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Question 3 The collector of the IRB issued a notice of instalment payment (form CP500] to Vincent in February 2021 with the estimated tax liability

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Question 3 The collector of the IRB issued a notice of instalment payment ("form CP500] to Vincent in February 2021 with the estimated tax liability of RIVI200,000 for the YA 2021. Subsequently, Vincent requested a variation of the instalment payment to RM120,000 and the IEB agreed and issued an amended notice of instalment payment to him. When he submitted his income tax return in June 2022, his deemed assessment for YA 2021 showed a final tax liability of Iii-#115000 0. Required: As his tax agent, advise Vincent on the following matters: [a] State and explain when the request for variation of instalments may be made by him. (b) Explain the due date of payment for each instalment. (c) State the type of income tax return form to be submitted by him. [:1] State and explain the due date of payment [balance of tax payable} and submission of his tax return. [e] Compute the penalty for the excessive difference in the tax payable arising from the variation in instalment payments, if any. Question 4 Tax Administration tCoEEthy! Performance Sdn Bhd [year ended 30 April 2021] furnished an estimate of its income tax payable of RME,00D (Form eCP 204) to the IRB by efiling on 31 March 2021. Required: Explain to the board of directors the following matters: [a] When is the company required to pay its estimated income tax payable for the year of assessment 2021? [13*] Is it possible for the company to revise its estimates where the directors found thatthe company's tax payable for the YA 2021 is about RhS,100? {c} If the company has made its monthly tax payment of Ely-1500 each for the months from June 2020 to October 2020, 11W should the balance of RM12,600 be paid to the Tax Collector if the company revised its estimates in the sixth month of the basis period for YA 2021. [d] When the company submits its income tax return form on 30 November 2021, the tax payable computed is RM20,000. Is there any penalty to be imposed on the difference? [e] When must the company settle its balance of tax payable of M14300 to the Tax Collector? {f} Should the company continue paying the balance of its tax payable for the YA 2021, assuming that the estimates furnished in (b) above is Rll'u'12,000 instead of RhS,100

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