Answer the following questions : 1. VAT is imposed on goods and services at import stage, manufacturing,
Question:
Answer the following questions :
1. “VAT is imposed on goods and services at import stage, manufacturing, wholesale and retail level.” Discuss the statement in light of VAT Act-1991.
2. “Gift Tax is chargeable at the rates specified in the schedule irrespective of the nature of Gift” Do you agree? Explain.
3. Mr. Ratan has made gifts during income year 2019-20:
(a) Cash gift of Tk. 250,000 on the occasion of marriage of his relative dependant on him.
(b) Donated a house in India owned by him to a charitable institution there. The market value of the house is Tk. 5,000,000.
(C) Gifted a motor car to the daughter of his close friend in the event of his marriage ceremony. The car was purchased at Tk. 800,000.
(d) Payment of annual dues regarding the life insurance policies of his brothers Mr. Jaton and Mr. Kiron; Mrs. Faria (wife of Mr. Ratan) and of himself. The amount is being Tk. 20,000; Tk. 20,000; Tk. 30,000 and Tk. 35,000 respectively but his brothers are dependent on him.
Compute the taxable gift and the gift tax thereon.
Project Management A Systems Approach to Planning Scheduling and Controlling
ISBN: 978-0470278703
10th Edition
Authors: Harold Kerzner