Answered step by step
Verified Expert Solution
Question
1 Approved Answer
urgent need help! thankss Notes on computation of Current year business loss and Unabsorbed loss carried forward. Mr. Chong is a businessman and he is
urgent need help! thankss
Notes on computation of Current year business loss and Unabsorbed loss carried forward. Mr. Chong is a businessman and he is a tax resident in Malaysia for the basis year ended 31,12.2019. His income from various sources in Malaysia for the same basis year are as follows' (a) Business I: Adjusted loss RM 60,000 capital allowance for the year of is RM30,000 (b) Business II: Adjusted income 50,000 Capital allowance for the year of assessment 2019 is RM20,000. (d) Rent from shop house in Kuala Lumpur RM 20,000 Compute the income tax liability of Mr. Chong for year of assessment 2019 Mr. Chong Computation of income tax payable for Year of Assessment 2019 Business I Adjusted income (Loss RM 60,000) Capital allowance c/f RM 30,000 Business 2 Adjusted income Less capital allowance Statutory income Rent Aggregate income Current year business loss Restricted to RM 50,000 Loss c/f 10,000 Total income Tax a able Nil 50,00 0 20,00 30,000 50,000 50.000 Nil Mr. Chong's income from various sources in Malaysia for the basis year ended 31.12.2020 are as follows: (a) Business I: Adjusted income RM 70,000 capital allowance for the year of is (b) Business II: Adjusted income 60,000 Capital allowance for the year of assessment 2020 is RM20,000. (d) Rent from shop house in Kuala Lumpur RM 30,000 Donation to approved organisation RM5,OOO Compute the income tax liability of Mr. Chong for year of assessment 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started