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Name: Nowrin Farid

ID:

1221480

Classification of Taxpayers: Corporate and Non-corporate


For the purpose of socio economic stabilization, taxpayers have been classified as corporate or
non-corporate. Companies, banks, corporations and other statutory bodies have been takes as
corporate and rest are take i.e. Individuals, Firms, H.U.F, A.O.P are designated as non-corporate.
The two groups of taxpayers differs in several aspects such as, but no limited to, tax rates,
residential status, tax exemptions, rebates etc.

Non-Corporate Taxpayers:
Income from House Property: U/S24
Tax from the house property shall be ascertained on the basis of annual letting value of house
property. Annual value reasonable rent which the house owner is expected to get from time to
time. Or Annual value is the reasonable rent at which house can be let out from time to time or
the actual rent, whichever is higher. Only the house owner shall be assessed to pay tax. When the
share of house property is definite and ascertainable, income tax shall be calculated on the basis
of specific share of each owner. Deduction from income from house property are:
Any sum payable to Government as land development tax or rent on account of the land
comprised in the property.
The amount of any premium paid to ensure the property against the risk of damage or
destruction.
Where the property is subject to ground rent, the amount of such rent.
Expenditures for repairs and others is an amount equal to one fourth of the annual value of the
property where the property is used for residential purpose. An amount equal to thirty thirty
percent of the annual value of the property where it is used for commercial purposes.
Where, the whole of the property is let out and it was vacant during a part of the year, a sum
equal to such portion of the annual value of the property as is proportionate to the vacancy of
such part.
Basic pay 30,000 taka per month.
He enjoyed the residential facilities and also used a full time transport. Dearness allowances 20%

Computation of Total Income


For the assessment year 2014-2015
Basic-

30000*12 = 360000

Dearness Allowance-

20%

= 72000

25% taken as national income for free accumulation

= 90000

7.5% of basic transport allowance

= 15000

Employers contribution to RPF @5%

= 18000

Total income

= 567000

Tax comes to
Tk 2,20000

nil

Tk 300000@ 10% - 30000


On balance 47000@15%- 7050

= 37050

Less investment tax rebate @ 15% on 30% of (total income excluding


Employers contribution to RPF)

175000*15% = 24075

Net tax payable to be paid by a P.O of any schedule bank

1. 164700 (567000-18000)*30%
2. 218000 (100000+100000+18000)
3. 15000000
Whichever is less

Income from Agriculture: U/S26

= 12345

Any receipts out of cultivation of land and the use of buildings, premises,
and land appurtenant there to shall be considered as the income from
agriculture after some considerations. The allowable deductions under
agriculture are given below.
Agricultural income shall be determined after allowing a deduction of 60%
from receipt from agriculture as agricultural expenses to avoid the problems
arises out of now acceptable evidences of the production cost of cultivation.
If the agriculture does not have any other income than the agriculture, then
he or she will get additional exemption of taka 50000 over and above the
statutory exemption of 22000/27500 agricultural expense because their
income need transportation to take it to the ports for exports abroad
Prof .Sharma owns 5 acres of land double crops which yields 20 quintals/
acre of paddies (1,000 kg= 1 quintal)
The price per quintal say, taka (30*1000) = 30000 taka.
Total products: 20*5*2= 200*30000
Total receipts from Sale of the agricultural products
6000000 taka
Less: 60% of the total receipt being
Allowances for cost of cultivation
(3600000) taka
Net income from Agriculture
= 2400000 taka

Incorporated Companies:

1. Chartered Companies: These companies are incorporated under a special


charter such as the east India Company. The bank of England, the Company
act does not apply to it.
2. Statutory Companies: These companies are incorporated by special act of
legislature (Act of parliament or state legislature i.e. RBI, UTI, LIC.
3. Registered Companies: Companies which are registered under the Indian
Companies Act, 1956 are called registered companies. To become a
registered company one has to take the certification of incorporation from the
registrar.

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