Paragraph 33(1) of the Malaysian Income Tax Act 1967 provides the general deduction test for a business.
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Paragraph 33(1) of the Malaysian Income Tax Act 1967 provides the general deduction test for a business. A summary of paragraph 33(1) is as follows: " Subject to this Act, the adjusted income of a person from a source shall be an amount ascertained by deducting from the gross income of that person all outgoings and expenses wholly and exclusively incurred during that period..." In respect of the above statement , deliberate any five general provisions that have to be fulfilled in order to secure a deduction from the gross income of a business source under the Malaysian Income Tax Act. Support your answer with appropriate case law. Give the provisions.
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Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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