Speedy Lightning Sdn Bhd is a manufacturing company. The company has 5 branches through out Malaysia and the main office is in Muar, Johor. Their followings are the business profit and loss account for the year ended 31 October 2020 are as follows: Trading, Profit and Loss Account for the year ended 31 October 2020 Note RM RM Sales Less. Cost of sold Gross Profit 10,718,125 (8,574,500) 2,143,625 Other income 12 134,200 2,277,825 1 2. Less Staff Remuneration Depreciation Audit fee Water and electricity Compensations Repairs Bad and doubtful debts Leasing Donation Traveling and entertainment Information technology Consultancy fees Others MONOF 474,000 90,050 51,450 46,050 90,000 105,000 260,000 102,000 375,000 70,000 95,500 73,300 250.600 10 (2,082,950) 194.875 Tax Net Profit Before (ACCOUNTING PROFIT) Additional information 1. Staff remuneration includes RM45,000 salaries and bonus for disabled employees. EPF deduction does not allow for deduction is RM3,950 2. Audit fee relates to a special audit fee for the acquisition of another company, Wangsa Mega Sdn Bhd 3. Compensation amounting to RM90,000 is relating to compensation paid to workers that are retrenched due to the closure of one of the company's subsidiaries in Sg Petani, Kedah 4. Repairs Due to the closure of Sg Petani Branch, the company acquired two dilapidated factories in Terengganu and Negeri Sembilan to expand its operation However, the company expected to incur RM100,000 repair cost before those factories can start its operation. The balance of the repairs cost is related to the routine repairs on the company existing factory 5. Bad and doubtful debts include general provision of doubtful debts amounting to RM25,000 (trade debtors). 6. Leasing expenses on noncommercial motor vehicle amounting to RM102,000 has been confirmed to be not deductible 7. Donations Cash Contribution to public library 130,000 [The company wished to claim deduction under Sect 34 (d)] Cash Contribution to approved research 40,000 institution Donation made to an approved institution 200,000 Donation to state government 5,000 8. Traveling and entertainment includes RM50,000 which represent reimbursement of entertainment expenses incurred by the company's marketing staff in entertaining potential business clients. 9. Information technology cost refer to cost to upgrade the company's computer mainframe system to a newer version. The cost of this upgrades expected to reach RM55,500 10. Consultancy fees The above being consultancy fees paid to a nonresident company for the supply of technical service pertaining to the company operations. (No withholding tax has been deducted from the gross payment) 11 Others The above being consultancy fees paid to a nonresident company for the supply of technical service pertaining to the company operations. (No withholding tax has been deducted from the gross payment) 11. Others The above includes RM210,000 expenditure incurred for sponsoring the Local Cultural Activity approved by the Ministry. The balance is general expenses cost which is revenue in nature. 12. Other income Rental 64,200 Interest charged on trade debtors for late 70,000 payment 13. Capital allowances for the year is RM25,000 and unabsorbed loss from prior years is RM193,250 Required: Starting with Net Profit before Tax, compute the income tax payable, if any, by Speedy Lightning Sdn Bhd for the year of assessment 2020. Every item mentioned in the notes to the account must be shown in your computation indicating "NIL where no adjustment is necessary Speedy Lightning Sdn Bhd is a manufacturing company. The company has 5 branches through out Malaysia and the main office is in Muar, Johor. Their followings are the business profit and loss account for the year ended 31 October 2020 are as follows: Trading, Profit and Loss Account for the year ended 31 October 2020 Note RM RM Sales Less. Cost of sold Gross Profit 10,718,125 (8,574,500) 2,143,625 Other income 12 134,200 2,277,825 1 2. Less Staff Remuneration Depreciation Audit fee Water and electricity Compensations Repairs Bad and doubtful debts Leasing Donation Traveling and entertainment Information technology Consultancy fees Others MONOF 474,000 90,050 51,450 46,050 90,000 105,000 260,000 102,000 375,000 70,000 95,500 73,300 250.600 10 (2,082,950) 194.875 Tax Net Profit Before (ACCOUNTING PROFIT) Additional information 1. Staff remuneration includes RM45,000 salaries and bonus for disabled employees. EPF deduction does not allow for deduction is RM3,950 2. Audit fee relates to a special audit fee for the acquisition of another company, Wangsa Mega Sdn Bhd 3. Compensation amounting to RM90,000 is relating to compensation paid to workers that are retrenched due to the closure of one of the company's subsidiaries in Sg Petani, Kedah 4. Repairs Due to the closure of Sg Petani Branch, the company acquired two dilapidated factories in Terengganu and Negeri Sembilan to expand its operation However, the company expected to incur RM100,000 repair cost before those factories can start its operation. The balance of the repairs cost is related to the routine repairs on the company existing factory 5. Bad and doubtful debts include general provision of doubtful debts amounting to RM25,000 (trade debtors). 6. Leasing expenses on noncommercial motor vehicle amounting to RM102,000 has been confirmed to be not deductible 7. Donations Cash Contribution to public library 130,000 [The company wished to claim deduction under Sect 34 (d)] Cash Contribution to approved research 40,000 institution Donation made to an approved institution 200,000 Donation to state government 5,000 8. Traveling and entertainment includes RM50,000 which represent reimbursement of entertainment expenses incurred by the company's marketing staff in entertaining potential business clients. 9. Information technology cost refer to cost to upgrade the company's computer mainframe system to a newer version. The cost of this upgrades expected to reach RM55,500 10. Consultancy fees The above being consultancy fees paid to a nonresident company for the supply of technical service pertaining to the company operations. (No withholding tax has been deducted from the gross payment) 11 Others The above being consultancy fees paid to a nonresident company for the supply of technical service pertaining to the company operations. (No withholding tax has been deducted from the gross payment) 11. Others The above includes RM210,000 expenditure incurred for sponsoring the Local Cultural Activity approved by the Ministry. The balance is general expenses cost which is revenue in nature. 12. Other income Rental 64,200 Interest charged on trade debtors for late 70,000 payment 13. Capital allowances for the year is RM25,000 and unabsorbed loss from prior years is RM193,250 Required: Starting with Net Profit before Tax, compute the income tax payable, if any, by Speedy Lightning Sdn Bhd for the year of assessment 2020. Every item mentioned in the notes to the account must be shown in your computation indicating "NIL where no adjustment is necessary