Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms. Edwina is a government pensioner. To fill up her spare time, she writes book on Malaysian Taxation System and receives royalty income of RM6,000

Ms. Edwina is a government pensioner. To fill up her spare time, she writes book on Malaysian Taxation System and receives royalty income of RM6,000 from her books. In addition, she also receives RM13,000 translation fees on translation of literary works at the special request of the Ministry of Education. Apart from that she recorded a tape on patriotic songs for children and music for elementary schools. She received RM10,000 as royalties in respect of the recording of tapes.

Ms. Edwina also derived the following income for the year ended 2020:

RM

Annuity from his late fathers estate

4,500

Malaysian dividend

8,000

Foreign dividend (remitted to Malaysia)

1,550

Interest from Malayan Banking Bhd for a 15 month fixed deposit

3,300

Annuity from Malaysian Life Insurers

2,000

Lottery winning

500,000

Ms Edwina owns a terrace house in Cheras that are rented out for the first time. The rental income for the year amounted to RM6,550. The expenditure for the year of assessment 2020 is as follows: Advertising cost of obtaining first tenant (RM120), Housing loan interest (RM5,550), Insurance premium on fire (RM200), Cost of supervision and rental collection (RM300) and Repairs and Maintenance (RM330).

Based on the above information you are required to compute the income of Ms. Edwina for the year of assessment 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Regulation Of The London Stock Exchange Share Trading, Fraud And Reform 1914-1945

Authors: Chris Swinson

1st Edition

0367887568, 9780367887568

More Books

Students also viewed these Accounting questions