During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk....

 

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During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk. 7,100; Insurance premium- spouse (Policy value Tk. 40,000) Tk. 3,700; Deposited to pension scheme per month Tk. 700; Educational expense of son Tk. 12,000; Household expenses Tk. 20,000; Donated to recognized fund Tk. 16,000; Purchase of savings certificate Tk. 60,000; Purchase of unit certificate Tk. 11,000; Purchase of postal savings certificate Tk. 80,000; Purchase of Defense savings certificate Tk. 12,000; Purchase of magazines and books Tk. 4,500; Donated to prime minister's relief fund Tk. 4,000; Donated to recognized high school Tk. 3,000; Donated to a local sporting club Tk. 1,000; Donated to Salimullah Muslim Orphanage Tk. 5,000; The employer deducts Tk.500 per month as group insurance premium; Donated to recognized welfare fund Tk. 3,600; Donated to government zakat fund Tk. 1,800; Gift to wife Tk. 15,000; Purchased primary share of a listed company Tk. 35,000; Purchased share of a listed company from Dhaka Stock exchange Tk. 30,000; Donated to Bangladesh Sports Development Council Tk. 10,000; Donated to President's relief fund Tk. 4,000; and Advance payment for expenses Tk. 17,000. Moreover, in the income year 2019-20 she/he dealt with Gul & Zarda. She/he has net wealth of 20 crore. She/he is also a legal guardian of three autistic children. 2. Discuss proportional and regressive tax system hyothetically. 3. Tax reduces inequality of the society-explain hypothetically. 55 5 During the year he incurred the following expenses: Insurance premium- own (Policy value Tk. 70,000) Tk. 7,100; Insurance premium- spouse (Policy value Tk. 40,000) Tk. 3,700; Deposited to pension scheme per month Tk. 700; Educational expense of son Tk. 12,000; Household expenses Tk. 20,000; Donated to recognized fund Tk. 16,000; Purchase of savings certificate Tk. 60,000; Purchase of unit certificate Tk. 11,000; Purchase of postal savings certificate Tk. 80,000; Purchase of Defense savings certificate Tk. 12,000; Purchase of magazines and books Tk. 4,500; Donated to prime minister's relief fund Tk. 4,000; Donated to recognized high school Tk. 3,000; Donated to a local sporting club Tk. 1,000; Donated to Salimullah Muslim Orphanage Tk. 5,000; The employer deducts Tk.500 per month as group insurance premium; Donated to recognized welfare fund Tk. 3,600; Donated to government zakat fund Tk. 1,800; Gift to wife Tk. 15,000; Purchased primary share of a listed company Tk. 35,000; Purchased share of a listed company from Dhaka Stock exchange Tk. 30,000; Donated to Bangladesh Sports Development Council Tk. 10,000; Donated to President's relief fund Tk. 4,000; and Advance payment for expenses Tk. 17,000. Moreover, in the income year 2019-20 she/he dealt with Gul & Zarda. She/he has net wealth of 20 crore. She/he is also a legal guardian of three autistic children. 2. Discuss proportional and regressive tax system hyothetically. 3. Tax reduces inequality of the society-explain hypothetically. 55 5

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1 Proportional Tax System This type of taxation system is based on the principle of equal sacrifice ... View the full answer