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    Definition Section 2

    Uploaded by

    Nabila Tabassum
    Here are the solutions to exercises Case 7 to Case 19 from Chapter 2 on income year and assessment year determination: Case 7: Closing date of accounts: 31 March 2013 Beginning date: 1 April 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 8: Closing date of accounts: 30 June 2013 Beginning date: 1 July 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 9: Closing date of accounts: 31 December 2013 Beginning date: 1 January 2013 Income year: 1 July 2013 - 30 June 2014 Assessment year

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    Definition Section 2

    Uploaded by

    Nabila Tabassum
    13 views12 pages
    Here are the solutions to exercises Case 7 to Case 19 from Chapter 2 on income year and assessment year determination: Case 7: Closing date of accounts: 31 March 2013 Beginning date: 1 April 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 8: Closing date of accounts: 30 June 2013 Beginning date: 1 July 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 9: Closing date of accounts: 31 December 2013 Beginning date: 1 January 2013 Income year: 1 July 2013 - 30 June 2014 Assessment year

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    Here are the solutions to exercises Case 7 to Case 19 from Chapter 2 on income year and assessment year determination: Case 7: Closing date of accounts: 31 March 2013 Beginning date: 1 April 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 8: Closing date of accounts: 30 June 2013 Beginning date: 1 July 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 9: Closing date of accounts: 31 December 2013 Beginning date: 1 January 2013 Income year: 1 July 2013 - 30 June 2014 Assessment year

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    13 views12 pages

    Definition Section 2

    Uploaded by

    Nabila Tabassum
    Here are the solutions to exercises Case 7 to Case 19 from Chapter 2 on income year and assessment year determination: Case 7: Closing date of accounts: 31 March 2013 Beginning date: 1 April 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 8: Closing date of accounts: 30 June 2013 Beginning date: 1 July 2012 Income year: 1 July 2012 - 30 June 2013 Assessment year: 1 July 2013 - 30 June 2014 Case 9: Closing date of accounts: 31 December 2013 Beginning date: 1 January 2013 Income year: 1 July 2013 - 30 June 2014 Assessment year

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    Definition (Section 2)

    Prepared by
    Md. Safiuddin
    Senior Lecturer, Department of Accounting
    Independent University, Bangladesh
    Section 1: short title
    Section 2: Definition
    Section 3-10: Administration
    Section 11-15: Tax Appellate Tribunal
    Section 16-19BBB: Charges of Income tax
    Section 20-43: Computation of income
    ITO 1984 at a
    Section 44-47: Exemption and allowance
    glance by Section 48-74: Payment of tax before
    section wise assessment
    Section 75-80: Return of assessment
    Section 81-94A: Assessment
    Section 123-133: Penalty
    Section 134-143: Recovery of tax
    Section 144-rest: Double taxation relief
    Assessee

    Person
    includes
    Assessee means a • Individual
    person by whom tax • Partnership firm
    • Association of
    is payable under ITO person
    1984. • Hindu undivided
    family
    • Local authority
    • company
    Definition
     Tax base is the total income (taxable total income)

     Total income means both domestic income and foreign


    income of a resident assessee, only domestic income of a
    non -resident assessee.
     Resident
    For individual person
     Who resides in Bangladesh for 182 days in an
    income year or
    Definition  At least 90 days in an income year and at least
    365 days in preceding 4 income years.
    (section 2)
    Company: control and management of affairs
    situated wholly in Bangladesh.
     Non resident: who is not a resident.
    Problem on residential status
    1. Following is the particulars of Mr. Bablu’s stay in Bangladesh over a period of last
    five years:
    year 2011-12 2012-13 2013-14 2014-15 2015-16
    days 40 55 182 200 94

    Calculate residential status of Mr. Bablu for those years.

    Year days stayed in BD previous 4 years status IY: 182/(90+365)


    2011-12 40 0 non-resident
    2012-13 55 40 non-resident
    2013-14 182 95 resident
    2014-15 200 277 resident
    2015-16 94 477 resident
    Problem on residential status
    2. Dr. Hasan Mahmood works as a professor in a university in
    Australia. He left Bangladesh in 2001. After 7 years of that,
    he first visited Bangladesh in the year 2008. After wards he
    visited Bangladesh every year to see his parents. The
    following table shows the information about the time period
    he stayed in Bangladesh in different years from 2008 to
    2016. Determine his residential status during these income
    years:

    year 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16


    Date of 16.09.09 12.10.10 11.02.12 09.12.12 01.07.13 28.12.14 15.07.15
    entrance
    Date of 28.03.10 19.03.11 14.03.12 01.03.13 28.09.13 28.06.15 12.03.16
    exit
    Year days stayed in BD previous 4 years status IY: 182/(90+365)
    2009-10 194 0 resident
    2010-11 159 194 non-resident
    2011-12 33 353 non-resident
    2012-13 83 386 non-resident
    2013-14 90 469 resident
    2014-15 183 365 resident
    2015-16 242 389 resident
    Resident vs non- resident (Bangladeshi / foreigner)

    Resident Non-resident
    foreigner
    Tax rate Slab rate 30%
    Tax exempt limit Yes No
    Tax rebate Yes No
    Income year is the period for which the total income of
    an assessee is calculated. The period begins at the first
    day of July and ends on 30 June. For bank, insurance
    and other financial institution January to December.
    Income year
    Assessment year is the year following the income year. It
    and starts on 1 July and ends on 30 June. Income tax is
    assessment calculated based on the rate of assessment year.
    year For example:
    Income year assessment year
    01.07.2014 - 30.06.2015 01.07.2015 – 30.06.2016
    2014 – 15 2015 - 16
    Name of the Closing date of Beginning date Income year Assessment year
    Company accounts

    Nitol Motors 15 April, 2013  15 April 2012  1 July 2012-30  1 July 2013-30
    June 2013 June 2014

    Uttara Limited 31 August, 2013  1 September 2012  1 July 2013 -30  1 July 2014 -30
    June 2014 June 2015

    Ventura Properties 31 March, 2014      


    Ltd

    Pran Limited 31 July, 2014      

    Vertex Fashions 31 Dec, 2015      

    Exercises: Calculate income year and assessment year for the followings;
     Exercises : case 7 (Page 59) to case 19 (Page 62)
    [chapter 2]

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