Income from Employment

Mr. Md. Anwaruzzaman FCA, CEO of a company in Bangladesh, has got the following income for the income year ended 30 June 2025.
You are required to calculate the total income and tax payable of Mr. Md. Anwaruzzaman FCA.

1 Basic pay of Tk.150,000 per month sent directly to his bank account.
2 Rent free accommodation provided by the company annual value of which is Tk 600,000.
3 Full time company car (3,000 CC) for his own use and for his family.
4 Company pays Tk. 100,000 p.m. for his three school going children which is paid to the school authority directly.
5 He received two festival bonus equivalents to basic pay during the festival time which he spent partly for his family and partly for
the poor people in his village.
6 Driver's salary was Tk. 10,000 p.m. paid to his driver's bank account.
7 Company paid Tk. 300,000 to him during the year being the reimbursement of various utility bills of his house;
8 Medical allowance Tk. 5000 p.m. His actual expense is more than this.
9 He was paid Tk. 1,000,000 for his overseas travels for the official trip out of which he saved 25% during the year;
10 Bill paid for international club Tk. 295,000
11 TDS applied by employer Tk 700,000.
12 Dearness allowance - 10% of Basic salary
13 He contributes 10% of his basic salary to a recognized provident fund.
His employer also contributes the same amount to the RPF.
14 He paid Tk. 150,000 as LIP (Policy Value Tk 5,000,000) for himself,
15 He invested Tk. 1,500,000 on Govt. bond and primary shares of listed companies;
16 He contributes 5% of his basic salary to the Group Insurance Scheme
17 He deposited Tk. 5,000 per month on a Deposit Pension Scheme
18 He receives Interest of Tk 250,000 from the RPF.
Income from Rent

Details Banani Dhanmondi Motijheel

Number of floors 3 1 2
Number of flats in each floor 2 1 4
Total Flats 6 1 8
Area ( Sft) 12,000 3,000 12,000
Rental status Fully let out Self-Occupied Partly let out
Type of Rent Residential Commercial
2 flats are occupied by his fully
Vacancy 1 Flat 3months
depedent sons
TDS (Tk.) - -
Owner's expenses paid by the tenant (Tk.) 60,000
Tenant' s expenses paid by the owner (Tk.) 40,000
Advance rent (Tk.) 600,000
Any receipts or sum other than rental value or advance rent (Tk.) 50,000
Adjusted advance rent which received previous income year (Tk.) 120,000

Tk. Tk. Tk.

Reasonable rent (annual) 2,880,000 480,000 3,360,000
Rental value (each flat per month) 35,000 - 30,000
2,520,000 2,160,000
Expenses incurred:
Repair and Maintenance No Records No Records No Records
Insurance premium (quarterly) 12,000 16,000
Salary of guard (Monthly) 12,000 10,000 16,000
Ground rent 6,000 3,000 8,000
Municipal tax (per month) 1,800 600 2,400
Interest on HB loan 60,000 -
HB Loan Outstanding Tk 1,000,000

Income from Agriculture

Tk.
1 Sale of paddy: (500 maunds @ Tk. 1000) 500,000
2 Sale of jute: (600 maunds @ Tk. 800) 480,000
 3 Sale of rabi crops: 50,000
4 Annual rental from leasing agricultural land 20,000
5 Sale of forest timber and bamboo 6,000
6 Income from tea garden 200,000
7 Income from rubber garden 300,000
8 Income from tobacco industry 30,000
9 Income from sugar industry 50,000
10 Income from cattle rearing 3,000
11 Income from sale of palm and date Juice 6,000
12 Income from sale of honey 5,000
Expenses for cultivation are as follows: Rice and rabi crops Jute
Cost of seeds and fertilizer 100,000 80,000
Labor charge 20,000 15,000
Cost of hiring pump machine 10,000 6,000
Repair expense of equipment 8,000 3,000
Transportation cost 7,000 2,500
He maintains proper books of accounts for rice and rabi crops. However, he maintains no books for jute.

Other expenses as incurred were as follows:

Union parisad tax 5,000
Land revenue 2,000
Crop insurance premium 2,500
Allowable depreciation 10,000
Maintenance cost of irrigation plant 5,000
Insurance premium – Tractor 7,000

He had a pump machine which was purchased at Tk. 35,000.

It has become obsolete and has been discarded at Tk. 22,000.
As on the date of discard, the written down value after charging depreciation on the basis of prescribed rate at the ITA, 2023 amounted to
Tk. 20,000.

He has taken agricultural loan of Tk. 500,000 @ 8% interest from Bangladesh Krishi Bank. Loan amount outstanding Tk 400,000.
He has a tractor which was purchased for Tk. 250,000 on which he has an active insurance policy.
During the income year, the tractor becomes out of order and he filed a claim with insurance company.
After proper scrutiny, he receives Tk. 82,000 from insurance company as coverage.
However, depreciation charged so far on the tractor as per IT Act is Tk. 150,000.
Captal Gain

He purchased an apartment in November 2018 for Tk. 1,600,000.

He has paid 1% brokerage fee and subsequently spent another Tk. 500,000 for the renovation of the house.
On 1st July, 2023 he entered into an agreement to sell the property to Mr. Sarwar for a consideration of Tk. 5,000,000 and received earnest
money (advance money) of Tk. 100,000.
As per the terms of the agreement, the balance payment should be made within 90 days of the agreement otherwise the earnest money will
be forfeited.
As Mr. Sarwar could not make the payment within the stipulated time the amount of Tk. 100,000 was forfeited by Mr. Anwar.
Subsequently on 10th June, 2024, He sold the apartment to Mr. Imran for Tk. 5,500,000.
He also paid 2% brokerage fee on sale of the apartment.
The fair market value of the house on the date of sale was Tk. 5,200,000.
Tax paid 4% on Tk 5,500,000 at the time of registration of the transfer.

Income from financial assets

1 Received Tk. 100,000 from interest on Bangladesh Wage Earner's Development Bond (Purchased on 1" September, 2017).

2 Received Tk. 200,000 from Bangladesh Investment Bond (Purchased on 30th June,2020). Tax @ 5% was deducted at that time at
upfront system.
That’s why no further tax was deducted at the time of maturity on 30th June,2023.
3 On 31" March, 2020, 3 years Zero Coupon Bond of Tk. 50,000 was matured and he has received the amount as maturity value,
whether the acquisition price of the same was Tk. 35,000.
The collection fee of Tk. 1,000 was charged in this regard by his bank.
4 Interest received Tk. 90,000 (net of) on Savings Certificate from Dhaka Bank.
5 He received interest on securities Tk. 175,000 (net of) on his investments;
6 Received cash dividend (net of TDS) Tk. 202,500 during the year.
7 Interest received Tk. 90,000 (net of) on Sanchaypatra.
Income from other sources

Tk.
1 Income from royalty 200,000
2 Prize of winning crosswords (no tax was deducted) 20,000
3 Income from letting out household machineries 10,000
4 Sale of forest timber 50,000
5 Income from a newspaper for column writing 10,000
6 Income from unused leased land 20,000
7 Honorarium for attending a symposium 30,000
8 Income from Training at ICAB 100,000
9 Royalty income from a publisher 18,000

Deemed Income
During the year he spent Tk. 200,000 on a party in Hotel Radisson, the source of expenditure remained unexplained to the DCT.
He has also visited Singapore incurring a total cost of Tk. 100,000 and purchased a Diamond set of Tk. 200,000 for his wife for which the
source of the money was not satisfactory to the DCT.
During the year he has paid Tk. 2,000 as commission for collecting the dividend and Tk. 8,000 as interest on loan taken to purchase ICB
mutual fund.
He has also visited Singapore incurring a total cost of Tk. 100,000 and purchased a Diamond set of Tk. 200,000 for his wife for which the
source of the money was not satisfactory to the DCT.

Income from Partnership Firm

His Share of profit in a partnership firm is Tk 628,760 (Gross).
Tax paid from Firm Tk 250,000 (part of his share)