Question
Venturesome Sdn Bhd is a trading company and closes its accounts to 31 October every year. The following details are related to its tax computation:
Venturesome Sdn Bhd is a trading company and closes its accounts to 31 October every year. The following details are related to its tax computation:
(a) The statutory income of the company is RM11,000,000 for YA2020 (excluding the rental income below).
(b) The company rents out 1 of its shophouses at a rate of RM20,000 per annum.
(c) Interest expenses amounted to RM50,000 were incurred on a loan obtained from a bank, 80% of the loan was used to generate income in the trading business while the remaining was used to finance the shophouse being rented out in (b) above.
(d) A dividend amounted to RM10,000 was received from a local company during the year.
Required : Compute the aggregate income of Venturesome Sdn Bhd for the year of assessment 2020. All workings must be clearly stated. Indicate nil in the appropriate column for any item that does not require adjustment in your tax computation. Your computation should start with the statutory income figure.
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