Smart Sdn. Bhd. is a tax resident company which was incorporated in Malaysia on 1 July 2019. It commenced a business of manufacturing a promoted product on 1 July 2019 and prepares its annual Income Statement to 30 June. The company purchased a new factory and machines on 1 July 2019 and immediately commenced its manufacturing business. The company's factory is located in Perak. The company claimed investment tax allowance (for the first time) for the year of assessment 2020 and the subsequent years of assessment. The chief accountant of Smart Sdn. Bhd. has provided the projected adjusted income (loss). industrial building allowance and capital allowance for the manufacturing business and the non-business income of for the years of assessment from 2020 to 2024 as follows: Year of Assessment 2020 2021 2022 2023 2024 RM'000 RM 000 RM 000 RM 000 RM1000 1. Business (manufacturing) Adjusted income / (loss) 7.000 9,000 (1.000) 6.000 8.000 2. Interest from fixed deposits with 120 120 120 120 120 Maybank, Ipoh 3. Net rental income rcmitted into 80 80 80 150 150 Malaysia from Singapore Capital expenditure: Plant & Machinery 8,000 5.000 2.000 0 Purchase of a new factory (including 15,000 0 land at a cost of RM5,000,000) Industrial building allowance and 4,500 3,900 3,700 3.500 3.300 capital allowances for the year (including for the new factory and machines) Cash donation to an approved 60 60 60 60 60 institution 0 0 0 0 Required: Compute the chargeable income and the balance of exempt income account of Smart Sdn. Bhd. for EACH of the years of assessment from 2020 to 2024. For ench year of assessment, the respective amount of unabsorbed capital allowance and unabsorbed investment tax allowance and business loss (if any), are to be shown. A tabular format must be used for your tax computation. (b) Advise whether Smart Sdn. Bhd. should have opted for pioneer status in preference to investment tax allowance. A detailed computation based on "pioneer status as the tax incentive is not necessary, Assume the pioneer period involves the years of assessment 2020 to 2024 and there were no unabsorbed capital allowance and pre-pioneer loss, Smart Sdn. Bhd. is a tax resident company which was incorporated in Malaysia on 1 July 2019. It commenced a business of manufacturing a promoted product on 1 July 2019 and prepares its annual Income Statement to 30 June. The company purchased a new factory and machines on 1 July 2019 and immediately commenced its manufacturing business. The company's factory is located in Perak. The company claimed investment tax allowance (for the first time) for the year of assessment 2020 and the subsequent years of assessment. The chief accountant of Smart Sdn. Bhd. has provided the projected adjusted income (loss). industrial building allowance and capital allowance for the manufacturing business and the non-business income of for the years of assessment from 2020 to 2024 as follows: Year of Assessment 2020 2021 2022 2023 2024 RM'000 RM 000 RM 000 RM 000 RM1000 1. Business (manufacturing) Adjusted income / (loss) 7.000 9,000 (1.000) 6.000 8.000 2. Interest from fixed deposits with 120 120 120 120 120 Maybank, Ipoh 3. Net rental income rcmitted into 80 80 80 150 150 Malaysia from Singapore Capital expenditure: Plant & Machinery 8,000 5.000 2.000 0 Purchase of a new factory (including 15,000 0 land at a cost of RM5,000,000) Industrial building allowance and 4,500 3,900 3,700 3.500 3.300 capital allowances for the year (including for the new factory and machines) Cash donation to an approved 60 60 60 60 60 institution 0 0 0 0 Required: Compute the chargeable income and the balance of exempt income account of Smart Sdn. Bhd. for EACH of the years of assessment from 2020 to 2024. For ench year of assessment, the respective amount of unabsorbed capital allowance and unabsorbed investment tax allowance and business loss (if any), are to be shown. A tabular format must be used for your tax computation. (b) Advise whether Smart Sdn. Bhd. should have opted for pioneer status in preference to investment tax allowance. A detailed computation based on "pioneer status as the tax incentive is not necessary, Assume the pioneer period involves the years of assessment 2020 to 2024 and there were no unabsorbed capital allowance and pre-pioneer loss