Question
1. Mr. Faizan is the Head of Taxation of RX Limited. During the financial year 2019-20 he earned the following income:Mr. Faizan received Taka 12,00,000
1. Mr. Faizan is the Head of Taxation of RX Limited. During the financial year 2019-20 he earned the following income:Mr. Faizan received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided him with a car for official and his family use. He was also provided with a residential house against which the company incurred rental expenses of Taka 3,10,000. Though the company has aRecognized Provident Fund, Mr. Faizan did not apply for becoming the member of that Fund. As per theProvident Fund Rules, the contribution to the Fund by the employer is 8% of basic pay. In addition, he made the following transactions relating to financial year 2019-2020:Donation made to the Zakat Fund Taka 10,000, purchased share of a private limited company Taka20,000 and paid Taka 15,000 as Life Insurance Premium. Please compute total income and tax liability of Mr. Faizan for the assessment year 2020-21 considering the above information.
2. Write down the names of items in Bangladesh which are not eligible for claiming input tax credit by making reference to the provisions of the VAT & SD Act, 2012.
3. In Bangladesh, what are the procedures of enlistment in context with Supplementary Duty Act, 2012?
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