Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(b) From the given information compute income chargeable under the head interest on securities for Mr. Nasir for the income year 2019-2020: (i) Interest
(b) From the given information compute income chargeable under the head interest on securities for Mr. Nasir for the income year 2019-2020: (i) Interest on 10% tax-exempt government securities Tk. 15000; (ii) Interest on taxable government securities Tk. 9500; (iii) Investment on 12% debentures Tk. 100,000; (iv) Income from zero coupon bond Tk. 12000. The bank has charged Tk. 300 collecting interest on tax-exempt government securities and Tk. 200 for zero coupon bond. The bond has also deducted 5% commission for collecting interest on taxable government securities and debentures. In addition, bank loans were taken to invest in; for tax-exempt government securities Tk. 100,000 @ 5% interest; for taxable government securities Tk. 50,000 @ 6% interest and debentures Tk. 120000 @ 6% interest.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started