X Limited

TIN: ----------------------
Income Year: 2017-2018
Assessment Year: 2018-2019
Taka Taka
Net Profit as per audited accounts 1,012,920
Adjustments for subsequent/separate consideration
Add: Accounting depreciation 1,114,460
2,127,380
Adjustments for statutory disallowances and allowances
Deduct: Tax depreciation 998,611
Business income 1,128,769
Add: Income from other Sources (inadmissible portion of car price) 139,168
Taxable income 1,267,937

Net Tax Liability

i) Income tax comes @35% 152,152
ii) Tax deducted at source .60% by bank on Export proceeds Minimum tax @.60% 363,021
on Tk. 60,503,530 which is subject to minimum tax
Minimum tax liability comes lower of actual tax liability, therefore, actual tax 363,021
liability

Less : - Advance tax paid by the company

- Tax deducted at source by the bank on export proceed 363,020
Tax payable -

Notes:

Paid-up capital & accumulated profit 24,216,650

Allowable: 10% on Paid-up capital & accumulated profit 2,421,665
Purchase value of car 2,700,000
Difference (Purchase value - allowable limit) 278,335
50% of difference value to be added as income from other sources 139,168
 Income Tax Assessment Order of

Jupiter Limited
TIN: ----------------------
Income Year: 2017-2018
Assessment Year: 2018-2019
Taka Taka
Net Profit as per audited accounts 7,233,000
Adjustments for subsequent/separate consideration
Deduct: Non business income
Interest on FDR 200,000 200,000
7,033,000
Add: Expenses charged to Statement of Comprehensive Income
Accounting depreciation 1,870,500
Entertainment 412,370 2,282,870
9,315,870
Adjustments for statutory disallowances and allowances
Add: Inadmissible Expenses incurred
Salary for machinary instalation being capital expenses (100,000x4) 400,000
Professional expenses 50,000
Share money depositeed in cash 120,000 570,000
9,885,870
Deduct: Expenses admissible as per ITO
Tax depreciation 1,690,650
1,690,650
Income from business and revenue gain before entertainment 7,625,220
Less: Admissible entertainment 172,504
Total Income from business after consideration of entertainment 7,452,716

Tax Liability
i) Income tax comes @25% 1,863,179
ii) Minimum tax @.60% on gross receiprs of Taka 107,885,390 which is subject to 647,312
minimum tax
Minimum tax liability comes lower of actual tax liability, therefore, actual tax 1,863,179
liability
Add:
Penalty for late submission of tax @ 10% on tax imposed on the year 274,037
Continuing default penalty 2,200
Tax payable for the year including penalty 2,139,416
Less : - Advance tax paid by the company during the year 1,720,000
Tax recoverable after consideration of advance tax 419,416

Notes:

* Foreign tour expenses Taka 50,000 is within the ceiling

(1% on Sale of Taka 107,865,390 comes Taka 1,078,654) 1,078,654

* Preofessional fee paid 250,000

Tax paid proportonate to the fee (20,000x10) 200,000
Tax not deducted on professional fee of Taka 50,000

* Entertainment allowable 4% 1,000,000 40,000

2% 6,625,220 132,504
7,625,220 172,504

* Gross receipts (107,685,390+200,000)=1107,885,390

* Penalty for late submission of tax return for the year

Penalty for late submission of return @10% of tax imposed on last assessed income 274,037
(Previous year's total tax payable was Taka 2,740,370)

* Continuing default penalty

Last submission date was 15 January 2018 but submitted on 28 February 2018 44 days
Penalty for continuing default per day Taka 50 2,200