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Triton Transport Sdn Bhd is in the business of providing tractors for hiring. It has a fleet of tractors which were hired out to
Triton Transport Sdn Bhd is in the business of providing tractors for hiring. It has a fleet of tractors which were hired out to other contractors. In November 2020, one of its tractors was involved with an accident with lorry. The owner of the lorry admitted negligence and the following amounts were paid to Triton Transport Sdn Bhd: RM30,000 for not being able to use the tractor for three (3) weeks when it was under repair RM40,000 for actual cost of repair to the tractor. Required: Discuss whether each of the sums received by Triton Transport Sdn Bhd is chargeable to tax. b. Both RM30,000 and RM 40,000 are taxable RM30,000 is not taxable and RM 40,000 is taxable Both RM30,000 and RM 40,000 are not taxable d. RM30,000 is taxable and RM 40,000 is not taxable
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