700,000 Office Rent 50,000 Dividend on ABC Ltd.'s 70,000 Share Commission 50,000 Bad debt recovered 35,000 Donation 2,00,000 Interest on Commercial 65,000 Securities Interest on loan 60,000 Income from house property 30,000 Bad debt Depreciation Repair cxpcnsc Provision for Bad debt Legal Expenses Fund Embezzlement Provision for Income Tax Miscellaneous Expense Cost of Copyright Overseas traveling Expenses Royalty Incentive bonus Net profit 35,000 70,000 25,000 60,000 40,000 30,000 25,000 70,000 120,000 40,000 30,000 90,000 595,000 1,900,000 1,900,000 Other Information: iv. V. i. Fund Embezzlement occurred after office hour. Sales revenue for the year was Tk. 25,00,000. Tax depreciation amounts to Tk. 50,000. Donation includes Tk. 1, 85,000 paid to a recognized charitable hospital. Legal expenses have been incurred for defending a suit for alleged breach of a trading contract. vi. Miscellaneous expense includes Tk. 35,000 that was incurred for payment to tax consultant who doesn't own 12 digit TIN. vii. Salaries includes Tk. 100,000 as payment to employees for the year who failed to submit income tax return within tax day. viii. Repair expenses Tk.6,000 is spent for owner's residential purpose. Required: Determine the taxable income from business or profession for the year ended on June 30, 2019