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 Taka Particulars Taka Particulars Salaries 290,000 Gross Profit 1700,000 Office Rent 50,000 Dividend on ABC Ltd.'s 70,000 Share 50,000 Bad debt recovered 35,000 Commission Donation 2,00,000 Interest on Commercial 65,000 Securities Interest on loan 60,000 Income from house property 30,000 35,000 Bad debt Depreciation Repair expensc 70,000 25,000 Provision for Bad debt 60,000 Legal Expenses 40,000 Fund Embezzlement 30,000 Provision for Income Tax 25,000 Miscellaneous Expense 70,000 Cost of Copyright 120,000 Overseas traveling Expenses 40,000 Royalty 30,000 Incentive bonus 90,000 Net profit 595,000 1,900,000 1,900,000 Other Information: i. Fund Embezzlement occurred after office hour. Sales revenue for the year was Tk. 25,00,000. ii. Tax depreciation amounts to Tk. 50,000. iv. Donation includes Tk. 1, 85,000 paid to a recognized charitable hospital. V. 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.