country : Malaysian

Malaysian taxation

b) YKY provided the following information regarding the residential property for the year ended 31 Dec 2015. Receipts RM RM Rental: Jan - March 16,000 April - May June - December 24,000 Deposit (refundable) 26,000 Deposit for electricity, water & telephone 4,000 70,000 Payments Deposit refunded to ex-tenant 4,000 Assessment 4,200 Quit rent for 2014 - RM390 2015 - RM 390 780 Interest on loan (Jan-Dee) 8,010 Penalty for late payment of quit rent 160 Repairs (carried out in May) Repainting 2,650 Renovation to kitchen & bathroom 7,660 Replacement of damaged tiles 3,750 Installation of air-conditioning unit 1.150 (32.360) Net Rental 37,640 Calculate the adjusted income from rental source of YKY. Explain your answers for any tax adjustment made for the YA2015. (13 marks)