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    Individual TAX

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    Pushpa Valli
    This document contains two case studies on Malaysian taxation. Case 1 provides information on the calculation of tax payable for Wirota and Maria for the Year of Assessment 2019. It details their sources of income, deductions, reliefs, and the resulting chargeable and tax payable amounts. Case 2 provides computations of capital allowances, balancing allowances, and charges for various assets for the Year of Assessment 2020, including heavy machinery, forklifts, motor vehicles, computers, and office equipment.

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    Individual TAX

    Uploaded by

    Pushpa Valli
    48 views6 pages
    This document contains two case studies on Malaysian taxation. Case 1 provides information on the calculation of tax payable for Wirota and Maria for the Year of Assessment 2019. It details their sources of income, deductions, reliefs, and the resulting chargeable and tax payable amounts. Case 2 provides computations of capital allowances, balancing allowances, and charges for various assets for the Year of Assessment 2020, including heavy machinery, forklifts, motor vehicles, computers, and office equipment.

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    This document contains two case studies on Malaysian taxation. Case 1 provides information on the calculation of tax payable for Wirota and Maria for the Year of Assessment 2019. It details their sources of income, deductions, reliefs, and the resulting chargeable and tax payable amounts. Case 2 provides computations of capital allowances, balancing allowances, and charges for various assets for the Year of Assessment 2020, including heavy machinery, forklifts, motor vehicles, computers, and office equipment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views6 pages

    Individual TAX

    Uploaded by

    Pushpa Valli
    This document contains two case studies on Malaysian taxation. Case 1 provides information on the calculation of tax payable for Wirota and Maria for the Year of Assessment 2019. It details their sources of income, deductions, reliefs, and the resulting chargeable and tax payable amounts. Case 2 provides computations of capital allowances, balancing allowances, and charges for various assets for the Year of Assessment 2020, including heavy machinery, forklifts, motor vehicles, computers, and office equipment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    LABUAN INTERNATIONAL CAMPUS

    GB32103
    MALAYSIAN TAXATION
    Semester 2, 2020/2021
    INDIVIDUAL ASSESSMENT: Case Study

    Prepared by:

    Name Matric No. Programme


    PUSHPAVALLI VILIATHAM BG18110211 HE20

    Submitted to:
    MDM NURJEEHAN BINTI AYUB

    Date of Submission:
    3th JULY 2021
    CASE 1

    Tax payable for Wirota and Maria (under separate assessment) for the YA 2019.

    a) Wirota
    Business income Book Shop Restaurant Overseas
    business
    RM RM RM RM RM RM
    Adjusted income/loss 190,000 (18,000) 100,000
    Less:
    Capital allowances (15,000) (10,000) (16,000)
    Capital allowances (5,000)
    brought forward
    Balancing charge (5,000)
    (20,000)
    Statutory income 175,000 (38,000) 84,000
    (-) Losses brought (15,000)
    forward
    160,000 (38,000) 84,000
    Adjusted statutory
    RM206,000
    income

    Chargeable income for Wirota

    RM RM
    Statutory business income 206,000
    Employment
    Bonus 12,000
    Compensation for loss of employment 60,000
    Statutory income from employment 72,000
    Miscellaneous income:
    Dividend from Singapore (8,500 x 15%) 7,225
    Dividend from Nestle Bhd. 7,000
    Interest from KBI Ltd. 8,100
    22,325
    Others
    Rental income 96,000
    (-) Interest on mortgage (34,000)
    Fire insurance (2,600)
    Assessment and quit rent (1,400)
    Electrical and plumbing repairs (5,200)
    Extending the kitchen (40,000)
    12,800
    Royalties 25,000
    Interest received from bank 7,000
    32,000
    Aggregate income 159,725
    (-) Donation (5,000)
    Total aggregate income 154,725
    (-) Personal relief
    Self-relief 9,000
    Disabled wife 3,500
    Children: First 8,000
    Second 8,000
    Third 2,000
    SSPN 6,000
    Life insurance premium 2,200
    Lifestyle relief 1,700
    SOCSO 250
    Parent 1,500 (42,150)
    Chargeable income 112,575
    Tax payable for Wirota
    RM
    The first 100,000 10,900
    The balance RM101,675 x 24% 24,402
    Tax payable 35,302

    b) Chargeable income for Maria


    RM RM
    Adjusted income 70,000
    (-) Donation (1,000)
    Total aggregate income 69,000
    (-) Personal relief:
    Self-relief (9,000)
    Disabled individual (6,000) (15,000)
    Chargeable income 54,000

    Tax payable for Maria

    RM
    The first 50,000 1,800
    The balance RM4,000 x 14% 560
    Tax payable 2,360
    CASE 2

    Compute the capital allowances, balancing allowance/charge in respect of the relevant


    assets for YA2020

    Computation of heavy machinery capital allowance for YA 2020.

    RM RM
    Deposit 200,000
    Full payment 800,000
    1,000,000
    Less:
    IA (20% x RM1,000,000) (200,000)
    AA (20% x RM1,000,000) (200,000) (400,000)
    Residual expenditure 600,000

    Computation of forklift capital allowance for YA 2020

    RM RM
    Qualifying expenditure (QE) 110,000
    Down payment 20,000
    Total instalment payments 45,580 65,580
    Less:
    (20% x RM65,580) (13,116)
    (14% x RM65,580) (9,181) (22,297)
    Residual expenditure 22,123

    Computation of motor vehicle capital allowance for YA 2020

    RM RM
    Full payment 86,000
    Less:
    (20% x RM86,000) (17,200)
    (20% x RM86,000) (17,200) (34,400)
    Residual expenditure 51,600
    Computation of computer capital allowance for YA 2020

    RM RM
    Full payment 8,000
    Less:
    (20% x RM8,000) (1,600)
    (40% x RM8,000) (3,200) (4,800)
    Residual expenditure 3,200
    Less: Disposal value (4,000)
    Balancing charge (800)

    Computation of office equipment capital allowance for YA 2020

    RM RM
    Deposit 10,000
    Full payment 50,000
    60,000
    Less:
    (20% x RM60,000) (12,000)
    (10% x RM60,000) (6,000) (18,000)
    Residual expenditure 42,000

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