Mr
Subject:SociologyPrice: Bought3
Mr. Benzamin Whittaker is a citizen of Bangladesh. He is 65 years old and works in a Company called, "About the Fit Ltd." as an intern in the company's senior internship program. Mr. Whittaker has drawn basic salary of Tk. 23,450 on June, 2020 in the scale of Tk. 20,000-1150-26,900 and his date of yearly increment falls on September 20th. He received dearness allowance @ 5% of basic salary and medical allowance of Tk. 10,000 in the year. He has been provided with an accommodation at a concession rate that has an annual rental value of Tk. 60,000 for which he bears rent of Tk. 3,000 per month. He received two festival bonuses in the year (One in December and one in April). He contributed 5% of his basic salary to a recognized provident fund and received an interest of Tk. 5..4@16.5% interest. His employer also contributed the same amount to the RPF. Income from business and profession BDT 1,000,000 Income from house property 200,000 Capital gains 100,000 Income from speculative business 160,000 He also took a Life Insurance policy for himself and Paid Tk. 4,000 as Policy Premium (Policy Value Tk. 30,000). He has been given Tk. 3,500 as Conveyance allowance per month. In the same year, He has also been awarded a special travel allowance of Tk. 25,000 for his satisfactory performance. He used the money to travel to Maldives and spent a total of Tk. 20,000 from the allowance. His other investments during the year were: a. Purchase of shares of an unlisted company of Tk. 6,000; b. Purchase of Books and Magazines of Tk. 3,000; c. 10% debentures of Dunder Mifflin Ltd. of the face value of Tk. 650,000 (Interest payable on 31st November on an annual basis) were sold ex-interest on November 01, 2020 and Tk. 833,333 14% debentures of Central perk Ltd. was purchased ex-interest, borrowing the additional sum from Bank of Bravos @ 9.5% interest. The bank charged him Tk. 1,200 as commission for the settlement of the purchase and sales and Tk. 1,000 for collecting interests. The due dates of payment of interest on 14% Central Perk Ltd. Debentures are August 31 and February 28. d. On April 30, 2020, 3 Year Zero Coupon Bond of Tk. 100,000 was matured and He has received the amount as maturity value where the acquisition price of the same was Tk. 98,500. The Interest collection fee of Tk. 550 was charged in this regard by his Bank; e. Invested Tk. 50,000 in 10% Taxable Government Security (Treasury bond). The Rate of Tax deducted at source is 5%. The Interest collection fee of Tk. 500 was charged in this regard by his Bank; Other information: Mr. Benzamin Whittaker has been filing his tax returns for almost 42 years but for the first time he wishes to submit it Online. Moreover, the special travel allowance He received was part of his employment agreement. Lastly, Both Dunder Mifflin Ltd. and Central perk Ltd. are listed in Dhaka Stock Exchange. Based on the information given above, compute taxable income and tax liability of Mr. Benjamin Whittaker for the assessment year 2020-2021. Show the workings and notes in detail.
