Income of Mr. Belal for the year ended 30 June, 2021 includes: sale of rice 820 maunds @ Tk. 1140 per maund; sale of potato 150 maunds @ Tk. 400 per maund, income from barga land Tk. 80,000; income from ferry ghat Tk. 60,000; income from sugar industry Tk. 160,000; income from sale of forest tree Tk. 50,000, income from agricultural co-operative society Tk. 10,000; income from wild flower Tk. 35,000; and sale of mud to the brickfield for Tk. 12,000, income from cattle rearing Tk. 25,000, income from cultivation of fruits Tk. 55,000. Expenses relating to all those income are: cost of seeds Tk. 25,000, cost of fertilizer Tk. 10,000; labor charge Tk. 35,000; union parishad tax Tk. 1,500; crop insurance premium Tk. 5,500; allowable depreciation for tractors as per ITO 1984 was Tk. 30,000. Mr. Belal had a tractor which was purchased for Tk. 29,000 and sold for Tk. 18,000 (accumulated depreciation Tk. 22,000). He maintained books of accounts properly. Required: i Compute taxable income for the relevant income year.
Income of Mr. Belal for the year ended 30 June, 2021 includes: sale of rice 820 maunds @ Tk. 1140 per maund; sale of potato 150 maunds @ Tk. 400 per maund, income from barga land Tk. 80,000; income from ferry ghat Tk. 60,000; income from sugar industry Tk. 160,000; income from sale of forest tree Tk. 50,000, income from agricultural co-operative society Tk. 10,000; income from wild flower Tk. 35,000; and sale of mud to the brickfield for Tk. 12,000, income from cattle rearing Tk. 25,000, income from cultivation of fruits Tk. 55,000. Expenses relating to all those income are: cost of seeds Tk. 25,000, cost of fertilizer Tk. 10,000; labor charge Tk. 35,000; union parishad tax Tk. 1,500; crop insurance premium Tk. 5,500; allowable depreciation for tractors as per ITO 1984 was Tk. 30,000. Mr. Belal had a tractor which was purchased for Tk. 29,000 and sold for Tk. 18,000 (accumulated depreciation Tk. 22,000). He maintained books of accounts properly. Required: i Compute taxable income for the relevant income year.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 49P
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Transcribed Image Text:Income of Mr. Belal for the year ended 30 June, 2021 includes; sale of rice 820 maunds @ Tk. 1140
per maund; sale of potato 150 maunds @ Tk. 400 per maund, income from barga land Tk. 80,000;
income from ferry ghat Tk. 60,000; income from sugar industry Tk. 160,000; income from sale of
forest tree Tk. 50,000; income from agricultural co-operative society Tk. 10,000; income from wild
flower Tk. 35,000; and sale of mud to the brickfield for Tk. 12,000, income from cattle rearing Tk.
25,000, income from cultivation of fruits Tk. 55,000.
Expenses relating to all those income are: cost of seeds Tk. 25,000; cost of fertilizer Tk. 10,000;
labor charge Tk. 35,000; union parishad tax Tk. 1,500; crop insurance premium Tk. 5,5003;
allowable depreciation for tractors as per ITO 1984 was Tk. 30,000.
Mr. Belal had a tractor which was purchased for Tk. 29,000 and sold for Tk. 18,000 (accumulated
depreciation Tk. 22,000). He maintained books of accounts properly.
Required:
i. Compute taxable income for the relevant income year.
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