Question 5 Advance Sdn. Bhd. closes its accounts annually on 30 June. The company had initially estimated its tax payable for the year of assessment 2021 to be RM35,000. The company revised the tax estimate to RM40,000 in the sixth month of the basis period. It was subsequently found out that the actual tax liability for the year of assessment is RM80,000. Required: As the tax agent for Advance Sdn. Bhd., advise the board of directors of Advance Sdn. Bhd. the tax implications on the above matter. Question 6 Riang Sdn Bhd (Riang), a tax resident company, has been in operation for many years and closes its accounts on 31 January annually. Riang's tax estimates for the years of assessment 2020 and 2021 were RM320,000 and RM600,000 respectively. The final tax payable for the year of assessment 2021 was RM980,000. Required: In respect of Riang Sdn Bhd for the year of assessment 2021: (a) State and explain the due date of submission for its tax return. (2 marks) (b) State and explain the date by which it should furnish its initial tax estimate. (2 marks) (c) State and explain the minimum amount of estimate it must furnish. (2 marks) (d) State when the tax estimate may be revised. (2 marks) (e) Compute the final tax payable and the under-estimation penalty, if any. (2 marks) Question 7 Tax Appeal Outline, in brief, the appeal procedure against a notice of assessment under the Income Tax Act, 1967