How To Fill Up Tax Return Form

MD. ZIAUDDIN

ID# 15006 EMBA, FINANCE, DHAKA UNIVERSITY

Total Income, Net Tax Payable and Working for Return Form of Mr. Ryan (Work given on 02-08-2009)

The problem • • • • • • • • • • • • • • •

Ryan received the following Income for the Income Year 2008-2009.

a) Basic Salary Tk 4,00,000/b) Cash House rent allowance Tk. 3,00,000/c) Darwan allowance Tk. 60,000/d) Cash Conveyance Tk. 50,000/e) He sold share of a company for Tk. 2,00,000/- & purchase cost was Tk. 1,50,000/-. f) He sold a machinery making capital gain Tk. 10,000/- (Cost of the machine was Tk. 10,000/-) and invested Tk. 10,000/- in the capital of a business. g) Sale of Massroom for Tk. 5,00,000/-. Cost as per books of a/cs Tk. 20,000/-. h) Sale of Potato Tk. 1,00,000/-, cost of production as per books of a/cs Tk. 85,000/-. i) Interest from debenture Tk. 18000/-. Face Value of this Old Debenture Tk. 1,00,000/-. j) Interest from Govt. Securities Tk. 4,500/-. Face Value of this T.B. Tk. 50,000/-. k) Dividend from U.C Tk.27,000/-. Face Value of this Old Share Tk. 1,00,000/-. l) He owns a house. Rent received Tk. 60,000/-(Cost of this old house Tk. 30 lacs). m) He donated Tk. 80,000/- to poor. Purchased one land at town for Tk. 5 lacs & one car for Tk. 5 lacs. n) He paid electricity bill Tk. 2,40,000/-. Children education Expenses Tk. 60,000/-. Foreign travel exp. Tk. 2,00,000/-. Family expenses Tk. 2,00,000/-. Total car maintenance exp. Tk. 2,00,000/- and Tax paid in advance Tk. 15,000/-.

Solution Mr. Ryan Income Year 2008-2009 Assessment Year 2009-2010 Work done by: Md. Ziauddin, ID # 15006. EMBA, FINANCE, DHAKA UNIVERSITY

Income From Salary Basic Salary b) House-rent Allowance (cash) Less- Tk. 1,80,000/- or 50% of Basic which is lower c) Darwan Allowance d) Cash Conveyance allowance Cash Less: Exemption

(Figure in Taka) 4,00,000/-

a)

Income from Salary

3,00,000/1,80,000/- 1,20,000/60,000/50,000/24,000/-

26,000/-

6,06,000/-

Capital Gain e) Sale of Share Less: Cost of Share Capital gain from Share Less: Exempted f) Sale of Machinery Less: Cost Price of Machinery Capital gain from Machinery Less: Re- Investment (Exempted)

Income From Capital Gain

(Figure in Taka) 2,00,000/1,50,000/50,000/50,000/- Nil 20,000/10,000/10,000/10,000/Nil

Nil

Income From Agriculture g) Sale of Massroom Less:Cost of Production for Mashroom Income from Massroom

5,00,000/20,000/-

h) Sale of Potato Less:Cost of Production for Potato Income from Potato

1,00,000/85,000/-

Income From Agriculture

(Figure in Taka)

4,80,000/-

15,000/-

4,95,000/-

Income From Interest on Securities & Debentures

(Figure in Taka)

i) Interest on Debenture (Grossed up) [18000x100/(100-10)] Less: Exemption Income From Debenture

20,000/15,000/-

j) Interest on Govt. Securities (Grossed up) [4500x100/(100-10)] Less: Exemption Income From Govt. Securities (T.B)

5,000/5,000/-

Income From Interest on Securities & Debentures

5,000/-

Nil

5,000/-

Income From Other Source (Figure in Taka) k) Dividend From UC (Grossed up) [27000x100/(100-10)] Less: Exemption Income From Dividend of U.C

Income From Other Source

30,000/25,000/5,000/-

5,000/-

Income From House Property (Figure in Taka)

l) Actual Rental Value Less: Maintenance Cost/ Basic Charge(25% of Rental Value)

Income From house Property

6,00,000/1,50,000/-

4,50,000/-

TOTAL INCOME       

Income From Salary Capital Gain Income From Agriculture Income From Interest on Securities and Debentures Income From Other Sources Income From House Property TOTAL INCOME

(Figure in Taka) 6,06,000/Nil 4,95,000/5,000/5,000/4,50,000/15,61,000/-

Calculation of Tax Liability: Particulars Total Income Tax free Taxable Income 10% Slab

Tax Slab 15,61,000/1,65,000/13,96,000/2,75,000/11,21,000/3,25,000/-

15% Slab

Tax rate

Tax amount

0%

nil

10%

27,500/-

15%

48,750/-

20% 25%

75,000/1,05,250/-

7,96,000/20% Slab 3,75,000/25% Slab 4,21,000/Gross Tax Liability Less: Advance Tax (Previous Year) Tax Liability for Current Year Less: TDS

Net Tax Liability

2,56,500/15,000/2,41,500/5,500/-

2,36,000/-

Cashflow Statement of Mr. Ryan (For Return form IT 10B serial no 9 or 11) Cash Inflow Sl

Particulars

Cash Outflow Taka

Sl

Particulars

Taka

Basic Salary

400,000.00

Investment on Capital Assets

10,000.00

House Rent

300,000.00

Poor Donation

80,000.00

Conveyance

50,000.00

Land Purchase

500,000.00

Darwan Allowance

60,000.00

Car Purchase

500,000.00

Electric bill

240,000.00

Sale of share

200,000.00

Sale of Machinery

20,000.00

Sale of Mashroom

480,000.00

Children Education Expenses

60,000.00

Foreign Travel Expenses

200,000.00

Sale of potato

15,000.00

Family Expenditure

200,000.00

Interest From Debenture

20,000.00

Car Maitenance Expenditure

200,000.00

Interest From Govt. Security

5,000.00

Advance Tax

15,000.00

Dividend From UC

30,000.00

TDS

5,500.00

House Property TOTAL

450,000.00 2,030,000.00

TOTAL

2,010,500.00

Valuation of Old Assets of Mr. Ryan (For Return form IT 10B serial no 13) Sl

Particulars Share Purchase Cost Cost of Machinery Face value of Old T.B Face value of Debenture Face Value of Old Share (U.C)

Taka 150,000.00 10,000.00 100,000.00 50,000.00 100,000.00

Cost of Old House

3,000,000.00

Total Value of Old Assets

3,410,000.00

Statement of exempted Income [For Return form IT 10B serial no 17 (ii)] Sl

Particulars House rent Allowance

Taka 180,000.00

Conveyance Allowance

24,000.00

Share Income Exempted

50,000.00

Capital Gain from Machinery

10,000.00

Interest on Debenture

15,000.00

Interest on Govt. Securities (T.B.)

5,000.00

Dividend From U.C

25,000.00

Total Exempted Income

309,000.00

Return Form Page #1 FOR INDIVIDUAL & OTHER TAXPAYERS (OTHER THAN COMPANY) FORM OF RETURN OF INCOME UNDER THE INCOME TAX ORDINANCE, 1984 (XXXVI OF 1984)

IT-11GA

Photograph of the Assessee [ to be attested on the photograph]

Be a Respectable Taxpayer Submit return in due time Avoid penalty Put the tick (√) mark wherever applicable  Self  Universal Self

 Normal

1. Name of the Assessee: ..Mr. Sarya/ Md.Ziauddin 2. National ID No (if any) : ............................................................................................................. 3. UTIN (if any):-4. TIN:-5. (a) Circle: ............................................ (b) Taxes Zone: ........................................................... 6. Assessment Year: .....2009-2010........... 7. Residential Status: Resident /Non-resident  8. Status: Individual  Firm  Association of Persons  Hindu Undivided Family  9. Name of the employer/business (where applicable): .................................................................. 10. Wife/Husband's Name (if assessee, please mention TIN): ...............................… 11. Father's Name: ........A.N.M. Imamuddin........................................................................ 12. Mother’s Name: ............Sayadatunnesa........................................................................... 13. Date of Birth (in case of individual) : 30- 121973 Day Month Year 14. Address (a) Present: .Assistant Director Finance, Dte. Of Finance, RuralElectrification Board ........................................................................................................ (b) Permanent: ..Village- Niltek, P.O- Shahrail, P-SSingair, Dist- Manikgonj ......................................................................................................... 15. Telephone: Office/Business 8916442 Residential: 01911247330

Return Form Page #2 Statement of income of the Assessee Statement of income during the income year ended on .................................................... Heads of Income 4. Salaries : u/s 21 (as per schedule 1) 5. Interest on Securities : u/s 22 6. Income from house property : u/s 24 (as per schedule 2) 7. Agricultural income : u/s 26 8. Income from business or profession : u/s 28 9. Share of profit in a firm : 10. Income of the spouse or minor child as applicable : u/s 43(4) 11. Capital Gains : u/s 31 12. Income from other source : u/s 33 13. Total (Serial 1 to 9) 14. Foreign Income: 15. Total income (Serial 10 and 11) 16. Tax leviable on total income 17. Tax rebate: u/s 44(2)(b)(as per schedule-3) 18. Tax payable (difference between serial 13 and 14) 19. Tax Payments: (a) Tax deducted/collected at source (Please submit supporting documents/statement) Tk 5500/(b) Advance tax u/s 64/68 (Please attach challan ) Tk 15000/(c) Tax paid on the basis of this return (u/s 74) (Please attach challan/pay order/bank draft/cheque) Tk 236000/(d) Adjustment of Tax Refund (if any) Tk nil

Amount in taka 606000/5000/ 450000/495000/nil nil nil nil 5000/1561000/nil 1561000/256500/nil 256500/-

Total of (a) (b), (c) and (d)Tk. 256500/17. Difference between serial 15 and 16 (if any) nil 18. Tax exempted & Tax free income Tk................. 19. Income tax paid in the last assessment year Tk. ....................... *If needed, please use separate sheet. Verification I ........................................................... father/husband ........................................................ UTIN/TIN: ........................................................ solemnly declare that to the best of my knowledge and belief the information given in this return and statements and documents annexed herewith is correct and complete. Place: ................................. Date : ................................ Signature (Name in block letters) Designation and

Return Form Page #5 IT-10B

1.

Statement of assets and liabilities (as on 30-06-09) Name of the Assessee: .....................................................TIN-(a) Business Capital (Closing balance) (b) Directors Shareholdings in Limited Companies ( at cost) Name of Companies Number of shares

2.

Non-Agricultural Property (at cost with legal expenses ) :

Tk. 30,00,000/ -

Land/House property (Description & location of property) 3.

Agricultural Property (at cost with legal expenses ) : Land (Total land and location of land property)

4.

Investments: (a) Shares/Debentures (b) Saving Certificate/Unit Certificate/Bond (c) Prize bond/Savings Scheme (d) Loans given (e) Other Investment

5. 6. 7. 8. 9.

Total = Motor Vehicles (at cost) : Type of motor vehicle and Registration number Jewellery (quantity and cost) : Furniture (at cost) : Electronic Equipment (at cost) : Cash asset Outside Business: (a) Cash in hand (b) Cash at bank (c) Other deposits Total =

Tk. 10,000/ Tk. x

5,00,000/Tk. Unknown

Tk. Tk. Tk. Tk. Tk.

1,00,000/ 1,00,000/ ............................. ............................. 50,000/ Tk. 2,50,000/Tk. 5,00,000/Tk. Unknown Tk. Unknown Tk. Unknown

Tk. ...19500/Tk. ............................. Tk. ............................. Tk. 19500/-

Return Form Page #6 B/F = 10. Any other assets (Give details) Total assets 11. Less Liabilities: (a) Mortgages secured on property or land (b) Unsecured loans (c) Bank loan (d) Others Forein Remittance as Loan 12. Net wealth as on last date of this income year (difference between total assets & total liabilities)

Tk. 42,79,500/ Tk. nil Tk. 42,79,500/-

Tk. ............................. Tk. ............................. Tk. ............................. Tk. ............................. Total liability

……………

Tk. 42,79,500/-

13. Net wealth as on last date of previous income year Tk.34,10,000/14. Accretion in wealth (difference between serial no. 12 & 13) Tk 869500/15. (a) Family Expenditure : (Total expenditure as per Form IT 10 BB) Tk. 10,00,500/ (b) Number of dependant children of the family: Adult Child 16. Total accretion of wealth (total of serial 14 & 15) Tk. 18,70,000/ 17. Sources of Fund : (i) Shown Return Income Tk.15,61,000/ (ii) Tax exempted/Tax free Income Tk. 3,09,000/ (iii) Other receipts Tk. ………………… Total source of Fund = Tk. 18,70,000/ 18. Difference (between serial 16 & 17) Tk. Nill I solemnly declare that to the best of my knowledge and belief the information given in the IT-10B is correct and complete. Name & signature of the Assessee Date .................... Assets and liabilities of self, spouse (if she/he is not an assessee), minor children and dependant(s) to be shown in the above statements.

Return Form Page #7

FORM

Form No. IT-10BB

Statement under section 75(2)(d)(i) and section 80 of the Income Tax Ordinance, 1984 (XXXVI of 1984) regarding particulars of life style Name of the Assessee: Mr. Ryan TIN -Sl No.           

Particulars of Expenditure Amount of Tk. Personal and fooding expenses Tax paid including deduction at source of the last financial year 20,500/Accommodation expenses Transport expenses 2,00,000/Electric Bill for residence 2,40,000/Wasa Bill for residence Gas Bill for residenceTk. Telephone Bill for residence Education expenses for children 60,000/Personal expenses for Foreign travel 200000/Festival and other special expenses, if any 80,000/-

Total Expenditure

Comments 2,00,000/-

10,00,500/-

I solemnly declare that to the best of my knowledge and belief the information given in the IT-10BB is correct and complete. Name & signature of the Assessee Date .................... If needed, please use separate sheet.