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404 - Advanced Taxation Practice

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55 views2 pages

404 - Advanced Taxation Practice

Uploaded by

MasumHasan
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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INSTITUTE OF CIIARTER.

ED SECRETARIES OF BANGLADESII
CHARTERED SECRETARY EXAMINATION _ JULY 2023
PROFESSIONAL LEYEL. I
404 : ADVAIICE TAXATION PRACTICE

Time allowed :3 hours Total marks: 100


(Separate answer book should be usedfor eachpart. Dffirent parts of the same question must be
answered in one place in order of sequence)
PART.A
INCOME TAX
MARKS - 60
(Answer any three questions including Question No. 1)

1. The Statement of Profit or Loss and other Comprehensive Income of Padma International Limited for
the year ended June 30, 2023 is given below:

Padma International Limited


Statement of Profit or Loss and other Comprehensive Income for the year ended 30.06.2023

Particulars Taka Particulars Taka


Cost of sales excluding depreciation 50,00,000 Revenue 80,00,000
Depreciation 8,00,000
Gross profit (c/d) 22,00,000
80,00,000 80,00,000
Salaries 5,50,000 Gross profit (b/d) 22,00,000
Rent & rates 1,20,000 Interest income (Gross) 20,000
Lggal expenses 25,000 Profit from sale of old car 63,000
Bad debt 26,000 Bad debt recovery 10,000
Gratui{ plovision 30,000 Dividend income (Net) 24,000
Sample cost 2,00,000
Office expenses 85,000
Interest paid 60,000
Foreign havelling 1,75.000
Maintenance cost 25,000
lnterest paid on short fall advance tax 4,000
Other 2,20,000
Net profit 7,97,000
Total 23,17,000 23,17,000
Other information:
a No VAT deducted from legal expenses;
b Tax depreciation was Taka 7,00,000;
c Actual gratulty payment was Taka 40,000;
d The cost price of the sold car was Taka 1,00,000 and written down value was Taka 53,000;
e Excess perquisite was Taka 1,50,000;
f No tax deducted while paying rent;
g Other expenses include capital expenditure Taka 70,000, personal expenses of directors Taka
10,000 and royalty payment to foreign principal Taka 1,30,000.

Requirement: Determine the total income and tax liability of Padma International Limited
considering the above information. ZO

2- a) Write the 10 (ten) items with rate of Tax Deducted at Source under Iflcome Tax drdinance,lg}4.
b) What are the consequences of failure to deduct and deposit tax to the exchequer?
c) What is *Tax Day'' as defined in Sub-secti on 62A of Section 2 of the Income Tax Ordinance,
1984? (s+t+sy2[
(Contd. ..P/2)
[Page-2]

3. a) To whom an assessee may appeal against the order of the DCT? Explain the procedure
of the
appeal.
b) why the Deputy commissioner of Taxes serve the notice u/s79?
c) Speciff the requisite_ tax to be paid at every stage of First Appeal, Appeal to the Tribunal,.
Reference to the High Court Division and Reference to the api"Uat" Oivision under the ITO,
1984' (7+6+7)=20
4. Write short notes on anyfour ofthe following:
a) Perquisites;
b) Tax Holiday;
c) Double taxation;
d) Advance Income Tax (u/s-64);
e) Income Tax Return Preparation Rules, 2023;
0 valuationofgiftunderGiftTax Act,!920. gxsflI

PART.B
VAT AND OTITER TAXES
MARKS - 40
(Answer any two questions including I)
euestion No.
1. a) Define the tenns "Goods" and .,Services,, as per VAT Act,l99l.
b) What is Customs auction? What procedures Customs need to follow to dispose of the
consignment?
c) If of one KG artificial leather is $ 100 USD, where Customs Duty (CD)
assessable value
25%,
Duty (SD) 20%, Value Adled Tax'(VAT) lsYo, Aduance Income T'ax
Sup-ple-mentary
and AdvanceTax SYo,what will be Total Tax Incidence
' laff; SX,
6ifgf
Mr' Rahman is a businessman and decided to import 500 KG of identical leather from
India. He
requested his commercial manager to calculate the total amount of import
duties- and taxes. How
much money he needs to budget for import taxes? uSD:105 Taka].
[1
-
6*s*t0)=20
2. a) As per VAT Act, 2012, desqibe VAT registration procedure. Who is eligible
to take VAT
Registration?
b) Describe the price declaration procedures and show a price declaration
SD Act,2012.
statement as per vAT &
c) Describe the imposition and cpllection of supplementary duty as per
VAT & SD Act, 2012.
(8+7+5;:29
3. Write short notes on anyftve of the following:
a) TurnoverTax;
b) Input & Output Tax;
c) Supplementary Duty;
d) Increasing & Decreasing adjustments;
e) Health Development Surcharge (IIDS);
0 Categories of Value Added Tax (VAT). (5x4)=29

t
THE END

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