Mr Ahmad is the Chief financial officer for Johan Steel Sdn Bhd (JSSB) which is a subsidiary of an Singaporean company based in Port Klang. He has been working with this company since 2008. He is 44 years old and a Malaysian tax resident.

Mr Ahmad provided the following information in his income tax return for the year 2019:

RM

Salary per month 15,000

Bonus for the year 2019 30,000

Service award 10,000

Entertainment allowance per month 2,000

Travelling allowance per month 2,500

Leave passage to South Africa for family 25,000

Further information provided by the taxpayer for the year 2019 is as follows:

1. Mr Ahmad was given the option to buy 10,000 units of the companys shares at the price of RM10 per share on 1 June 2019. The market value at that time was RM12 per share. He exercised his option on 21 November 2019 when the price was RM14 per share.

2. He incurred RM12,000 on entertainment expenditure on official duties. The travel allowance is for official duties.

3. The company (JSSB) provided a fully furnished bungalow to Mr Ahmad. The rental of

RM12,000 (including RM1,000 for furnishings) was paid for by the company. The company also paid for the gardener to look after the extensive garden.

4. He was provided with a new luxury car costing RM350,000 from the year 2016. JSSB bears the cost of fuel and repairs for Mr Ahmad. The company also provided him with a driver.

5. Mr Ahmad took an interest free loan of RM120,000 from his employer to finance the purchase of his second car. The loan was given from the equity funds of the employer. The interest payable for the loan would have been RM15,000 if it had been borrowed from a Malaysian commercial bank.

6. Mr Ahmad paid RM1,200 as subscription fees to his professional accounting body.

7. The employer paid for Mr Ahmads medical bills of RM22,000 when he was admitted to a private hospital.

Required:

Compute the statutory income of Mr Ahmad for the year of assessment 2019.