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Advanced Taxation. help ASAP QUESTION 4 Delima Trade Association (tax resident) which was formed in 2016 has submitted the following Statement of Comprehensive Income for
Advanced Taxation.
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QUESTION 4 Delima Trade Association (tax resident) which was formed in 2016 has submitted the following Statement of Comprehensive Income for the year ended 31 December 2020: RM Z business income Delima Trade Association Statement of Comprehensive Income for the year ended 31 December 2020 Note RM Incomes: Entrance fees 52,000 Members subscription fees 160,000 1 Surplus from special donation 9,900 2 Surplus from annual dinner 17,700 Interest income 28,000 267,600 Expenses: Administrative expenses 15,000 Salaries 42,400 Maintenance of the Association 17,500 website (74,900) Surplus for the year 192,700 RM 53,000 Notes: 1. Special donation received for extension of association building Cost of alteration to the building Surplus transfer to Profit and Loss Account (43,100) 9,900 2. Contribution received from members Annual dinner expenses Surplus transfer to Profit and Loss Account 117,000 (99,300) 17,700 Additional information: Capital allowance for 2020 amounted to RM63,600. REQUIRED: Compute the chargeable income of Delima Trade Association for the year of assessment 2020Step by Step Solution
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