Department of Finance

University of Dhaka
F-203

BUSINESS TAXATION

A Report on
Tax return of Individuals Assesse

Submitted to:
Mohammad Anisul Islam
Lecturer
Department of Finance
University of Dhaka
Submitted by:
Md. Shahidul Islam
Id: 22-055
Section: A

Submission Date: 04-06-2017

 Letter of Transmittal

04 June, 2017

Mohammad Anisul Islam

Lecturer
Department of Finance
University of Dhaka

Subject: Submission of a report on “Tax returns of Individual Assesse”.

Dear Sir,

Here is my report on “Tax returns of Individual”. In this report, I have made the tax return of
Individual under difference head with the reference specimen form of NBR. I calculated the income
and tax liability of my brother who have only income from salary.
I am pleased to be granted this vital opportunity and grateful for your versatile assistance. I hope that
our work will please you. I will be available in the presentation for further explanations.
Thank You.

Sincerely Yours,
Md. Shahidul Islam

………………………….
ID: 22- 055
Section-A
BBA 22nd Batch

1
 Executive Summary

This report shows the tax return of an individual assesse who have only income from Salary. It also
shows the income tax liability under difference head.
Our course teacher Mohammad Anisul Islam, Lecturer, Department of Finance, has given us an
opportunity to prepare a report on “Tax returns of Individual Assesse”.
I have collected resources for reporting purpose from the individual Assesse Md. Jahidul Islam
Mamun. It contains all necessary information on this topic.

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 TABLE OF CONTENTS

Serial Name of the Contents Page No.

1. Origin, Objectives and Methodology 4
2. Income Tax Return of An Individual Assessee 5
Under the head Salary
3. Income from Interest on Securities 12
4. Income from House Property 13
5. Income from Agriculture 15
6. Income from Business Profession 16
7. Income from Capital Gain 17
8. Reference 18

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 Origin of the report
This Report of “Income Tax return of Individual Assessee” is submitted to Mohd. Anisul Islam,
Lecturer, Department of Finance, University of Dhaka, assigned as a partial requirement of course
named Business Taxation (F-203).

Through this study we can see how an individual assesse calculate his/her tax liability and how to
submit the tax return. This study will be applicable in our working life. This study will be effective
for us when we will maintain any person in future. After all I am feeling really excited because of
having my report completed within the allocated time properly.

Objectives of the Report

1. To present the real picture of Income tax returns.

2. To show how to calculate taxable Income, tax liability and submit.

3. To show the application on different situations.

Methodologies of the Report

The methodology of this report is collective. The report is based on collected information from our
course study, Internet and NBR website .

Limitations of the Report

Every study has some limitations. I faced some usual constraints during the course of our preparation
for the report. The major limitations are as follows:

▪ Limited experience and expertise.

▪ Lack of vast knowledge in the respective area.

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National Board of Revenue IT-11GA2016
www.nbr.gov.bd
RETURN OF INCOME
For an Individual Assessee

The following schedules shall be the integral part of this return and must be annexed
to return in the following cases:
Schedule 24A if you have income from Salaries
Schedule 24B if you have income from house property
Schedule 24C if you have income from business or profession
Schedule 24D if you claim tax rebate

PART I
Basic information
01 Assessment Year 02 Return submitted under section 82BB?
(tick one)
2 0 1 6 - 1 7
Yes √ No

03 Name of the Assessee 04 Gender (tick one)

Md. Jahidul Islam Mamun M √ F

05 Twelve-digit TIN 06 Old TIN

576964903164 697-100-3789

07 Circle 08 Zone
215, Narsingdi 10, Dhaka

09 Resident Status (tick one) Resident √ Non-resident

10 Tick on the box(es) below if you are:

10A A gazetted war-wounded 10B A person with disability

freedom fighter

10C Aged 65 years or more 10D A parent/legal guardian of a person

with disability

11 Date of birth (DD-MM-YYYY) 12 Income Year

1 0 1 0 1 9 8 9
1 2015 to 2016

13 If employed, employer’s name

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14 Spouse Name 15 Spouse TIN (if any)
Mst. Farzana Akter

16 Father’s Name 17 Mother’s Name

Emdadul Islam Mst. Khuki Begum

18 Present Address 19 Permanent Address

Hasnabad Bazar, Raipura, Narsingdi Hasnabad Bazar, Raipura, Narsingdi

20 Contact Telephone 21 E-mail

01723511875 [email protected]

22 National Identification Number 23 Business Identification Number(s)

6816440262456

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 PART II
Particulars of Income and Tax
TIN: 5 7 8 9 6 4 9 0 3 1 6 4
Particulars of Total Income 1 Amount $
24 Salaries (annex Schedule 24A) S.21 6,10,160

25 Interest on securities S.22

26 Income from house property (annex Schedule 24B) S.24

27 Agricultural income S.26

28 Income from business or profession (annex Schedule 24C) S.28

29 Capital gains S.31

30 Income from other sources S.33

31 Share of income from firm or AOP

32 Income of minor or spouse under section 43(4) S.43

33 Foreign income

34 Total income (aggregate of 24 to 33) 6,10,160

Tax Computation and Payment Amount $

35 Gross tax before tax rebate 36016

36 Tax rebate (annex Schedule 24D) 9,408

37 Net tax after tax rebate 26,608

38 Minimum tax 3,000

39 Net wealth surcharge

40 Interest or any other amount under the Ordinance (if any)

41 Total amount payable 26,608

42 Tax deducted or collected at source (attach proof)

43 Advance tax paid (attach proof)

44 Adjustment of tax refund [mention assessment year(s) of refund]

45 Amount paid with return (attach proof)

46 Total amount paid and adjusted (42+43+44+45)

47 Deficit or excess (refundable) (41-46)

48 Tax exempted income

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 PART III
Instruction, Enclosures and Verification
TIN: 5 7 8 9 6 4 9 0 3 1 6 4
1
49 Instructions
1. Statement of assets, liabilities and expenses (IT-10B2016) and statement of life style expense (IT-
10BB2016) must be furnished with the return unless you are exempted from furnishing such
statement(s) under section 80.
2. Proof of payments of tax, including advance tax and withholding tax and the proof of investment
for tax rebate must be provided along with return.
3. Attach account statements and other documents where applicable
50 If you are a parent of a person with disability, has your spouse Yes No
availed the extended tax exemption threshold? (tick one)

51 Are you required to submit a statement of assets, liabilities and Yes No

expenses (IT-10B2016) under section 80(1)? (tick one)

52 Schedules annexed
24A √ 24B 24C 24D √
(tick all that are applicable)

53 Statements annexed
IT-10B2016 IT-10BB2016
(tick all that are applicable)

54 Other statements, documents, etc. attached (list all)

Verification and signature

55 Verification
I solemnly declare that to the best of my knowledge and belief the information given in this
return and statements and documents annexed or attached herewith are correct and complete.
Name Signature
Md. Jahidul Islam Mamun

Date of Signature (DD-MM-YYYY) Place of Signature

1 0 1 1 2 0 1 6 Narsingdi, Tax circle 215.

Return Submission Information

Date of Submission (DD-MM-YYYY) Tax Office Entry Number

1 0 1 1 2 0 1 6
0

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 National Board of Revenue Individual
www.nbr.gov.bd
ACKNOWLEDGEMENT RECEIPT OF
RETURN OF INCOME
Assessment Year Return under section 82BB? (tick one)

2 0 1 6 - 1 7 Yes √ No

Name of the Assessee

Md. Jahidul Islam Mamun

Twelve-digit TIN Old TIN

576964903164 697-100-3789

Circle Zone
215, Narsingdi 10, Dhaka

Total income shown (serial 34)

৳ 6,10,160

Amount payable (serial 41) Amount paid and adjusted (serial 46)
৳ 26,608 ৳

Amount of net wealth shown in IT10B2016 Amount of net wealth surcharge paid
৳ ৳

Date of Submission (DD-MM-YYYY) Tax Office Entry Number

1 3 1 1 2 0 1 6
740

Signature and seal of the official receiving the return

Date of Signature Contact Number of Tax Office

9462649

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 SCHEDULE 24A
Particulars of income from Salaries
Annex this Schedule to the return of income if you have income from Salaries
01 Assessment Year 02 TIN
2 0 1 6 - 1 7 578964903164

Particulars Amount Tax exempted (B) Taxable

(A) (C = A-B)
03 Basic pay 3,92,000 - 3,92,000

04 Special pay

05 Arrear pay (if not included in taxable

income earlier)
06 Dearness allowance

07 House rent allowance 1,86,000 186,000

08 Medical allowance 70,000 39,200 30800

09 Conveyance allowance

10 Festival Allowance 66,000 - 66,000

11 Allowance for support staff

12 Leave allowance

13 Honorarium/ Reward/Fee

14 Overtime allowance

15 Bonus / Ex-gratia

16 Other allowances: Mobile Bills 36,000 36,000

17 Employer’s contribution to a 31,360 31,360

recognized provident fund
18 Interest accrued on a recognized
provident fund
19 Deemed income for transport facility 24,000 24,000

20 Deemed income for free furnished/

unfurnished accommodation
21 Other, if any (give detail)
Education Allowance for Children 30,000 30,000
22 Total 8,35,360 2,25,200 6,10,160

All figures of amount are in taka (৳)

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Name Signature & Date
Md. Jahidul Islam Mamun

SCHEDULE 24D
Particulars of tax credit/rebate
To be annexed to return by an assessee claiming investment tax credit
(Attach the proof of claimed investment, contribution, etc.)

01 Assessment Year 02 TIN: 578964903164

2 0 1 6 - 1 7

Particulars of rebatable investment, contribution, etc. Amount ৳

03 Life insurance premium
04 Contribution to deposit pension scheme (not exceeding allowable
limit)
05 Investment in approved savings certificate
06 Investment in approved debenture or debenture stock, Stock or Shares
07 Contribution to provident fund to which Provident Fund Act, 1925
applies
08 Self-contribution and employer’s contribution to Recognized Provident 62,720
Fund
09 Contribution to Super Annuation Fund
10 Contribution to Benevolent Fund and Group Insurance Premium
11 Contribution to Zakat Fund
12 Others, if any ( give details )
13 Total allowable investment, contribution etc. 62,720
14 Eligible amount for rebate (the lesser of 14A, 14B or 14C) 62,720
14A Total allowable investment, contribution, etc. (as in 13) 62,720
14B 25 % of the total income [excluding any income for which a 1,44,700
tax exemption or a reduced rate is applicable under sub-section
(4) of section 44 or any income from any source or sources
mentioned in clause (a) of sub-section (2) of section 82C.]
14C 1.5 crore 15,000,000
15 Amount of tax rebate calculated on eligible amount (Serial14) under 9,408
section 44(2)(b)

Name: Md. Jahidul Islam Mamun Signature & Date:

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 Income from Interest and Securities
Problem 7-4
From the following information compute the income chargeable under the head Interest on Securities
for Mr. Jewel for the income year 2015-16. Value of 15% tax-exempt govt. securities Tk. 30,000;
Interest on tax exempt govt. securities Tk. 10,000; Interest on taxable securities 9.000; Value of 15%
debenture Tk. 60,000; Interest on 10% debentures Tk 9,000 and income from zero coupon bond- Tk
2,000. The Bank has charged Tk 1,500 for collecting the above interests. In addition to this he has
taken a bank loan of Tk. 100,000 @6% interest to purchase the tax exempt government securities.

Mr. Jewel
Assessment year: 2016-17
Income year: 2015-16
Particulars TK. TK. TK.
INCOME FROM INTEREST ON SECURITIES
(SECTION -22&23)

Interest on tax-exempt govt. securities 10,000 -

Less: exempted-full 10,000

Interest on taxable govt. securities 10,000

Less: Allowable expenses (Bank charge) 00360 9,640
[9500*1500/39550]

Interest on 10% debentures 10,000

Interest on 15% debentures 9,000
19,000
Less: allowable expenses (Bank charge) (685)
[ 19,000*1500/39550] (6,000)
Interest on loan (100,000*6%) 12,315

Income from zero coupon bond 2,000

Less: exempted full 2,000 -
21,955

NOTE: 1. Total interest collected by bank:

Tax exempt government securities : 10000
15% taxable govt. Securities : 9,500 (10000 – TDS @5%)
15% interest from debenture : 9,500 (10000 – TDS @5%)
10% interest from debenture : 8,550 (9000-TDS @5%)
Interest on zero coupon bond : 2,000
39,550

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 Income from House Property
Problem- 8.4:

SCHEDULE 24B
Particulars of income from house property
Annex this Schedule to the return of income if you have income from house property

01 Assessment Year 02 TIN

2 0 1 6 - 1 7
7

For each house property

03 Description of the house property

03A Address of the property: 03B Total area:
Two-storied, One floor for personal use.
Gulshan 03C Share of the asessee (%): 100%

Income from house property Amount ৳ Amount ৳

04 Annual Value 6,60,000

05 Deductions (aggregate of 05A to 05G)

05A Repair, Collection, etc. (6, 60,000× 30%) 1,98,000

05B City corporation Tax 11,000

05C Land Revenue 1000

05D Interest on Loan/Mortgage/Capital Charge 3000

05E Insurance Premium 8000

05F Vacancy Allowance 110,000

05G Other, if any ×

331,000

06 Income from house property (04-05) 3,29,000

07 In case of partial ownership, the share of income ×

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Provide information if income from more than one house property

08 Aggregate of income of all house properties (1+2+3+- - - ) ৳

(provide additional papers if necessary)
1 (Income from house property 1) ৳

2 (Income from house property 2) ৳

3 (Income from house property 3) ৳

Name Signature & Date

Mr. Jalal Ahmed 30.06.2016

Calculation of Tax Liability:

Rate Amount ৳
On the first 2,50,000 0% -
On the next 79,000 10% 7900
Total 3,29,00 - 7900

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 Income from Agriculture
Problem 9-3:
Particulars of Mr. Lutfur Rahman for the year ended 30th June, 2016 are Sale of Jute 250 maunds tk.
650 per maunds sale of Rice 112 maunds Tk, 580 per maund, Income from lease of agricultural land
Tk, 28,000; Income from ferry ghat Tk, 5,000; Income from tea garden 80,000; Income from Sugar
industry Tk, 100,000 and Income from sale of honey Tk, 4,500, Expenses relating to all these income
are as follows: Land revenue paid Tk,8,500, Crop insurance premium Tk 300, Allowable
depreciation Tk. 4,250, Interest on mortgage loan Tk, 3,760, Maintenance costs for irrigation plant
Tk.200, and Union parisad tax Tk. 5,450, Mr. Rahman had a weighing machine which was purchased
at Tk. 10,500. It has become obsolete and has been discarded at Tk 3,500. At the time of sales the
written down value of the machine was 5,200. When asking for proper books of accounts Mr.,
Rahman failed to provide any supporting documents for production costs though he claimed Tk, 1,
95,720 as production cost, Compute taxable income for the year.
Mr. Lutfur Rahman
Assessment Year: 2016-17
Income Year: 2015-16
Income From “Agriculture”(Sec-24) ৳ ৳ ৳
Income from sale of Jute (250×650) 1,62,500
Income from sale of Rice (112×580) 64,960
Income from lease of Agricultural Land 28,000
Income from Tea garden (80000×60%) 48,000
Income from Sugar industry (1,00,000×60%) 60,000
Income from sale of Honey 4,500 3,67,960

Less: Admissible Expenses:

1. Production Costs 1,36,476
2. Land Revenue Paid 8,500
3. Crop insurance premium 8,300
4. Allowable Depreciation 4,250
5. Interest on Mortgage loan 3,750
6. Maintenance cost for irrigation 6,200
7. Union Parisad Tax 5,450
8. Loss on discarded of Machine 1,700 1,74,626
Total Income 193,334

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 Income from Business or Profession
Problem 10-2:
The profit and Loss Account of Mr. Y results net income of Taka 1,280,000 for the accounting year
ended on June 30, 2016 as follows:
Mr. Y
Profit and Loss Account
For the year ended on June 30 2016
Debit Taka Credit Taka
Salary 1,000,000 Gross Profit 3,000,000
Rates and Taxes 40,000 Interest on Less Tax 150,000
Rent of Premises 400,000 Govt. Securities 40,000
Fund Embezzlement 50,000 Bad Debt Recovered (disallowed
Donations 200,000 earlier) 10000
Bad debt 80,000
Fire Insurance Premium 50,000
Depreciation Expense -Machinery 40,000
Provision for bad & Doubtful Debt 60,000
Net Profit 1,280,000 000000000
32,00,000 32,00,000

Other Information:
1) Salary includes Taka 300000 paid as perquisites for the year
2) Fund embezzlement occurred during office hour on account of theft by an employee
3) Donations are made to approved organizations under Paragraph 11B of Part B of the Sixth
Schedule of ITO, 1984
4) Tax depreciation amounts to Taka 50,000
Required: Compute the income from business or profession for the year ended on June 30, 2016
Mr. Y
Assessment Year: 2016-17
Income Year: 2015-16
Income From “Business or Profession” ৳ ৳
Net Profit 12,80,000
Add: Inadmissible Expenses:
1) Salary as perquisites 300,000
2) Depreciation Expense-Machinery 40,000
3) Provision for Bad & Doubtful Debts 60,000 4,00,000
8,80,000
Less: Depreciation expense 0050,000
Total Taxable Income 8,30,000

Calculation of Tax Liability:

Rate Amount ৳
On the first 2,50,000 0% -
On the next 4,00,00 10% 40000
On the next 1,80,00 15% 27,000
Total 8,30,000 - 67,000
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 Income from Capital Gain
Problem 11-4:
Mr. White is a regular investor of CSE. In July 2007, he has purchased 50000 shares of taka 100 par
value of EXIM Bank Ltd @tk 475. Brokerage charge that time was 1.5% on the gross value of the
shares traded. In March 2009, EXIM Bank declared a cash dividend of tk.10 per share and 1 for 4
stock dividends when the market values of such shares were tk 600 each.
In December 2015, Mr. White sold 15000 shares including all of the shares that he received as bonus
share in 2009@tk 800. On the sale, the brokerage charge was 1% on the gross value of shares traded.
Solution:
Mr. White
Assessment Year: 2016-17
Income year: 2015-16
Income under “Capital Gain”(Sec-31) ৳ ৳ ৳
Sale Proceeds of Capital Assets (৳ 15000× 800) 120,00,000
Or FMV at the Time of Transfer,(Higher one) 120,00,000 120,00,000
Less: Allowable Deduction
9. Expenditure incurred to transfer of shares 1,20,000
10. Cost of acquisition 12,05,313 1325,313
Capital Gain 106,74,687
Less: Exempted 106,74,687
Capital Gain Assessed -

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 References

➢ Textbook
➢ https://www.taxmatebd.com
➢ www.nbr.gov.bd.com

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