This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltds trading

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This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltd’s trading profit was $200,000. The company also derived other income, details of which are provided below: Interest income of $7,600 credited to the income statement arising from $300,000 fixed deposit placed with HSBC since 1 July 2019, renewable every 6 months. The following interest matured during the respective periods: - $4,000 matured on 31 December 2019 - $3,800 matured on 30 June 2020 - $3,600 matured on 31 December 2020 The amount of interest income accrued as at 30 September 2020 was $1,800. Calculate the company’s statutory income for Year of Assessment 2021. Why is the interest income of 7,600 not included in the statutory income?

Posted Date: Nov 27, 2021 03:29 PM

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This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltds trading

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Step 1 Note 1 Interest of 3600 matured as at Dec 31 2020 ... View the full answer

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