MCQ
Agricultural Income
1. Agricultural Income is …
a. any income derived from any land used for agricultural purpose
b. any income from land leased for agricultural purpose
c. Dividend paid by a company out of its agricultural income
d. All of the above
2. As per Section 25, the following income considered as agricultural income
a. Any agricultural income derived by assessee as per Section 2 (1)
b. Revenue gain from sale of assets as defined in Section 19(16)
c. Revenue gain from insurance claim and salvage value as defined in Section 19 (18)
d. All of the above
3. As per Section 26, which one is not allowable expense.
a. Cultivation costs incurred under barga system
b. Maintenance costs of any irrigation or protective work
c. Maintenance costs of agricultural implements
d. Loss from sale of assets
4. The following income which is not exempted from tax as per Six Schedule part A
a. Income derived by an individual assessee from Rangamati, Khagrachori, Bandarban
b. 50% income exempted from corn, maize and sugar beet.
c. Income derived from rubber
d. None of above
5. If an individual assessee (female) has Tk 10,00,000 agricultural income during the income year. Calculate tax liability
a. 80,000
b. 72500
c. 42500
d. None of above
6. If an aseessee has fisheries income of Tk. 50,00,000, calculate tax liability
a. 350,000
b. 400,000
c. 450,000
d. None of above
7. If an aseessee has poultry income of Tk. 50,00,000, calculate tax liability
a. 250,000
b. 300,000
c. 350,000
d. 400,000
8. Calculate tax liability, if Mr. A earned Tk 50,00,000 from pelleted poultry feeds
a) 680,000
b) 700,000
c) 650,000
d) None of the above
9. Relevant information regarding the agricultural income of Mr. Kamal Hossain for the year ended on June 30, 2021 is given bellow:
Sale of Rabi crops Taka 80000
Sale of paddy Taka 100000
Sale of Jute Taka 450000
Income from barga Taka 50000
Lease rental of agricultural land Taka 40000
Expenses relating to this income are as follows:
Cost of seeds and fertilizer Taka 30000
Cultivation cost Taka 65000
Transportation cost Taka 18000
Ordinary processing cost Taka 25000
Land revenue paid Taka 10000
Crop insurance premium Taka 8500
Allowable depreciation Taka 5000
Interest on borrowed fund Taka 3500
a) Amount of allowable deduction will be --------------------, if assesseee did not maintain proper books of accounts
b) Amount of allowable deduction will be --------------------, if assessee maintained proper books of accounts
c) Amount of taxable agricultural income of Mr. Kamal, if proper books of accounts not maintained, will be -----------.
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