Question no 1(here ABC represents the last 3 digits of your ID) (22 Marks) Mrs. Shejuti Khan is a professor of a private law school. She draws Tk. 30,ABC as salary, Tk. 2ABC as medical allowance, 1ABC as conveyance allowance and Tk. 1,000 as entertainment allowance per month. She also receives 30% of her basic salary as house allowance and two bonuses in a year equivalent to one months basic salary each. She owns a house at Mohammadpur, Dhaka. During the year income from the house has been compute at Tk. 59,000 as follows: Description Tk. Tk. Rent 110,000 Less Expenses: Repair 8,000 Water bill 10,000 City Corp. Tax 5,000 Insurance 4,000 Salary of Liftman 24,000 Total 51,000 59,000 Her other incomes were as follows: a) Agricultural income (from lease of land) Tk. 25,000 b) Income from selling honey Tk. 20,000c) Income from selling flower Tk. 50,000 During the year her investments were as follows: a) Purchase of share from IPO market Tk, 350,ABC b) Life insurance premium Tk. 50,ABC c) Contribution to Recognized Provident Fund @ 10% of B.S. Compute total and Taxable Income of Mrs. Shejuti Khan for the income year 2019-2020 and the net tax payable amount. Question no 2 (9 Marks) Mr. Rayhan has recently joined in ABC audit firm as a junior officer. On September 1st he will start auditing his first client Best Price. Best Price is a sole proprietorship business. The main function of the business is to import and sells laptop. Before his first field visit to Best Price, he has come to you to know details about tax evasion. Tax evasion is an illegal and punishable offense. Being a senior auditor, it is your responsibility to aware him different techniques business owners follow to evade tax. Use appropriate examples relevant for Best Price. Question no 3 (9 Marks) Income Tax is one of the essential sources of raising fund for government to run the country; though it diminishes individuals freedom there is always arguments in favour and against of Income tax. Aribah and Arshia both have recently joined in NBR as trainee officers. They have a different perspective towards Income Tax system. Aribah believes income tax is more beneficial, whereas Arshia believes income tax system is harmful. Illustrate Aribah and Arshias reasoning to support their point of view. Based on your explanation of both ideas, which one do you support and why?