ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year
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Question:
ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres:
Interest income from OCBC Bank $5,000
Dividend income from DBS Bank $3,000
Rental from investment property $20,000
What is ABC's taxable income for the Year of Assessment 2021?
Group of answer choices
a) $100,000
b) $97,000
c) $92,000
d) None of the above
Expert Answer:
Every assessee who earns an income must pay the tax on taxable income The porti... View the full answer
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