Compute the chargeable income of Morning Glory Traders Association for the year of assessment 2021. Explain...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Compute the chargeable income of Morning Glory Traders Association for the year of assessment 2021. Explain the special deduction for cooperative society under Income Tax Act 1967. QUESTION 1: B. A. Explain the special deduction for cooperative society under Income Tax Act 1967. Morning Glory Traders Association (MGTA) is a trade association established since 2016. MGTA reported the following income and expenses for the year ended on 31 December 2021: Income: Donations Entrance and subscription fees Webinar fees Expenses: Staff remuneration Audit and tax filing fees Stationery Maintenance of website Promotion for webinar Telephone, postage, and stationery Installation of curtain blind in office Audited Net Profit before Tax Notes: Note 1 2 RM 300,000 70,000 240,000 60,000 10,000 4,500 13,000 3,500 25,000 2,000 1. 30% of the donation is for the replacement of the premise roof. 2. A fee of RM50 per person was charged for 200 newly joined members. Additional information: Capital allowance for the current year was RM40,000. RM 610,000 (118,000) 492,000 REQUIRED: Compute the chargeable income of Morning Glory Traders Association for the year of assessment 2021. Compute the chargeable income of Morning Glory Traders Association for the year of assessment 2021. Explain the special deduction for cooperative society under Income Tax Act 1967. QUESTION 1: B. A. Explain the special deduction for cooperative society under Income Tax Act 1967. Morning Glory Traders Association (MGTA) is a trade association established since 2016. MGTA reported the following income and expenses for the year ended on 31 December 2021: Income: Donations Entrance and subscription fees Webinar fees Expenses: Staff remuneration Audit and tax filing fees Stationery Maintenance of website Promotion for webinar Telephone, postage, and stationery Installation of curtain blind in office Audited Net Profit before Tax Notes: Note 1 2 RM 300,000 70,000 240,000 60,000 10,000 4,500 13,000 3,500 25,000 2,000 1. 30% of the donation is for the replacement of the premise roof. 2. A fee of RM50 per person was charged for 200 newly joined members. Additional information: Capital allowance for the current year was RM40,000. RM 610,000 (118,000) 492,000 REQUIRED: Compute the chargeable income of Morning Glory Traders Association for the year of assessment 2021.
Expert Answer:
Answer rating: 100% (QA)
A The special deduction for cooperative societies under the Income Tax Act 1967 is aimed at promoting the development of cooperative societies in Mala... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these law questions
-
In Problems 1118, mentally solve each equation. 6x = -24
-
Explain why at the level of output where the difference between TR and TC is at its maximum positive value, MR must equal MC.
-
1. What is the expected return and standard deviation of a portfolio consisting of $2,500 invested in a risk-free asset with an 8-percent rate of return, and $7,500 invested in a risky security with...
-
Given the different needs of the HRP/workforce planning process discussed in this chapter, what types of data would you expect the HRIS data warehouse to contain?
-
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $905. 4. Received cash...
-
Hudson Goins is a 45% partner in the Holly & Goins Partnership. During 2021, the partnership reported the total items below (100%) on its Form 1065: i (Click the icon to view the items on the Form...
-
Jackie Wengler, owner of Wengler Home Decorating Service, has requested that you prepare from the following balances (a) An income statement for June 201X, (b) A statement of owner?s equity for June,...
-
The table below lists the SDs (%) and the expected return (%) for four stocks. An investor shorts C, and uses the proceeds to invest in A. The combined portfolio is a long-short (net zero-investment)...
-
Draw a flow chart for the algorithm in Exercise E5.12. Data from Exercise E5.12 When two points in time are compared, each given as hours (in military time, ranging from 0 and 23) and minutes, the...
-
Finally, we put theory into practice by developing a userlevel tool to guard against file corruption. Assume you are to write a simple set of tools to detect and repair data integrity. The first tool...
-
One of the challenges in provisioning a WSC is determining the proper power load, given the facility size. As described in the chapter, nameplate power is often a peak value that is rarely...
-
Use the four different instruction set architecture styles from above, but assume that the memory operations supported include register indirect as well as direct addressing. Invent your own assembly...
-
Assume that n is 1. For each of the combinations of a, b, and c given at right, what is the value of n after each compound if statement? a. if (a b) { if (b c) { n = 2; } else { n = 3; } } b. if (a...
-
Introduction Jan Northcutt, owner of Northcutt Bikes, started business in 1995. She noticed the quality of bikes she purchased for sale in her bike shop declining while the prices went up. She also...
-
The domain of the variable in the expression x 3/x + 4 is________.
-
During 2012, Palo Fiero purchases the following property for use in his manufacturing business: Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election...
-
Scott Butterfield is self-employed as a CPA. He uses the cash method of accounting, and his Social Security number is 644-47-7833. His principal business code is 541211. Scott's CPA practice is...
-
Larry Gaines, age 42, sells his personal residence on November 12, 2012, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of...
-
Solve Example 7.5 with equilibrium energy as the initial condition for the Oxygen molecule at 1 atmosphere and \(3200 \mathrm{~K}\). Example 7.5 Obtain the time dependent expression for the vibration...
-
Find the velocity component, in the direction parallel to the surface, by integrating the discrete vorticity values, obtained in Problem 8.2, in the normal direction starting from the wall. Problem...
-
Derive the 2-D vorticity transport equation, and discretize this equation to obtain the vorticity field at time level \(n+1\) using SLUR (Successive Line Underrelaxation).
Study smarter with the SolutionInn App