Mid1(A) LAW301 Sum... WRITING AND Time: 45 minutes(FOR BOTH SUBMITTING) Course Code: LAW 301 Semester: Summer 2020 Total Marks: 25 Set A 1. From the following information compute the income chargeable under the head Interest on Securities for Mr. Jewel for the income year 2018 - 2019: Value of 12% tax-exempt government securities Tk. 40,000; Interest on tax-exempt government securities Tk. 10,000; Interest on taxable government securities Tk. 11,000; Value of 15% debenture Tk. 65,000; Interest on 15% debentures Tk. 11,225 and income from zero coupon bond Tk. 7,000. The Bank has charged Tk. 2,500 for collecting the above interests. In addition to this, he has taken a bank loan of Tk. 1,20,000 @ 8% interest to purchase the tax-exempt government securities. (15) 2. During the income year 2018 - 2019, Ms. Gulbadan had the following amounts from her investments in savings instruments: Tk. 200,000 as interest on 5-Year Bangladesh Sanchaypatra; Tk. 1,50,000 as 3 monthly profit based Sanchaypatra (Bought on October 01, 2018); Tk. 100,000 as interest on Pensioner Sanchaypatra (Cumulative investment amount reached to Tk 700,000 at the end of the income year 2018-2019); a. What will be total taxable income from interest on savings instruments? b. What will be his amount of tax liability on such income, if he has no other income? (5) 3. Explain the Canons of taxation in your own words