Other information: Mr Rajmohan is married to Leela Jeyaram and Mr Rajmohan has provided the followin additional
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr Rajmohan is the Chief financial officer for Johan Steel Sdn Bhd (JSSB") which is a subsidiary of an Indian company based in Port Klang. He has been working with this company since 2008. He is 44 years old and a Malaysian resident Mr Rajmohan provided the following information in his income tax return for the year 2018: Salary per month Bonus for the year 2018 Service award Entertainment allowance per month Travelling allowance per month Leave passage to South Africa for family Further information provided by the taxpayer for the year 2018 is as follows: 3 RM 15,000 30,000 10,000 2,000 2,500 25,000 2. He incurred RM12,000 on entertainment expenditure on official duties. The travel allowance is for official duties. 6 Mr Rajmohan was given the option to buy 10,000 units of the company's shares at the price of RM10 per share on 1 June 2018. The market value at that time was RM12 per share. He exercised his option on 21 November 2018 when the price was RM14 per share. The company (JSSB") provided a fully furnished bungalow to Rajmohan. The rental of RM12.000 (including RM1.000 for furnishings) was paid for by the company. The company also paid for the gardener to look after the extensive garden. He was provided with a new luxury car costing RM350,000 from the year 2015. JSSB bears the cost of fuel and repairs for Rajmohan. The company also provided him with a driver Mr Rajmohan took an interest free loan of RM120,000 from his employer to finance the purchase of his second car. The loan was given from the equity funds of the employer The interest payable for the loan would have been RM15,000 if it had been borrowed from a Malaysian commercial bank Mr Rajmohan is the Chief financial officer for Johan Steel Sdn Bhd (JSSB") which is a subsidiary of an Indian company based in Port Klang. He has been working with this company since 2008. He is 44 years old and a Malaysian resident Mr Rajmohan provided the following information in his income tax return for the year 2018: Salary per month Bonus for the year 2018 Service award Entertainment allowance per month Travelling allowance per month Leave passage to South Africa for family Further information provided by the taxpayer for the year 2018 is as follows: 3 RM 15,000 30,000 10,000 2,000 2,500 25,000 2. He incurred RM12,000 on entertainment expenditure on official duties. The travel allowance is for official duties. 6 Mr Rajmohan was given the option to buy 10,000 units of the company's shares at the price of RM10 per share on 1 June 2018. The market value at that time was RM12 per share. He exercised his option on 21 November 2018 when the price was RM14 per share. The company (JSSB") provided a fully furnished bungalow to Rajmohan. The rental of RM12.000 (including RM1.000 for furnishings) was paid for by the company. The company also paid for the gardener to look after the extensive garden. He was provided with a new luxury car costing RM350,000 from the year 2015. JSSB bears the cost of fuel and repairs for Rajmohan. The company also provided him with a driver Mr Rajmohan took an interest free loan of RM120,000 from his employer to finance the purchase of his second car. The loan was given from the equity funds of the employer The interest payable for the loan would have been RM15,000 if it had been borrowed from a Malaysian commercial bank
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Comp ute the total income and the income tax payable by Mr Raj m ohan for the year of assessment 2018 Le ela J ey aram has elected for join... View the full answer
Related Book For
The Legal Ethical and Regulatory Environment of Business in a Diverse Society
ISBN: 978-0073524924
1st edition
Authors: Dawn Bennett-Alexander, Linda Harrison
Posted Date:
Students also viewed these accounting questions
-
Mr and Mrs Modise married each other in community of property a few years ago. Mr Modise is a carpenter who runs his business in a close corporation. In the name of the close corporation he recently...
-
Information relating to six independent cases has been provided below. Required Using the information provided for each case above, calculate: a. The gain from bargain purchase, if present; b. The...
-
MR is a manufacturer of industrial fridges, freezes* and air conditioners. In December, the production planner needs to submit a production plan to the plant manager for the next year. The aggregate...
-
A business wishes to have $80,000 ten years from now to make a down payment on a capital asset. How much money would the business need to invest in equal annual payments at a compound interest rate...
-
Breckenridge, Inc., has a beta of .85. If the expected market return is 10.5 percent and the risk-free rate is 3.5 percent, what is the appropriate expected return of Breckenridge (using the CAPM)?
-
Jansen Company's general ledger showed a checking account balance of $23,820 at the end of May 2011. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the...
-
The following information is taken from the records of Simmons Corporation on May 31 of the current year. The accounts and balances needed to complete this problem are provided in the Working Papers....
-
Galloway Company is a small editorial services company owned and operated by Fran Driggs. On July 31, 2012, the end of the current year, Galloway Company?s accounting clerk prepared the unadjusted...
-
The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three years of use. The company's present...
-
Classify each function as a power function, root function, polynomial (state its degree), rational function, algebraic function, trigonometric function, exponential function, or logarithmic function....
-
What has prompted the Texas Legislature to begin limiting the powers of home rule cities like Austin?
-
XYZ Corporation is a research and development company focusing on energy industry process development. To facilitate research efforts, XYZ management decided to purchase a new test rig. XYZ had the...
-
The following costs and inventory data were taken from the accounts of Winsto Company fo Inventories: Raw materials Work in process Finished goods Costs incurred: W 1-Jan-22 31-Dec-22 $8,000 $7,000...
-
A leased a building to B for a ten-year term at an annual rental of 200,000. At the inception of the lease, A received 800,000, which covered the first two years of rent of 400,000 and a security...
-
Given the following two points of an exponential function, determine the equation of the exponential function. (-3,81), (0,3)
-
A stock index currently stands at 8,200. The risk-free rate is 4% per annum and the dividend yield on the index is 2.5% per annum (both with continuous compounding). What should be the futures price...
-
3 FINANCE QUESTION On March 1 the price of a commodity is $1,000 and the December futures price is $1,019. A producer of the commodity entered into a December futures contracts on March 1 to hedge the
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
Sarafina enters into a contract with The Biceps Store weight training facility to use their facility for one year. After five months, Sarafina feels she has become too muscular and no longer wishes...
-
Robert, owner of Roberts Inc., one of Corys Window Washers commercial customers, is not satisfied with the cleaning his building has received. He complains to Ruby, the crew leader responsible for...
-
How does a security interest attach?
-
Consider the following inventory data for the first two months of the year for CompX International: Required 1. Calculate the cost of goods sold and ending inventory for January and February under...
-
The following inventory data is taken from the financial records of Fernandez, Inc., a personal computer software manufacturer. Required 1. Complete the following table. 2. Which inventory method...
-
Presented below are the condensed financial statements of Global Enterprises, Inc. The companys inventory is valued using LIFO. The companys footnotes reveal that the LIFO reserve was as follows....
Study smarter with the SolutionInn App