Thursday, July 12, 2012

Income from Interest , ITO 1984



Chapter-7
1
1)     Mr. Ashraf Ali has a less tax govt. security which value is 200000. What is the amount of net interest of the security?
a)  20,000
b)  9,500
c)  18,000
d)  22,222
2)     Which one is the interest income?
a)  Interest on security certificate
b)  Interest on fixed deposit
c)  Interest from zero coupon bond
d)  Interest from a company on a book debt.
3)     Mr. Rahman has a treasury bond of tk. 10, 00,000 on which interest rate is 12%. His total taxable income excluding the interest of his bond is tk. 5, 00,000. Which is his taxable income now?
a)  633333
b)  500000
c)  620000
d)  None of the above
4)     The amount of gross interest of a tax free govt. security is tk. 10,000. What is the amount of net interest?
a)  9000
b)  11111
c)  10200
d)  None of the above
5)     Under which section of ITO 1984 the definition of security is provided?
a)  Section 22
b)  Section 2(38)
c)  Section 2(42)
d)  None of the above
6)     Bank commission charges which have been deducted by the bank for collecting interest will be an allowable expense & bank commission charged for purchasing securities will also be considered as an allowable expense- comment about the above statement :
a)  It’s true
b)  It’s partially true
c)  It’s false
d)  None of the above
7)     By cum interest transaction a _______________ of security can avoid tax.
Answer: Holder



8)     As the assesse has to pay TDS on less tax govt. security, interest on this kind of security is ___
a)  Exempted
b)  Investment allowance
c)  Fully taxable
9)     In case of ex interest transaction who can avoid tax?
a)  The buyer
b)  The seller
c)  Both
d)  The holder of security
10)Mr. X possessed a security with a value tk. 500000. He sold it to Mr. Y before the date of assessment & repurchases it after the date of assessment. But Mr. Y had not to pay any tax on interest income though he holds the security during the date of assessment. What may be the cause?
a)  The security was tax free govt. security
b)  The security was zero coupon bond
c)  Mr. Y’s income is less than the tax limit
d)  Mr. Y paid the tax on the principle amount
11)In the above case the situation is called________
Answer: Bond washing
12)The amount of gross interest of a less than govt. security is 50,000 & amount of net interest 45,000 what is the rate of interest?
Answer: 10%
13)No tax is deducted at source from the tax free govt. security & _________________
a)  Zero coupon bond
b)  Commercial securities
c)  Treasury bond
d)  All of the above
14)Which of the following is admissible expense?
a)  Bank commission or charges for purchasing securities
b)  Bank commission or charges for collecting interest on zero coupon bond
c)  Interest on money borrowed to invest in T-bill
d)  Interest on money borrowed to invest in less tax
15)Which one of the following increase the average rate of tax?
a)  T-bill
b)  Zero coupon bond
c)  Debenture
d)  Less tax govt. security
16)Mr. Imran receives an interest income for investing in T-bill of UK govt. & he is a non-resident Bangladeshi. What will be the impact of his income?
Answer: No impact


17)Which of the following statement is false?
a)  In case of cum interest transaction seller will pay tax
b)  In case of cum interest transactions buyer will pay tax
c)  In case of bond washing transactions both buyer & seller can avoid tax
d)  None of the above
18)Which statement is true?
a)  TDS is applicable @ 10% interest on less tax govt. securities
b)  Interest on saving certificate is included under the head of interest income
c)  Allowable expense will be applicable in case of tax free govt. securities
d)  Tax free govt. security will put an impact on average tax rate
19)The chargeability of interest on securities is on receivable basis____ Is it true?
Answer:
20)Why grossing up is not required for tax free govt. security?
a)  Since it is not included in computation of taxable income
b)  Since interest is received on net amount
c)  Since TDS is applicable here
d)  Since interest is received on gross amount
21)In case of cum interest transactions___
a)  The seller will be assessed for the interest of the whole period
b)  The buyer will be assessed for the interest of the whole period
c)  Both the seller & the buyer will be assessed for the whole  interest
d)  None of the above
22)For which the following grossing up is required?
a)  Tax free govt. security
b)  Tax free commercial security
c)  Less tax govt. security
d)  Debenture
23)Where a security owner transfers the securities on the eve of due date of interest & requires them, which of the following is true?
a)  The interest received by the transferee will be deemed as income of him
b)  The interest received by the transferee will be exempted from being income
c)  The interest received by the transferee will be deemed as income of the transferor
d)  None of the above
24)Mr. M is a resident Bangladeshi. He obtains interest from USA T-bill in the current income year. What will be the treatment of his income? ___________
Answer:
25)Amount of interest income need to be grossed when interest received is____interest. From ____
a)  Gross , less tax govt. security
b)  Net , zero coupon bond
c)  Net , debenture
d)  All of the above
e)  None of the above
26)Does tax free govt. security put any impact on average rate of tax?
a)  Yes
b)  No
27)If any income derived by a bank, insurance or any financial institution from a zero coupon bond Will it be fully exempted?
a)  Yes
b)  No 
28)Income from zero coupon bond 5000 tk. What will be the amount of exemption?
a)  3000
b)  40000
c)  25000
d)  None of the above
29)During an income year, an assesse has received tk. 20000 after expiry of the maturity period of 2 year zero coupon bond acquisition price of which 18000.what will be the amount of exemption?
a)  8000
b)  2000
c)  18000
d)  None of the above
30)Amount of tax exemption for less tax govt. securities is_________
a)  Full
b)  Up to tk. 5ooo
c)  Nil
d)  Up to tk. 3000
31)Which one of the following incomes of an assesse shall be classified & computed under the head ‘Interest on securities?
a)  Interest receivable on any security of the govt.
b)  Interest on security approved by govt.
c)  Interest receivable on debentures or other securities issued by as on behalf of local authority or company
d)  All of the above
e)  None of the above
32)According to section 22 of the ITO 1984 theoretically the chargeability of interest on securities is on ______________
a)  Receivable basis
b)  Received basis
c)  Both a & b
d)  None of the above 
33)When securities are sold any gain or losses from such disposal will be considered as____
a)  Income from interest on securities
b)  Capital gain
c)  Business gain
34)Which one of the following incomes will not be considered as interest income from securities?
a)  Interest received from bank deposit
b)  Gain on sale of securities
c)  Interest on saving certificates
d)  All of the above
e)  None of the above
35)Securities are mainly classified as ________
a)  Government & industrial
b)  Government & commercial
c)  Industrial & commercial
d)  None of the above
e)  All of the above
36)Government securities can be classified as___
a)  Tax free & less tax
b)  Debentures & zero coupon bond
c)  Tax free & zero coupon bond
d)  Less tax & debentures
37)Which one is not the example of govt. securities?
a)  Treasury bill
b)  Promissory note
c)  National bond
d)  All the above
e)  None the above
38)In case of tax free govt. securities ____________
a)  No tax is paid
b)  Partial tax is paid
c)  Full tax is paid
d)  None of the above
39)What is the current TDS rate?
a)  5%
b)  10%
c)  15%
d)  20%
40)Interest income from approved debenture is __________
a)  Tax free
b)  Fully taxable
c)  Partially taxable
41)Zero coupon bond is also known as _________
a)  Discount bond
b)  Deep discount bond
c)  Both c a & b
d)  Taxable bond
42)The formula for grossing up of interest is _______
a)  Net interest ×100/100-rate of TDS
b)  Net interest ×100/rate of TDS
c)  Net interest ×100/100+TDS
d)  Net interest ×rate of TDS/100
43)Allowable expenses are deducted from interest on ______
a)  Less tax govt. securities
b)  Approved or unapproved commercial securities
c)  Zero coupon bond
d)  a + b + c
e)  a + b
44)Generally interest on securities is given_______
               Answer: on a particular day at regular intervals
45)There is no tax on _______
a)  Disposal of capital asset
b)  Transfers of securities
c)  Transfer of debenture
d)  All the above
46)Section 106 has given sufficient authority to handle the cases of tax avoidance to_______
a)  NBR
b)  Government
c)  DCT
d)  None of the above
47)Interest on securities is added with the total income for__________
a)  Welfare purpose
b)  Business purpose
c)  Accounting purpose
d)  Taxation purpose
48)Seller will not pay any tax for the interest in case of____
a)  Cum interest transaction
b)  Ex-interest transactions
c)  Bond washing transaction
d)  a + b
e)  a + c
49)Which one is fully taxable?
a)  Zero coupon bond
b)  Less tax govt. securities
c)  Unapproved commercial securities
d)  a + b
e)  b + c


50)Mrs. Rose has received interest on zero coupon bond tk. 7000. The gross interest is__________
a)  7000
b)  7778
c)  6300
d)  None
51)Mr. moon has bought a less tax govt. security of 500000 @ 15%. The gross interest is_____
a)  75000
b)  50000
c)  55555
d)  None
52)Mr. Hrid purchased an 8% Italian Treasury bill at a cost of tk. 30000000. Interest will be________
a)  26667
b)  24000
c)  21600
d)  None
53)Ms. Orpa is a citizen of Dubai. But she lived in Bangladesh from 28th February 2008 to 26th May. She bought a 10% less tax govt. security of tk. 360000. So what will be the interest for income year 2007-2008?
a)  40000
b)  36000
c)  32000
d)  None
54)Ms. Prionti is the citizen of Bangladesh & U.S.A she bought a less tax govt. security of tk. 10000 here at Bangladesh. What will be the amount of interest?
a)  9000
b)  11111
c)  1000
d)  None
55)Mr. Moon has transferred 10% approved commercial security of tk. 200000 to his friend Ms. Rose on 25th June, 2011 & bought it back on 1st July, 2011 at tk. 205000. The DCT has not identified the matter of this bond washing. So the interest in the computation of total income will be _______
a)  5000
b)  15000
c)  20000
d)  Nil
56)If in the above situation DCT identifies the bond washing what will be the amount of interest then?
a)  5000
b)  15000
c)  20000
d)  Nil
57)Interest on 10% less tax govt. security is tk. 3000. The bank has deducted tk. 100 as collection fee. So the interest will be_____
Answer: 2700
58)Mr. Maniruzzaman purchased 11% debenture of Dhaka bank Ltd. Of the face value of 300000 (the acquisition price was 350000) on 31st January, 2012. In this regard he sold 12% City bank Ltd. Debenture at tk. 290000 on the same day (face value 250000). Interest paid on 30th June each year. What will be cum interest for him?
a)  27500
b)  33000
c)  60500
d)  5500
59)10% debentures of Moonrose private Ltd. Of the face value of tk. 400000 were sold ex-interest on 1st November 2011 (interest payable 31st December) tk. 1000000, 10% debenture of LDl Ltd. Was purchased ex-interest. The due date of interest is October 31 & June 30. The interest will be____
Answer: 58333
60)In the above situation if the rest amount is borrowed from SLOS bank Ltd. @ 10% interest. Then the interest will be________
Answer: 23041
61)Tax exemption on interest on securities is described in___
a)  6th schedule part A
b)  6th schedule part B
c)  7th schedule part A
d)  3rd schedule part A


















Chapter-8
62)Mr. X leased his house for 4 years. Who will be assed & under what head?
a)  Lessee, under the head “income from house property.”
b)  Lessor, under the head “income from house property.”
c)  Lessee, under the head “Income from other sources”
d)  Lessor, under the head “Income from other sources”
63)Mr. A mortgaged his property for600000, for 3 years. Who will be assessed
a)  Mortgager
b)  Mortgagee
64)Any advance against rent will not be considered as the income from house property.
a) True
b)False
65)Income from house property refers to-
a)  Third head of section 20
b)  Fourth head of section 20
c)  Fifth  head of section 20
d)  None
66)In case of partnership firm, who will be the assesse of house property?
a)  Co-owners
b)  Partnership firm
c)  Managing director
d)  A+B
67)Who will be the assesse in case of benami house property?
a)  Real purchaser
b)  Owner
68)What will be considering the annual value in house property?
a)  Actual rental value
b)  Municipal value
c)  Higher of them
d)  Lower of them
69)In case of long term lease agreement who will pay the tax?
a)  Lessee
b)  Lessor  
70)What is the formula for calculation of TDS?
a)  TDS=rent received X (TDS rate/ 100-rate of TDS)
b)  TDS=rent received X (TDS rate/ 1-rate of TDS)
c)  TDS=rent received +(TDS rate/ 100-rate of TDS)
d)  None
71)Where the house property is fully occupied by owner then what will be the annual value?
a)  Municipal value
b)  Real market value
c)  Higher one
d)  Not needed

72)Who will be the owner of a house property in case of insolvency?
a)  Evacuee
b)  Custodian
73)Who will be the owner when a house property is held under trust?
a)  Trust itself
b)  Trustee
c)  Nobody
74)House property must consist of any-
a)  Land
b)  Building
c)  Furniture, factures
d)  A+B
e)  All
75)Which income generated from house property is considered as taxable?
a)  Let out
b)  Purpose of his business
c)  For own use
d)  None
76)Which expenses are deducted from gross rental received?
a)  Admissible expenses
b)  Night guard salary
c)  Fire insurance premium
d)  A+C
77)Which of following is considered as the income from house property?
a)  Carriage fees
b)  Advanced against rent
c)  City corporation tax
d)  Repair & maintenance
78)In what situations income from house property will not be taxable?
a)  When house is used for carrying on business
b)  When house is used for office/factory/go down.
c)  A+B
d)  None of them
79)If X lets a house to Y & Y sublets it to Z then what situation will arise?
a)  Income of X will be taxable.
b)  Income of Y will be taxable.
c)  Both X & Y income will be taxable.
d)  No one income will be taxable.


80)Income from other lands, that is, not appropriately untenanted to be building & not  occupied & enjoyed with them is to be considered under the head of-
a)  Income from house rent.
b)  Income from house property
c)  Income from other sources
d)  None of them
81)What is the time limit of a five storied; housing at least ten facts will be considered as non-assessable income under the head “income from house property”?
a)  Jan 1,2009 to Jan 1 2014
b)  July 1, 2009 to Jun30, 2014
c)  Jan 1 to December31,  2015
d)  July 1 2008 to December  31 2016
82)If the tenant bears any owner’s expenses then what will happen?
a)  Actual rental value will be increased
b)  Actual rental value will be decreased
c)  Actual rental value will be the same
d)  None of them.
83)If the owners bears any tenants expenses then what will be happen?
a)  Actual rental value will be increased
b)  Actual rental value will be decreased
c)  Actual rental value will be the same
d)  Both A+B
84)Based on the rental status house property can be classified by how many head?
a)  2
b)  3
c)  4
d)  5
85)Which of the followings is considered as admissible expanses?
a)  Land development tax
b)  Insurance premium
c)  Both
d)  None of them.
86)Any interest, payable borrowed capital not exceeding              lac, should be deducted from total income.
a)  20 lac
b)  30 lac
c)  40 lac
d)  50 lac
87)Which of the following will not be considered as admissible expense?
a)  Repair & maintenance
b)  City corporation
c)  Rent collection expense
d)  B+C
88)Following are the example of admissible expenses under the head “ Income from house property” except-
a)  Loan installment
b)  Repair & maintenance expenses
c)  Uncollectible rent
d)  Municipal tax
89)When the house property is used by son-in-law for free, amount of rental value is-
a)  Municipal value
b)  Actual value
c)  Both A+B
d)  None of these
90)Vacancy allowance for a portion of house is the amount equals to-
a)  Monthly rent multiplied by number of months the house remain vacant
b)  Proportionate rental value for the vacant month
c)  Proportionate municipal value for the vacant month
d)  Proportionate annual value for the vacant month
91)Interest on borrowing during construction period is an admissible expense in the-
a)  Year when renew is generated from the house property
b)  Subsequent year only
c)  Subsequent 3 years in equal amount
d)  None of the above
92)When owner of property receive advance for tenant then what will be the allocation procedure?
a)  Equal proposition to the year receipt & next four  years
b)  Equal proposition to the year receipt & next three  years
c)  Diminishing proposition to the year receipt & next four  years
d)  Diminishing proposition to the year receipt & next three  years
93)Income is the result of gross rental received-
a)  Less admissible expense
b)  Add admissible expense
c)  Both
d)  None
94)The term building doesn’t include-
a)  Edifice, structure
b)  Ship, vessel
c)  Playground
d)  Kitchen garden
95)House property doesn’t include-
a)  Lands, apartment to building
b)  Backyard , compound
c)  Cattle shed
d)  None
96)The test of ownership is required to be satisfied in-
a)  The income year
b)  The assessment year
c)  The calendar year
d)  a+b
97)When one gives life interest in the house property to specific legatee, who will be the assessable entity?
a)  The executor
b)  Legatee
c)  Both proportionately
d)  None of them
98)If dispute arises relating to the title of the property then who will pay tax?
a)  He/She who is getting interest from the property
b)  He/she who has the possession of the property
c)  Assessment proceeding can not be held up
d)  Both a & c
99)If court goes against the interim decision of the tax authority then tax authority will-
a)  Follow the court order in future
b)  Not overstated the tax rule
c)  Rectify back years assessment
d)  Do nothing
100)  In case of short term lease agreement who wall be assessed?
a)  Lessee
b)  Lessor
c)  Both
d)  Nobody
101)  In case of building that has more than or equal five storied & ten flats constructed in between July 1, 2009 and June 30, 2014 & is situated in outside of city corporation. What will be the time limit of being non-assessed?
a)  Ten years from the date of competition of construction.
b)  Ten years from the date of beginning of construction.
c)  Seven years from the date of competition of construction.
d)  Seven years from the date of beginning of construction.
102)  After assessment made if it is found that the amount of  tax deducted is in excess of the amount payable then-
a)  Tax authority will refund the whole amount
b)  Tax authority will refund the excess amount
c)  Tax authority will not refund
d)  None of the above


103)  B has a house, whose monthly rental value is 15000 (2flats, each). Municipal value of the house is 250000. What is the annual value of the house?
a)  250000
b)  130000
c)  180000
d)  360000
104)  B let out his house at a monthly rate of tk. 15000. Municipal value of the house is tk 195000. The tenant will bear city corporation taxes relating to the house property, which amounted tk. 7000. What will be the annual value of the house?
a)  195000
b)  180000
c)  187000
d)  264000
105)  A’s house’s monthly rent is 10000. Municipal value of the house is 100000. A pays the electricity & gas bill of the tenant, which amounted tk. 1500 per month. What will be the annual value?
a)  100000
b)  120000
c)  138000
d)  102000
106)  A has a 4 floored house. He let out 3 Flores at a rental value of 15000 each per month. Municipal value of the house is 280000. What is the annual value?
a)  280000
b)  180000
c)  540000
d)  360000
107)  A is the owner of a house, which may earn a rent of 10000 per month if let out. Municipal value of the house Is 130000. What is the annual value?
a)  130000
b)  140000
c)  10000
d)  None
108)  A let out his house to a dental college. Monthly rental value of the house is 15000. What is the rate of TDS?
a)  3%
b)  5%
c)  10%
d)  none
109)  If in the above use monthly rent is 35000. What is the amount of TDS?
a)  35000
b)  420000
c)  385000
d)  None
110)  A has rented his house to a University, at a rental value of 45000. Municipal value of the house is 520000. What is the annual value?
a)  540000
b)  520000
c)  513000
111)  In the above case what will be the amount of TDS?
a)  1368
b)  2368
c)  3332
d)  None
112)  What is the rate of admissible limit of repair & maintenance expenditure in case of the property let out for residential purpose?
a)  20%
b)  25%
c)  30%
d)  35%
113)  In case of property let out for commercial purpose?
a)  20%
b)  25%
c)  30%
d)  35%
114)  A let out his house for residential purpose. Monthly rent of the house is 10000. Actual spending for repair & maintenance is 25000. What amount will be considered as admissible expense?
a)  25000
b)  30000
c)  35000
d)  40000
115)  What will be the TDS when the monthly payment to owner is less than tk.20000?
a)  Nil
b)  3 %
c)  5%
d)  None
116)  What will be the TDS when the monthly payment to owner is 20000 to 40000?
a)  Nil
b)  3%
c)  5%
d)  None
117)  What will be the TDS when the monthly payment to owner exceeds tk. 40000?
a)  Nil
b)  3%
c)  5%
d)  None
118)  When repair expense 50000, city corporation tax 22000, Insurance premium 16000, caretaker & night guard salary 24000 then what is the amount of total admissible expense.
a)  72000
b)  88000
c)  112000
d)  90000
119)  If repair & maintenance expense is 24000 & actual rental value is 300000(assume that property is let out for commercial purpose), than what will be the amount of admissible expense?
a)  24000
b)  90000
c)  66000
d)  None
120)  If A has 3 house one house is fully let out 200000. Another house was half let out 400000 & the other was accepted by the owner 250000. Which amount will be considered as taxable?
a)  300000
b)  400000
c)  600000
d)  650000













Chapter-9
121)  How many of heads does the income calculation include?
a)  7
b)  8
c)  9
d)  None
122)  When agricultural income was brought into the tax net?
a)  1984
b)  1974
c)  1976
d)  1978
123)  Agriculture refers to ___________
a)  Growing of plants
b)  Growing of animals
c)  Field cultivation
d)  All of the above

124)  Agriculture income can be defined on the basis of
a)  Basic operation
b)  Subsequent operation
c)  Business operation
d)  a + b
125)  Which of the following is a subsequent operation?
a)  Tilling of land
b)  Sowing of seeds
c)  Planting
d)  Weeding
126)   Mr. X gives his land to Y for cultivating for 1 year. For this he receives monthly 2000 tk.
   Will it be agriculture income?
               Answer: Yes


127)  Mr. Z has a house near to that land consisting of two rooms. One room is used for
  personal purpose & another is used as the store-house regarding the land. Will the income
  from store house be computed as agriculture income?
               Answer: Yes
128)  Mr. A grows Mashrum on the roof of his house. Is it an agriculture income?
               Answer: No


129)  Mr. sharif had a tractor of tk. 50000. He sold it for 52000. The accumulated depreciation of that tractor was 28000. What will be the agriculture income here?
a)  18000
b)  28000
c)  30000
d)  2000
130)  In the above situation what will be the capital gain?
a)  2000
b)  22000
c)  28000
d)  None of the above.
131)  Mr. Tahsin had a pump machine which was purchased for tk. 30000. Due to an accident, the machine was destroyed & the insurance company has given compensation of tk. 20000. At the time of destruction the amount of the accumulated depreciation was 15000 & the scrap value is tk. 1000. What will be the agriculture income?
               Answer: 6000
132)   Income from sale of tea is a business income----- is this statement true?
               Answer: Partially true
133)  How much of the sale proceeds from the sale of tea will be considered as agriculture income?
a)  50%
b)  40%
c)  60%
d)  30%
134)  Mrs. Shopna gets vegetables grown naturally in her yard.      Sometimes she sale those to the market. Is it an agriculture income?
               Answer: No
135)  Mr. Rahman is a resident assesse of Bangladesh. He has a land in which he cultivates paddy.   He has another land in Calcutta where he cultivates fruits. Income from the land at Bangladesh will be treated as__
               Answer: Agriculture income
136)  In the above situation income from the land at Calcutta will be treated as_______
               Answer: Foreign income
137)  Agriculture income can be classified into____
a)  2 categories
b)  3 categories
c)  4 categories
d)  5 categories



138)  Mr. Selim has a land where he produces sugarcane. Further he manufactures the sugarcane & turns those into sugar. His total income is 100000. What will be his agriculture income?
a)  50000
b)  30000
c)  40000
d)  None of the above
139)  In the above situation what will be his business income?
a)  50000 
b)  60000
c)  40000
d)  None of the above
140)  If in the above situation Mr. Selim after production sale the sugarcane to Mr. Akbar for   further manufacturing for tk. 50000 what would be Mr. Selim’s agriculture income?
               Answer: There will be no treatment
141)  Is there any scope of allowance in case of agriculture income?
               Answer: Yes
142)  Income from dairy farm will be considered as agriculture income if_________
a)  Assesse is the owner of the cattle
b)  Cattle are reared in cattle rearing field
c)  Milk is processed by the assesse
d)  All of the above
143)  Which one is false?
a)  Income from sale of tea is a partly agriculture income
b)  Agriculture includes arboriculture
c)  Income from salt production is an agricultural income
d)  None of the above
144)  Which one is true in case of calculating agriculture income when there is a gain from the sale of plant or machinery used for agricultural purpose?
a)  Gain cannot be more than the difference between original cost & written down value
b)  Capital gain= sale proceeds-cost price
c)  Agriculture income= Total gain- capital gain
d)  All of the above
145)  Mr. Jashim cuts & sells timber on contract. Is his income is         agriculture income?
               Answer: No
146)  Identify the non-agriculture income from the following___
a)  Cultivation of flower
b)  Cultivation of fruits
c)  Income from sale of honey
d)  Income from fish hunting
147)  Mr. Salahuddin claimed that he incurred production cost for maintaining agricultural implements & machinery tk. 30000. But he does not maintain the books of accounts. He earned 45000 from the sale. What will be his actual production cost in this situation?
               Answer: 27000
148)  Mr. Jahangir sales rice of tk. 50000, Robi crops of tk 40000, share from Barga 20000. He has incurred production cost of tk. 20000 for rice, tk. 10000 for robi crop, 7 tk. 2000 for barga. What will be his total agriculture income?
a)  60000
b)  40000
c)  80000
d)  20000
149)  In the above situation if he fails to maintain proper books of      account for robi crops relating expense what will be his total agriculture income?
a)  80000
b)  50000
c)  60000
d)  66000
150)  Which schedule provides the rates of depreciation/
a)  2nd schedule
b)  3rd schedule
c)  1st schedule
d)  None of the above
151)  What is depreciation rate for power pumping machinery?
a)  10%
b)  15%
c)  20%
d)  25%
152)  What is the depreciation rate of kutcha & pucca building?
a)  10%
b)  12%
c)  15%
d)  20%
153)  Total gross agricultural income - admissible expense=?
               Answer: Net agricultural income
154)  Can net loss be set off against capital gain?
               Answer: No
155)  In 2001 Mr. Hikma incurred a net loss regarding agricultural Income. He carried forward the loss to set off. Up to which year he can do so?
               Answer: 2007
156)  In income year 2010-2011 the total income of a 70 years old man in Kustia, Bangladesh named Mr. Muhammad Ali was 400000 & his only source of income is agriculture. What will be his taxable income in the assessment year 2011-2012?
a)  Tk. 350000
b)  Tk. 300000
c)  Tk. 170000
d)  Tk. 150000
157)  In the income year 2010-2011 the total income of Mr. Anik was tk. 300000.He earned Tk. 200000 from agriculture & 100000 from other sources. What will be his taxable income?
a)  Tk. 150000
b)  Tk. 200000
c)  Tk. 300000
d)  None of the above
158)  Mr. Zaman is a disable person. His only source of income is agriculture. In the income year 2010-2011 his total income was tk. 300000. What will be his taxable income?
a)  300000
b)  200000
c)  150000
d)  None of the above
159)  Mr. Babu is an indigenous Hillman of Khagrachari who is totally dependent on agriculture income. In the income year 2010-2011 his total income was tk. 400000 of which tk. 100000 was from the agricultural activities in his hometown & the remaining was from the agricultural activities at Sylhet. What is his taxable income?
a)  Tk. 300000
b)  Tk. 400000
c)  Tk. 250000
d)  Tk. 70000
160)  Mr. Akbar has a poultry farm. He started this farm on 1st July 2011. In the income year 2011-2012 his income was 300000. At January 2013 he invested tk. 30000 in govt. bond. What will be his taxable income for the income year 2011-2012?
a)  Tk. 250000
b)  Tk. 0
c)  Tk. 300000
d)  None of the above
161)  What is reduced tax rate for fisheries?
a)  10%
b)  5%
c)  15%
d)  There is no reduced tax 
162)  Is production cost allowable for partly agricultural income?
               Answer: No
163)  Agricultural income is the __________ head among the seven heads of the income.
Answer: Fourth
164)  Mr. Jamil produces nuts. At beginning it can be sold out by only Tk. 20 per kg. But if he incurs further process he can sell nuts @ tk. 30 per kg. To make it saleable, @ tk.40 per kg. He needs to incur 5 tk. Processing cost per unit. So his gain is 5 tk. for every unit. In the income year 2010-2011 he sold 30 kg nuts. Will it be included in his agricultural income?
Answer: Yes

165)  Which one is not an admissible expense?
a)     Local tax
b)     Depreciation
c)     Interest on mortgage
d)     Losses on exchange of machineries
e)     None of the above
166)     Maximum limit of losses from the sale of demolished machineries when there is no insurance or  
   compensation money has been received_____
a)     Written down value ─ Scrap value
b)     Written down value ─ insurance amount
c)     Written down value ─ scrap value ─ amount of insurance or compensation money
d)     None of the above
167)     Mr. Mukul is a fisherman. He catches fishes from ferry ghat. He also has a land. In which he    
     grows vegetables. He sells the both at Kawran Bazar. Will his income include both the activity as 
     agriculture income?
    Answer: No. Only the second one will be included
168)     Mr. Ajmal buys vegetables from various farmers. Then he sells those to the market. He claims that his income is agricultural income. Whether his claim is appropriate or not?
Answer: It is not acceptable.
169)     Mr. Mortaza has a 1 storied building near a land. The cultivator of that land requires a store house. Mr. Mortaza gives that building on rent to the cultivator.  Whose income is agricultural income?
a)     Mr. Mortaza’s
b)     The cultivator’s
c)     Both
d)     None 
170)                    Which of the following is true?
a)     Production of goods through growing of plant & animals is agriculture
b)     Total gain from sale of agricultural assets is an agricultural income
c)     Income from cattle rearing is a non-agricultural income
d)     All of the above


171)                    Mrs. Amina has a dairy farm of her own. The cattle are bought by her. The cattle rear in cattle rearing field. She processes the milk & then sells that to Mr. Karim, who takes the milk & milkmaid products to a co-operative society that ultimately sells that to the market. In this regard which of the following is true?
a)     The income of  all the three parties are agricultural income
b)     The income of Mrs. Amina is agricultural income
c)     The income of Mr. Karim is agricultural income
d)     The income of the co-operative society is agricultural income
172)           Shahadat & co. has various income sources. It has a mango garden. It sells those by some agents throughout the country. The agent gets remuneration at a fixed percentage of net profit. Will the agent’s income be treated as agricultural income?
Answer: No



All credit goes to Antu Team. 

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