Param, a Malaysian tax resident, is married to Betty and has a 19-years old son, John.John is pursuing a full-time degree at a local Malaysian university and received a full scholarship Grom a multi'-national company in Malaysia for his university fees. Betty has no income.

Param is employed by Palmleave Sdn Bld as an operations manager based in Perak,Malaysia. Details of his employment income for the year 2022 are as follows:

-A salary of RM48,000.

-An entertainment allowance of RM3,000. During the year 2022, Param spent.

RM2,000 on entertaining the company's clients.

-Employees' provident fund (EPF) contributions by Palmleave Sdn Bhd of

RM5,760. Param made EPF contributions of RM5,280.

Palmleave Son Bld also provided Param with the following benefits during the year 2022:

-Semi-furnished accommodation. Palmleave Son Bhd paid a monthly rental of RM2,100 for an apartment which included RM100 for the furniture in the lounge and dining room.

Param also runs a part-time business selling stationery items. Details of his busines income for the year 2022 are as follows:

Adjusted income RM30,000

Capital allowances RM5,000

Unabsorbed business loss brought forward RM1,000

In addition, in 2022, Param received RM3,000 as a commission from his friend for assisting him in securing a buyer for the sale of his home office (SOHO) unit.

Details of Param's other expenditure for the year 2022 are as follows:

-Medical expenses for a weight reduction and wellness program for his wife RM2,000.

-A donation of goods worth RM10,000 to an approved institution.

-Deferred annuity premiums paid of RM3,500.

-Books purchased for his own personal use of RM1,200.

Required:

Compute the chargeable income and tax payable to Richard for the year of assessment 2022.

Answer rating: 100% (QA)

Based on the given information Params income and tax calculation for the year of assessment 2022 is ... View the full answer