Calculate Taxable income, Investment Allowance, Maximum limit of Investment Allowance and total tax liability of Mr./Mrs. Zafar (age: 50 years and resides in Dhaka) for the Income Year 2019-2020. (10+4+3+3) Male students consider the assessee as Male and Female students consider the assessee as female. Income from agricultural land: She/He has agricultural lands from where his gross income from sale of paddy Tk.105,000 and from sale of jute Tk. 28,000. On the other hand, she/he has also received Tk. 32,000 as landlord. She/he keeps proper accounts of cost of production and has maintained the proof of the following expenses: interest on borrowed capital Tk. 3,000; land development tax Tk. 1000; insurance premium Tk. 1,400; maintenance of irrigation work Tk. 1,000; transportation cost Tk. 3,200; process cost Tk. 6,400. Her/His other income includes: cash rentals of agricultural land Tk. 23,000; income from rent of a building solely used for business purpose Tk. 10,200; income from Tea estate Tk. 100,000; income from Rubber garden 77,000; income from sale of Palm juice Tk. 2,3000; income from sale of honey Tk. 5,500; income from sale of fishes from pond Tk. 20,000; and income from sale of fruits and vegetables tk. 5,000. Capital Gain: Sale of furniture TK. 7,000; cost Tk. 11,000 and Book value Tk. 8,000. Income from House Property: She/he is also the owner of a three-storied building at Mohakhali. She/he resides with her family in the 2nd floor, the ground floor is used by her/his son as medical chamber, who is not dependent on her. The other floor is let out at a monthly rent of Tk. 17,500. The municipal value of the house is Tk. 525,000. The following expenses were incurred during the income year for that house: city corporation tax Tk. 1,300 per quarter; White wash expense Tk. 40,000; Insurance premium Tk. 7,000; Electricity for water pump Tk. 3,000; Caretaker's salary Tk. 3,500 per month (which was paid by the tenants); Land revenue paid Tk. 3,600; Mortgage loan paid Tk. 45,000 (of which Tk. 40,000 is principal on loan); Interest paid to HBFC Tk. 2,400; and Alteration cost for ground floor Tk, 37,000. During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk. 7,100; Insurance premium-spouse (Policy value Tk. 40,000) Tk. 3,700; Deposited to pension scheme per month Tk. 700; Educational expense of son Tk. 12,000; Household expenses Tk. 20,000; Donated to recognized fund Tk. 16,000; Purchase of savings certificate Tk. 60,000; Purchase of unit certificate Tk. 11,000; Purchase of postal savings certificate Tk. 80,000; Purchase of Defense savings certificate Tk. 12,000; Purchase of magazines and books Tk. 4,500; Donated to prime minister's relief fund Tk. 4,000; Donated to recognized high school Tk. 3,000; Donated to a local sporting Club Tk. 1,000; Donated to Salimullah Muslim Orphanage Tk. 5,000; The employer deducts Tk.500 per month as group insurance premium; Donated to recognized welfare fund Tk. 3,600; Donated to government zakat fund Tk. 1,800; Gift to wife Tk. 15,000; Purchased primary share of a listed company Tk. 35,000; Purchased share of a listed company from Dhaka Stock exchange Tk. 30,000; Donated to Bangladesh Sports Development Council Tk. 10,000; Donated to President's relief fund Tk. 4,000; and Advance payment for expenses Tk. 17,000. Moreover, in the income year 2019-20 she/he dealt with Gul & Zarda. She/he has net wealth of 20 crore. She/he is also a legal guardian of three autistic children.

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