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Example 1 Mr . Mohamed Shahiduzzam is senior executive a multinational company. His income and related information for the income year 2 0 1 5

Example 1
Mr. Mohamed Shahiduzzam is senior
executive a multinational company. His
income and related information for the
income year 2015-16 are as follows:
basic monthly salary TK175000, house
rent 50% of basic, medical TK5000
a month, full time car and driver, 2
festival bonus, employee profit sharing
bonus 3 months' basic, contributory
provident fund 10% of basic from both
the employer and the employee. TDS is
TK25000.
Mr. Zaman lives in his own apartment
in the first floor and rented the second
floor at a monthly rental of TK50000,
municipal value being TK55000. His
expenses for two apartments are
TK200000 for repairs and maintenance
municipal holding tax 3% of rental
value, 'insurance premium TK3000. He
took loan of TK 3m @12% interest for
the building beginning in 2005. The
building was completed in 2014 and
loan repaid till 2014 TK2m.
His income from agricultural land is
TK300000 as his share from farmers.
He received interest on government
savings certificates TK40000, TK2500
from bank interest, and dividend of
TK55000 from companies, all are after
TDS.
His investments during the year are
(i) a piece of land at Savar, Dhaka for
TK2.5m but the deed shows TK1.5m,
(ii) company shares for TK75000
cost being TK60000,(iii) premium of
TK20000 for an insurance policy of
TK3m.
He has business in the name of his
spouse who has not a TIN, income
from this business being TK1.8m. He
received a gift from his father market
value of which is TK5m. His total net
wealth including all his investments
and gift is TK40m.
Requirement: Mr. Shahiduzzaman's tax
return Calculation. according to the
Income Tax Audience Act 2023.(Based
on the Income Tax Law Act 2023 of
Bangladesh Point of view).

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