TOTAL MARKS = 5

Problem -1:

From the following information compute the income chargeable under the head Interest on Securities for Ms. Veronica for the income year 2016 - 2017: Income from interest on tax-exempt government securities Tk. 9,000; 10% tax-exempt government securities to the extent of Tk. 50,000; Income from interest on taxable government securities Tk. 1,800; 10% taxable government securities to the extent of Tk. 25,000; Income from interest on 12% debentures Tk. 18,000; 15% debentures to the extent of Tk. 20,000 and Interest from zero coupon bond Tk. 8,000.

Problem -2:

From the following information compute the income chargeable under the head Interest on Securities for Mr. Jewel for the income year 2016-17: Value of 15% tax-exempt govt. securities Tk. 30,000; Interest on tax-exempt govt. securities Tk. 10,000; Interest on taxable govt. securities Tk. 9,000; Value of 15% debenture Tk. 60,000; Interest on 10% debentures Tk. 9,000 and income from zero coupon bond -Tk. 2,000. The Bank has charged Tk. 1,500 for collecting the above interests. In addition to this he has taken a bank loan of Tk. 100,000 @6% interest to purchase the tax-exempt government securities.