Philip is employed by A Ltd as the company's

accounting manager. During the year ended $31$

March $2018,$ Philip was paid a salary of $$880,000$

and was provided with a flat by B Ltd$,$ an

associated corporation of A Ltd$.$ Philip is a

member of ACCA and the Taxation Institute of

Hong Kong, for which he pays membership fees

of $$4,000$ and $$3,000,$ respectively. Both

memberships are considered a prerequisite for

employment. What is Philip's net assessable

income for the year of assessment $2017/18?$

a$.$ $$964,700$

b$.$ $$998,250$

c$.$ $$968,500$

d$.$ $$963,600$

The correct answer is:

$$963,600$