Ms. Elizabeth had a Total Net Income of 110,000 in 2019-2020. Her personal pension contribution is 4000 Gross. What will be the amount of his Adjusted Net Income?

a.

100,500

b.

9,500

c.

110,000

d.

106,000

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Question text

ABC is a large company in Oman earned net profit of RO 180,000 in the tax year 2019. The company incurred a heavy loss of (OMR 140,000) in the year 2012. These losses were not carried forward and set-off from the succeeding years income and the company does not have any other adjustments during the year 2019. The taxable income of the company for the year 2019 will be:

a.

(RO 40,000)

b.

RO 140,000

c.

RO 180,000

d.

RO 40,000