During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk....
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During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk. 7,100; Insurance premium- spouse (Policy value Tk. 40,000) Tk. 3,700; Deposited to pension scheme per month Tk. 700; Educational expense of son Tk. 12,000; Household expenses Tk. 20,000; Donated to recognized fund Tk. 16,000; Purchase of savings certificate Tk. 60,000; Purchase of unit certificate Tk. 11,000; Purchase of postal savings certificate Tk. 80,000; Purchase of Defense savings certificate Tk. 12,000; Purchase of magazines and books Tk. 4,500; Donated to prime minister's relief fund Tk. 4,000; Donated to recognized high school Tk. 3,000; Donated to a local sporting club Tk. 1,000; Donated to Salimullah Muslim Orphanage Tk. 5,000; The employer deducts Tk.500 per month as group insurance premium; Donated to recognized welfare fund Tk. 3,600; Donated to government zakat fund Tk. 1,800; Gift to wife Tk. 15,000; Purchased primary share of a listed company Tk. 35,000; Purchased share of a listed company from Dhaka Stock exchange Tk. 30,000; Donated to Bangladesh Sports Development Council Tk. 10,000; Donated to President's relief fund Tk. 4,000; and Advance payment for expenses Tk. 17,000. Moreover, in the income year 2019-20 she/he dealt with Gul & Zarda. She/he has net wealth of 20 crore. She/he is also a legal guardian of three autistic children. 2. Discuss proportional and regressive tax system hyothetically. 3. Tax reduces inequality of the society-explain hypothetically. 55 5 During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk. 7,100; Insurance premium- spouse (Policy value Tk. 40,000) Tk. 3,700; Deposited to pension scheme per month Tk. 700; Educational expense of son Tk. 12,000; Household expenses Tk. 20,000; Donated to recognized fund Tk. 16,000; Purchase of savings certificate Tk. 60,000; Purchase of unit certificate Tk. 11,000; Purchase of postal savings certificate Tk. 80,000; Purchase of Defense savings certificate Tk. 12,000; Purchase of magazines and books Tk. 4,500; Donated to prime minister's relief fund Tk. 4,000; Donated to recognized high school Tk. 3,000; Donated to a local sporting club Tk. 1,000; Donated to Salimullah Muslim Orphanage Tk. 5,000; The employer deducts Tk.500 per month as group insurance premium; Donated to recognized welfare fund Tk. 3,600; Donated to government zakat fund Tk. 1,800; Gift to wife Tk. 15,000; Purchased primary share of a listed company Tk. 35,000; Purchased share of a listed company from Dhaka Stock exchange Tk. 30,000; Donated to Bangladesh Sports Development Council Tk. 10,000; Donated to President's relief fund Tk. 4,000; and Advance payment for expenses Tk. 17,000. Moreover, in the income year 2019-20 she/he dealt with Gul & Zarda. She/he has net wealth of 20 crore. She/he is also a legal guardian of three autistic children. 2. Discuss proportional and regressive tax system hyothetically. 3. Tax reduces inequality of the society-explain hypothetically. 55 5
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1 Proportional Tax System This type of taxation system is based on the principle of equal sacrifice ... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
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