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A. Delta Bhd, a manufacturer with paid-up share capital of RM3.2 million located in Pulau Pinang. The accounts are closed on 31 December annually and the following is the statement of profit or loss of Delta Bhd for the year ended 30 June 2021 is as follows: Statement of Profit or Loss for the year ended 30 June 2021 Note RM RM Sales 14,750,310 Less: Cost of Sales 1 (8.850,186) Gross profit 5,900,124 Add: Other income 2 300,210 6,200,334 auw Less: Expenses Remunerations Professional fees Employees training program Repairs and maintenance Corporate social responsibility Selling and marketing Leasing Miscellaneous Depreciation Profit before tax 6 7 8 2,520,900 250,000 62,150 54,000 78,900 125,100 72,000 66,660 95,600 10 (3.325,310) 2,875,024 Additional information: 1. Included in the cost of sales are: Stock written-off Export credit insurance premium with local insurance company Provision for damaged stock Royalty payment to Loius Inc., non-resident company but withholding tax yet remitted to RB RM 16,800 53,000 45,000 81,000 2. Other income: Profit on disposal of long-term investment Gain from selling the old machineries Dividend income from Petti Bhd (single tier) Interest income charged on debtors for the late payment Interest income on unit trust from Philips Mutual Bhd, an approved financial institution RM 61,900 52,410 105,500 34, 400 46,000 300,210 3. Remunerations consists of: Salaries and bonuses (10% allocated for disabled staff) Travelling allowances Special allowances for marketing staff Contribution to Employees Provident Fund Contribution to employee's welfare club (approved) Allowances to five practical five training students (approved) Incentives for top employees Medical benefits RM 1,330,500 256,000 160,000 264,000 66,000 60,000 184,000 200,400 2,520,900 Included in the salaries paid were an amount of RM148,000 paid to senior citizens and RM120,500 for the ex-convicts who has been hired as factory workers. 4. Professional fees comprises of: RM Statutory audit fees 18,120 Secretarial fees 41,100 Tax filing fees 21,500 Initial listing fee paid to Bursa Malaysia 135,000 Traffic summon costs 19,860 Legal fees for trade debt recovery 5,000 Late payment penalty on sales tax 9,420 250,000 5. Training program are all approved and includes the followings: Train of Trainer for senior management Induction training for new staff In-house staff training RM 10,000 18,000 15,600 RM Training provided to trainees of Malaysian Manufacturers Association 18,550 62,150 6. Repairs and maintenance were incurred for: Air-conditioners service and maintenance Installation new water-filter at staff pantry Repair of entrance door at marketing department New painting at the showroom area Renovation of directors office RM 16,100 4,000 2,200 15,000 16,700 54,000 7. Corporate social responsibility includes: Sponsoring Covid-19 test kits for employees Donation of canopies to front liners at hospitals Cash donation to public library (approved) Donation to Amal Team (approved) RM 12,000 28,900 18,000 20,000 78,900 8. Selling and marketing costs includes: Fees for online promotion platform Free samples for new launched products Subscription fees paid to Amazon Marketplace commission fees paid to Shopee Advertising costs RM 23,000 25,000 15,000 27,000 35,100 125,100 9. Leasing costs are incurred as follows: Lease of hi-tech machineries Lorries (cost of RM250,000) Motor car- Proton X70 for the new managing director (cost of RM95,000) Delivery van RM 32,000 20,000 12,000 8,000 72,000 10. Miscellaneous expenses consists of Penalty on late payment of quit rent by local authority Breakfast treat' for staff Meals and beverages for staff pantries Fire insurance of the factory building Medical insurance premium for the staff RM 4,000 20,000 12,000 12,000 18,660 66,660 11. The following additional information was provided by the company i. Unabsorbed capital allowances brought forward from previous years at RM11,200 and current year capital allowances amounting to RM190.000 ii. Industrial building allowance for the year 2021 is RM120.000. 11. The old machineries disposed having residual expenditure amounted to RM109,100 and disposal value of RM121,200. Required: Compute the income tax payable of Delta Bhd for the year of assessment 2021. (Note: Write "NIL' in the appropriate column for item that does not require adjustment). A. Delta Bhd, a manufacturer with paid-up share capital of RM3.2 million located in Pulau Pinang. The accounts are closed on 31 December annually and the following is the statement of profit or loss of Delta Bhd for the year ended 30 June 2021 is as follows: Statement of Profit or Loss for the year ended 30 June 2021 Note RM RM Sales 14,750,310 Less: Cost of Sales 1 (8.850,186) Gross profit 5,900,124 Add: Other income 2 300,210 6,200,334 auw Less: Expenses Remunerations Professional fees Employees training program Repairs and maintenance Corporate social responsibility Selling and marketing Leasing Miscellaneous Depreciation Profit before tax 6 7 8 2,520,900 250,000 62,150 54,000 78,900 125,100 72,000 66,660 95,600 10 (3.325,310) 2,875,024 Additional information: 1. Included in the cost of sales are: Stock written-off Export credit insurance premium with local insurance company Provision for damaged stock Royalty payment to Loius Inc., non-resident company but withholding tax yet remitted to RB RM 16,800 53,000 45,000 81,000 2. Other income: Profit on disposal of long-term investment Gain from selling the old machineries Dividend income from Petti Bhd (single tier) Interest income charged on debtors for the late payment Interest income on unit trust from Philips Mutual Bhd, an approved financial institution RM 61,900 52,410 105,500 34, 400 46,000 300,210 3. Remunerations consists of: Salaries and bonuses (10% allocated for disabled staff) Travelling allowances Special allowances for marketing staff Contribution to Employees Provident Fund Contribution to employee's welfare club (approved) Allowances to five practical five training students (approved) Incentives for top employees Medical benefits RM 1,330,500 256,000 160,000 264,000 66,000 60,000 184,000 200,400 2,520,900 Included in the salaries paid were an amount of RM148,000 paid to senior citizens and RM120,500 for the ex-convicts who has been hired as factory workers. 4. Professional fees comprises of: RM Statutory audit fees 18,120 Secretarial fees 41,100 Tax filing fees 21,500 Initial listing fee paid to Bursa Malaysia 135,000 Traffic summon costs 19,860 Legal fees for trade debt recovery 5,000 Late payment penalty on sales tax 9,420 250,000 5. Training program are all approved and includes the followings: Train of Trainer for senior management Induction training for new staff In-house staff training RM 10,000 18,000 15,600 RM Training provided to trainees of Malaysian Manufacturers Association 18,550 62,150 6. Repairs and maintenance were incurred for: Air-conditioners service and maintenance Installation new water-filter at staff pantry Repair of entrance door at marketing department New painting at the showroom area Renovation of directors office RM 16,100 4,000 2,200 15,000 16,700 54,000 7. Corporate social responsibility includes: Sponsoring Covid-19 test kits for employees Donation of canopies to front liners at hospitals Cash donation to public library (approved) Donation to Amal Team (approved) RM 12,000 28,900 18,000 20,000 78,900 8. Selling and marketing costs includes: Fees for online promotion platform Free samples for new launched products Subscription fees paid to Amazon Marketplace commission fees paid to Shopee Advertising costs RM 23,000 25,000 15,000 27,000 35,100 125,100 9. Leasing costs are incurred as follows: Lease of hi-tech machineries Lorries (cost of RM250,000) Motor car- Proton X70 for the new managing director (cost of RM95,000) Delivery van RM 32,000 20,000 12,000 8,000 72,000 10. Miscellaneous expenses consists of Penalty on late payment of quit rent by local authority Breakfast treat' for staff Meals and beverages for staff pantries Fire insurance of the factory building Medical insurance premium for the staff RM 4,000 20,000 12,000 12,000 18,660 66,660 11. The following additional information was provided by the company i. Unabsorbed capital allowances brought forward from previous years at RM11,200 and current year capital allowances amounting to RM190.000 ii. Industrial building allowance for the year 2021 is RM120.000. 11. The old machineries disposed having residual expenditure amounted to RM109,100 and disposal value of RM121,200. Required: Compute the income tax payable of Delta Bhd for the year of assessment 2021. (Note: Write "NIL' in the appropriate column for item that does not require adjustment)
