Practical Process of RMG Industry

Problems on Corporate Taxation


Problem # CT-1

The trading and profit and loss accounts of Khan & Co. Ltd., a private limited company not enlisted with any stock exchanges for the last income year were as follows:
Trading Account for the last income year

Taka

Taka
To Opening stock
    Purchases
    Wages
   Gross profit c/d
5,00,000
50,00,000
15,00,000
30,00,000
By Sales
    Closing stock

92,50,000
7,50,000


1,00,00,000

1,00,00,000

Profit and Loss Account for the last income year

Taka

Taka
To Salaries and allowances
   Rent, rates and taxes
   Law charges
   Donation
   Bad debts
   Provision for bad debts
   Depreciation
   Miscellaneous expenses
   Net profit
5,00,000
1,75,000
1,00,000
2,00,000
1,00,000
50,000
3,00,000
2,50,000
20,25,000
By Gross profit b/d
    Compensation from insurance company

30,00,000
7,00,000


37,00,000

37,00,000


The following further information has been furnished:
(1)     Depreciation on fixed assets granted as per Third Schedule Tk. 1,50,000.
(2)     Law charges include Tk. 35,000 paid as compensation for injury received by a person run over by one of the directors of the company while coming to the office. The car belongs to the company.
(3)     Donation was made to a Milad Celebration Committee.
(4)     Bad debts include a loan of Tk. 80,000 made to a friend of one of the directors six years ago.
(5)     Miscellaneous expenses include entertainment expenses of Tk. 1,50,000.

Required: Calculate the total income and tax payable by the company.

Problem # CT-2

Rupon Glass Manufacturing Ltd. is a publicly traded company enlisted with the stock exchanges of Bangladesh having a paid up share capital of Tk. 50,00,000. Its Profit and Loss Account for the last income year was as follows:


Taka

Taka
To Opening stock
    Purchase of jute
    Purchase of coal
    Wages
   Salaries and allowances
   General expenses
   Income tax
   Fess for technical services
   Interest on loan
   Director’s remuneration
   Stock damaged in fire
   Bonus to employees
   Depreciation on fixed assets
   Net profit
12,00,000
40,00,000
10,00,000
5,00,000
6,00,000
3,00,000
1,00,000
60,000
50,000
1,25,000
2,65,000
3,00,000
5,00,000
23,13,500
By  Sales
    Closing stock
    Share transfer fees
    Sale proceed of old machine
    Rental  income from office space let out
    Dividends

90,00,000
11,00,000
11,500
11,00,000

8,500
93,500


1,13,13,500

1,13,13,500

On examination of the books of account of the company, the following additional information was revealed:
(1)     The company has valued the closing stock of Tk. 11,00,000 at cost price and opening stock would have been Tk. 10,00,000, if valued at cost price.
(2)     Dividend received from a public limited company having its registered office in Bangladesh, and which had paid a dividend distribution tax (DDT) u/s 16D.


(3)     General expenses include:                                                        Tk.
Employee club building construction                                    50,000
Opening of night school for the workers                              10,000
Legal fees related to other taxes                                            15,000
Embezzlement of cash by cashier                                           5,000
Distribution of free sample                                                1,50,000
Repair and maintenance expenses for office space let out        4,250
(4)     The cost price of the machine sold was Tk.  10,00,000 whereas its written down value was Tk. 3,70,740. The machine was bought 6 years back.
(5)     Interest on loan was paid to a non-resident, the company did not deduct tax at source while making the payment thereon.
(6)     Depreciation on fixed assets granted as per Third Schedule Tk. 4,50,000.
(7)     The company disclosed total income in its return Tk. 23,13,500 and paid Tk. 6,66,000 as tax on the basis of return (including the income tax shown in the Profit & Loss A/C) as follows:
Source of income
Amount (Taka)
Tax (Taka)
Dividend income
93,500
Exempted under para 22, Part A, Sixth Sch.
nil
Other income
22,20,000
@ 30%
6,66,000

Total income

23,13,500
Total tax payable u/s 74
6,66,000

 


Tax paid on the basis of return
6,66,000
(8)     The company paid dividend @ 10% during the last income year. Its accumulated profit and free reserve up to the end of the last income year were Tk. 2,51,278 and  Tk. 37,00,000 respectively.

Required: Calculate total income and tax payable by the company for the relevant assessment year.

Problem # CT-3

Green Bangladesh Ltd. is a publicly traded company having paid-up capital of Tk. 90,00,000. The net profit of the company was Tk. 18,50,000 for the last income year. On scrutiny, the following facts were revealed:
(1)     Accounting depreciation as per audited accounts was Tk. 5,40,000, but it should be Tk. 499,200 as per Third Schedule.
(2)     Telephone Expenses included Tk. 54,000 and Car Maintenance Expenses included Tk. 1,00,500 as of personal nature.
(3)     General Expenses included entertainment expenses Tk. 1,20,000.
(4)     Cost of distribution of free sample was Tk. 6,50,000.
(5)     Provision of bad and doubtful debts was Tk. 1,00,000.
(6)     Dividend income received ICB Unit Fund Certificates Tk. 85,000 (net of tax @ 15% u/s 54).
(7)     During this income year, the company had sold some of its furniture at Tk. 2,00,000. The cost of the furniture was Tk. 1,50,000 while it was purchased 8 years back. As per Third Schedule, depreciation is allowed for 7 years on this furniture sold from the year of acquisition to the year preceding to the last income year. The surplus after deducting a capital loss of Tk. 15,000 occurred in the year preceding the last income year was directly credited to capital reserve.
(8)     The company paid Tk. 22,95,000 as dividend to its shareholders in last income year.
(9)     In the last income year, the turnover of the company was Tk. 3,02,58,000 of which Tk. 2,26,93,500 from export sales.
Required: Compute total income and tax liability of the company for the relevant assessment year.

Problem # CT-4

Unix Bank Ltd. is a commercial banking company enlisted with the stock exchanges of Bangladesh having a paid-up share capital of Tk. 30 crore. Its Profit and Loss Account for the year ended 31 December 2003 was as follows:

Taka

Taka
To  Interest paid
    Salaries and allowances
    General expenses
    Income tax
    Director’s remuneration
    Depreciation on fixed assets
    Other expenses
    Net profit
703,905,000
7,600,000
750,000
500,000
1,125,000
9,550,000
500,000
240,471,875
By Interest income
    Interest on Govt. securities
    Sale proceed of shares/stocks
    Rent from office space let out
    Dividends

955,063,000
7,495,500
1,500,000
150,000
193,375


964,401,875

964,401,875

On examination of the books of account of the company, the following additional information was revealed:
(1)     Dividend received (net of tax deducted at source @ 15% u/s 54) from ICB Mutual Fund Certificates.
(2)     Interest received on Government securities purchased in July 2002 (net of tax deducted at source @ 5% u/s 52D).
(3)     General expenses include:                                                      Tk.
Construction of employee residential quarters                   150,000
Litigation cost for loan recovery                                          25,000
Bad debt written off                                                            20,000
Provision for classified bad and doubtful debt                    10,000
Repair and maintenance expenses for office space let out                  4,250
(4)     The particulars of shares/stocks sold are as follows:
Shares/stocks of
Cost (Tk.)
Sale proceeds (Tk.)
Listed public limited companies
1,000,000
1,100,000
Other private limited companies
200,000
400,000
Total
1,200,000
1,500,000
(5)     Depreciation on fixed assets granted as per Third Schedule Tk. 9,050,000.
(6)     The banking company disclosed total income in its return Tk. 240,471,875 and paid Tk. 105,180,975 as tax (including income tax shown in P & L Account) on the basis of return as follows:
Source of income
Amount (Taka)
Tax (Taka)
Dividend income
193,375
Deducted at source @ 15%
34,125
Interest on Govt. securities
7,495,500
Deducted at source @ 5%
394,500
Other income
232,783,000
@ 45%
104,752,350

Total income

240,471,875
Total tax payable u/s 74
105,180,975

 


Less: Tax deducted at source
428,625

 


Tax paid on the basis of return
105,180,975
(7)     The banking company paid dividend @ 10% during the year 2002. Up to 31 December 2003, its accumulated profit was Tk. 185,280,125, free reserve Tk. 13,700,000, and statutory reserve Tk. 95,000,000.
(8)     Income tax rates for current and preceding assessment years (AYs) for bank, insurance, and financial institutions are as follows:

Type of Income

AY 2002-03
AY 2003-04
AY 2004-06
(1) Capital gain arising out of
- Transfer of stocks & shares of private limited company1
15%
15%
10%
- Transfer of other capital assets
15%
15%
15%
(2) Dividend income
- Subject to dividend distribution tax  u/s 16D2
15%
nil
nil
- Not subject to dividend distribution tax  u/s 16D
15%
15%
15%
(3) Other income

40%
45%
45%
1Capital gain from transfer of Government securities and stocks or shares of listed pubic companies are exempted from tax u/s 32(7) for resident taxpayers and capital gain from transfer of stocks or shares of listed pubic companies are exempted from tax under proviso to sec. 31 for a non-resident, if he is entitled to similar exemption in the country where he is resident.
2Applicable for dividend distributed on or after 1 July 2003.
2Other issues introduced by the Finance Act 2002 from assessment year 2002-03:
Under section 16C of the ITO 1984, there is a provision to impose excess profit tax on a banking company @ 15%, where,
Excess profit =   Profit shown in return of income  – 50% of (Paid up capital + Reserve).
Here reserve means both ‘statutory reserve’ and free reserve’.                                                          

Required: (a) Calculate the total income of Unix Bank Ltd. showing head-wise income.
(b) Calculate the tax payable by the bank for the relevant assessment year.

Solution # CT-1

Khan & Co. Ltd.
Income Year: 2003-04                                                 Assessment Year: 2004-05



Particulars of Income
Amount (Taka)
1.
Income from Business or Profession: u/s 28 (W-1)
26,16,200

Total Income
26,16,200

Calculation of Tax Liability:


Amount (Taka)
1.
On Business Income (26,16,200 @ 37.5%)
9,81,075


Gross tax on Total Income
9,81,075

Tax deducted at source on Dividend
nil

Advance tax paid
nil

Tax Liability before penalty
9,81,075
Workings:
W-1: Calculation of Income from Business or Profession:

 

Taka

Taka

Net Profit as per Profit and Loss Account

 

20,25,000

Add: Items of deductions disallowed:

·       Compensation for injury

·         Donation to a Milad Celebration Committee
·         Provision for bad debts
·         Bad Debt for loan given not for business purpose

 

35,000
2,00,000
50,000
80,000

 




3,65,000
Add: Items of deductions to be considered as per ITO:
·         Depreciation on fixed asset (as per accounts)
·         Entertainment expenses

 

3,00,000
1,50,000

 


4,50,000
Less: Deductions allowed as per ITO:

·       Depreciation as per Third schedule

 

1,50,000

 

(150,000)
Profit before charging Entertainment expenses

 

26,90,000

Less: Deductions allowed as per ITO:
·         Entertainment expenses u/s 30(f)(i) and u/r 65:
On first       Tk 10,00,000 @ 4%
On balance Tk. 16,90,000 @ 2%

 


40,000
33,800

 



(73,800)

Income from Business or Profession: u/s 28

 

26,16,200


Solution # CT-2

Rupon Glass Manufacturing Ltd.
Income Year: 2003-04                                                 Assessment Year: 2004-05

Particulars of Income

Amount (Taka)
1.
Income from House Property: u/s 24 (W-2 and Note-3)
5,950
2.
Income from Business or Profession: u/s 28 (W-1)
22,02,407
3.
Capital Gains: u/s 31 (W-3)
nil
4.
Income from Other Sources: u/s (W-4)
11,500

Total Income

22,19,857
Calculation of Tax Liability:


Amount (Taka)
1.
On Dividend Income
nil
2.
On other income (22,19,857 @ 30%)
6,65,957

Gross tax on Total Income u/s 74

6,65,957
4.

Additional tax @ 5% on undistributed profit Tk. 62,64,778 u/s 16B (W-5)

3,13,239

Total tax

9,79,196

Less: Tax deducted at source

nil

Less: Advance tax paid

(6,66,000)

Tax Liability before penalty

      3,13,196



Workings:
W-1: Calculation of Income from Business or Profession:

 

Taka

Taka

Net Profit as per Profit and Loss Account

 

23,13,500

Add: Items of deductions disallowed/allowed for other income-head:

·       Over-valuation of opening stock (12,00,000 – 10,00,000)

·         Employee club building construction
·         Interest to non-resident, tax not deducted at source u/s 30(aa)
·         Income tax (shown in P. & L. A/C)
·         Repair & maintenance expenses (for office space let out)

 

2,00,000
50,000
50,000
1,00,000
4,250

 





4,04,250
Add: Items of deductions to be considered as per ITO:

·         Cost of distribution of free sample

·         Depreciation on fixed asset (as per accounts)
·         Fees for technical services

 

1,50,000

5,00,000
60,000

 



7,10,000
Less: Income to be shown under other heads:

·         Dividend received – DDT paid  u/s 16D

·         Sale proceeds of old machine
·         Share transfer fees
·         Rent received

 

93,500
11,00,000
11,500
8,500

 




(12,13,500)
Add: Income not yet included:

·       Revenue profit from sale of old machine (10,00,000 – 3,70,740)

 

6,29,260

 

6,29,260
Less: Deductions allowed as per ITO:

·         Depreciation as per Third schedule

·         Cost of distribution of free sample u/s 30(f)(iv) and u/r 65C (up to turnover Tk. 5 crore @ 1.5%, i.e., 1.5% of Tk. 90,00,000)

 

4,50,000
1,35,000

 


(5,85,000)

Profit before charging the above expense

 

22,58,510

Less: Deductions allowed as per ITO:
·         Fees for technical services u/s 30(h) [up to 2.5% of  above profit]ª

 


 

(56,463)

Income from Business or Profession: u/s 28

 

22,02,407


ªN.B.:     Following three expenses are not to exceed the limit specified in this behalf. The calculation of the limit will be based on the profit before charging the expenses.
(i)    Entertainment expenses u/s 30(f)(i) and u/r 65: On first Tk 10 lakh @ 4% and on balance @ 2%.
(ii)   Head Office expenses for branch company u/s 30(g): up to 10% [Effective from 1-7-2003].
(iii) Payment by way of royalty, technical services fee, technical know how fee or technical assistance fee u/s 30(h): up to 2.5% [Effective from 1-7-2003].

W-2: Calculation of Income from House Property:
Annual value (Rental income from office space let out)
Tk.    8,500
Less: Repair & maintenance – Actual Tk. 4,250
          Allowed equal to 30% of annual value u/s 25(1)(h)

2,550
Income from House Property
     Tk.    5,950

W-3: Calculation of Capital Gains:
Sale proceeds of old machine
Tk. 11,00,000
Less: Cost of acquisition of the machine
10,00,000
Capital Gains (long-term), non-assessable u/s 32(5) & para 31A, Part A, 6th Sch.
1,00,000

W-4: Calculation of Income from Other Sources:
Share transfer fees
Tk.    11,500
Dividends – DDT paid  u/s 16D Tk. 1,10,000 [non-assessable under para 22, Part A, 6th Sch.]
nil
Income from Other Sources
11,500

W-5: Calculation of “Undistributed Profit” u/s 16B:
Disclosed income
Tk.    23,13,500

Accumulated profit
2,51,278

Free reserve
37,00,000

Undistributed profit

       Tk.  62,64,778

Notes:

(1) Cost for ‘opening of night school for the workers’ is allowable deduction u/s 29(1)(xiii).

(2)   Embezzlement of cash by cashier is allowable deduction.

(3)  Rent received from office space let out is to be calculated under the head “Income from House Property” from AY 2002-03 due to amendment in section 24(1) by the FA 2002.


Solution # CT-3

Green Bangladesh Ltd.
Income Year: 2003-04                                                 Assessment Year: 2004-05



Particulars of Income
Amount (Taka)
1.
Income from Business or Profession: u/s 28 (W-1)
14,90,995
2.
Capital Gains: u/s 31 (W-2)
40,000
3.
Income from Other Sources: u/s (W-3)
75,000


Total Income
16,05,995
Calculation of Tax Liability:


Taka
1.
On Dividend Income (75,000 @ 15%)
11,250
2.
On Capital Gain (40,000 @ 15%)
6,000
3.
On other income (14,90,995 @ 30%)*
4,47,299

Gross tax on Total Income
4,64,549


Less: Tax rebate 10% [for dividend payment at more than 20%]*
(46,455)


Less: Tax deducted at source on Dividend
(15,000)

Tax Liability, if not paid
4,03,094

*Dividend payment @ 25.5% (=22,95,000/90,00,000)

Workings:

W-1: Calculation of Income from Business or Profession:

 

Taka

Taka

Net Profit as per Profit and Loss Account

 

18,50,000

Add: Items of deductions disallowed:

·       Telephone expenses (personal)

·       Car maintenance expenses (personal)
·       Provision for bad and doubtful debts

 

54,000
1,00,500
1,00,000

 



2,54,500
Add: Items of deductions to be considered as per ITO:
·       Depreciation on fixed asset (as per accounts)
·       Entertainment expenses
·       Cost of distribution of free sample

 

5,40,000

1,20,000
6,50,000

 



13,10,000
Less: Income to be shown under other heads:

·       Dividend received – post-tax (as shown in accounts)

 

85,000

(85,000)
Add: Income not yet included:

·       Revenue profit from sale of old furniture (W-4)

 

78,256

 

78,256
Less: Deductions allowed as per ITO:

·       Depreciation as per Third schedule

·       Cost of distribution of free sample u/s 30(f)(iv) and u/r 65C (up to turnover Tk. 5 crore @ 1.5%, i.e., 1.5% of Tk. 3,02,58,000)

 

4,99,200
4,53,870

 


(9,53,070)
Profit before charging Entertainment expenses

 

24,54,686

Less: Deductions allowed as per ITO:
·         Entertainment expenses u/s 30(f)(i) and u/r 65:
On first       Tk 10,00,000 @ 4%
On balance Tk. 14,54,686 @ 2%

 


40,000
29,094

 



(69,094)

Gross Income from Business or Profession:

 

23,85,592

Less: Non-assessable income  (50% of export income Tk. 17,89,194 under para-31, Part-A, Sixth Schedule) [W-5]

 

8,94,597

Income from Business or Profession: u/s 28

 

14,90,995


W-2: Calculation of Capital Gains:
Sale proceeds of old furniture
Tk. 2,00,000
Less: Cost of acquisition of the furniture
1,50,000
Capital Gains (long-term)
50,000
Less: Capital Loss carried forward (15,000 – 5,000)
10,000
Capital Gains (long-term), adjusted
40,000

W-3: Calculation of Income from Other Sources:
Dividends – pre-tax [85,000/(1-15%)]
Tk.    1,00,000
Less: Non-assessable under para 22A of Part A, Sixth Sch. up to
25,000
Income from Other Sources
   75,000

W-4: Calculation of Revenue profit from sale of old furniture:
Sale proceeds of old furniture
Tk. 2,00,000
Less: Written down value
71,744
Total profit
1,28,256
Capital Gains (W-2)
50,000
Revenue profit from sale of asset
    78,256



Cost of acquisition of the machine: Tk. 1,50,000
Less: Annual depreciation for 7 years (from year of acquisition up to preceding year of sale):
Year-1 [10% of Tk. 1,50,000]                               Tk.       15,000
Year-2 [10% of Tk. (1,50,000 – 15,000]            Tk.       13,500
Year-3 [10% of Tk. (1,35,000 – 13,500]            Tk.       12,150
Year-4 [10% of Tk. (1,21,500 – 12,150]            Tk.       10,935
Year-5  [10% of Tk. (1,09,350 – 10,935]           Tk.         9,842
Year-6  [10% of Tk. (98,415 – 9,842]                 Tk.         8,857
Year-7 [10% of Tk. (88,573 – 8,857]                  Tk.         7,972

Total accumulated depreciation                        Tk.      78,256

Written down value = Tk. (1,50,000 – 78,256) =          Tk.      71,744.


W-5: Export income:
Total Sales (A)
Tk. 3,02,58,000
Export sales (B)
2,26,93,500
Share of export sales in total sales (B/A)
75%
Share of export income (75% of Tk. 23,85,592)
Tk.  17,89,194

Solution # CT-4

Requirement (a)
Unix Bank Ltd.
Income Year ending on 31.12.2003                            Assessment Year: 2004-05

Particulars of Income

Amount (Taka)
1.
Income from House Property: u/s 24 (Note-4)
150,000
2.
Income from Business or Profession: u/s 28 (W-1)
240,995,288
3.
Capital Gains: u/s 31 (W-3)
200,000
4.
Income from Other Sources: u/s (W-4)
202,500

Total Income

241,547,788

Requirement (b)

Calculation of Tax Liability:


Amount (Taka)
1.
On Capital Gain on Private Ltd. Companies’ shares (Tk. 200,000 @ 10%)
20,000
2.
On Dividend Income (Tk. 202,500 @ 15%)
30,375
3.
On other income (Tk. 241,145,288 @ 45%)
108,515,380

Gross tax on Total Income u/s 74

108,565,755

Excess profit tax @ 15% on excess profit Tk. 36,121,875 u/s 16C (W-5)

5,418,281

Total tax

113,984,036

Less: Tax deducted at source on Dividend and Interest on Govt. Securities

        [34,125 + 394,500]
(428,625)

Less: Advance tax paid

(105,180,975)

Tax Liability before penalty

      8,374,436


Workings:
W-1: Calculation of Income from Business or Profession:

 

Taka

Taka

Net Profit as per Profit and Loss Account

 

240,471,875

Add: Items of deductions disallowed/allowed for other income-head:
·         Construction of employee residential quarters
·         Income tax (shown in P. & L. A/C)
·         Repair & maintenance expenses (for office space let out)

 

150,000
500,000
4,250

 



654,250
Add: Items of deductions to be considered as per ITO:
·         Depreciation on fixed asset (as per accounts)

 

9,550,000

 

9,550,000
Add: Item to be considered as per ITO to make income as pre-tax:
·         Income tax deducted at source on Interest on Govt. Securities [W-2]

 

394,500

 

394,500
Less: Income to be shown under other heads:

·         Dividend received – post-tax (as shown in account)

·         Sale proceeds of old machine
·         Rent received

 

193,375
1,500,000
150,000

 



(1,843,375)
Add: Income not yet included:

·         Revenue profit from sale of old machine (1,300,000 – 481,962)

 

818,038

 

818,038
Less: Deductions allowed as per ITO:

·         Depreciation as per Third schedule

 

9,050,000

 

(9,050,000)

Income from Business or Profession: u/s 28

 

240,995,288

W-2: Calculation of Income Tax Deducted at Source on Interest on Govt. Securities:
Interest on Govt. Securities – pre-tax [7,495,500/(1-5%)]
Tk. 7,890,000
Tax deducted at source @ 5%
394,500



W-3: Calculation of Capital Gains:
Sale proceeds of stocks and shares of Listed public limited companies
Less: Cost of acquisition of the shares/stocks
Tk. 1,100,000
100,000
Tk.

Capital Gains (long-term), non-assessable u/s 32(7)
1,000,000
nil
Sale proceeds of stocks and shares of Other private limited companies
Less: Cost of acquisition of the shares/stocks
Tk.   400,000
200,000

Capital Gains (long-term), not non-assessable u/s 32(7)
200,000
200,000
Capital Gains u/s 31

2,00,000

W-4: Calculation of Income from Other Sources:
Dividends – pre-tax [193,375/(1-15%)]
Tk.    227,500
Less: Non-assessable under para 22A of Part A, Sixth Sch. up to
25,000
Income from Other Sources
   202,500

W-5: Calculation of “Excess Profit” u/s 16C:
Profit shown in return

Tk.    240,471,875
Less: 50% of (Total of Capital & Reserve)


         Paid-up capital
Tk.    300,000,000

         Free reserve
13,700,000

         Statutory reserve
95,000,000

        Total of Capital and Reserve
408,700,000

       50% Total of Capital and Reserve

(204,350,000)
Excess profit

     36,121,875

Notes:

(1) Cost for ‘opening of a hospital for the workers’ is allowable deduction u/s 29(1)(xiii).

(2)   Litigation cost for loan recovery is allowable deduction.

(3)   “Bad debt actually written off as irrecoverable” is allowable deduction u/s 29(1)(xvi) and “provision for classified bad and doubtful debt” is allowable deduction u/s 29(1)(xviiiaa) for commercial banks including BKB and RKUB up to AY 2004-05 @ 2% of outstanding loan or actual provision, whichever is less. It is assumed that the provision is within the limit. [Rate has been reduced from 3% to 2% by the FA 2003.]

(4)  Rent received from office space let out is to be calculated under the head “Income from House Property” from AY 2002-03 due to amendment in section 24(1) by the FA 2002.

(5)  “Interest on Government securities” is an “Income from Business or Profession” for banking companies.


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