SEP 2021

1A

Sun Sdn Bhd bsos period for YA 2020: 1/12/2019 – 30/11/2020

a. For the year of assessment 2020, Sun Sdn Bhd should submit the estimated tax
payable not later than 30 days before the beginning of the basis period which is
latest by 31/10/2019 via Form CP204

The first installment will commence from the 15th of the second month of the basis
period for YA 2020 which is the latest by 15/1/2020 via Form CP207

b. Computation of amount per installment for YA 2020 and penalty for the late payment:

Amount per installment = RM840,000

12 months
= RM70,000

Penalty for late payment = 10% x RM70,000

= RM7,000

1B

a.
i. Cost of participation in an approved international trade fair held in PWTC qualifies for
double deduction and should be deducted in arriving at the adjusted business income.

ii. Compensation paid to one of its clients due to the breach of contract is a revenue
expenditure and should be treated as an allowable expense in arriving at the adjusted
business income.
b.
Evergreen Fruits Sdn Bhd
Computation of Tax Payable for the year of assessment 2021
Less Add
Net profit before taxation 833,175
Gain on sale quoted shares 55,000
Bad debt recovered from trade receivables Nil
Interest income received from Public Bank 27,000
Unrealized foreign exchange gain from purchased of machinery
from Japan 11,750
Foreign exchange loss on purchase of raw materials from foreign Nil
supplier
Cost of raw materials used in an approved research projects 42,900
Salaries of staff directly involved in an approved research projects 30,000
Depreciation 54,300
Salaries and bonuses paid to employees Nil
Salaries and bonuses paid to senior citizen (part-time) Nil
Approved pension fund & EPF 6,031
(RM14,450 + RM125,550 = 140,000) vs
(19% x RM705,100 = 133,969)
Provision for retirement gratuity 25,000
Cost incurred to provide childcare facilities to employee’s children 15,000
Annual leave passage given to all employees and family in Nil
Terengganu
Cost of personal protective equipment , face mask and hand Nil
sanitizers given to employees
Consultation fees paid to help company to implement flexible 18,000
working arrangement (FWA) approved by the talent Corporation
Redemption of gifts based on a scheme of accumulated points Nil
Promotional gifts at foreign trade fair held outside Malaysia to Nil
promote export of canned fruits
Cost of participation in an approved international trade fair held in
Putra World Trade Centre (PWTC) 17,500
Travelling expenses incurred to promote business products Nil
Advertisement in social media, magazines and billboard Nil
Accounting fees Nil
Tax consultation fee to prepare for the submission of the tax return 500
form ( Restricted to RM15,000)
Tax fee for appealing against a penalty imposed on late installment 11,000
tax payment
Compensation paid to one of its clients due to breach of contract Nil
Legal fees incurred to acquire industrial land 55,000
Lease rental of RM5,000 per month for a lorry used for the Nil
transportation of stocks. The lorry was leased since 2019 and the
cost of the lorry was RM120,000
Cash contribution to public libraries (s 34(6)(g)) Nil
Cash endowment contribution to public universities (s44(11D) 32,000
Business zakat 48,000
Compensation paid to due restrictive covenant 100,000
Replacement of damaged office doors with a quality door 45,000
(217,150) 1,210,006
ADJUSTED INCOME 992,856
Less: Capital allowance (76,800)
STATUTORY INCOME 916,056
Less: Unabsorbed Business loss (PY) (53,000)
NET STATUTORY BUSINESS INCOME 863,056

Add: Other Income ((4c,(d),(f)))

Interest income from Public Bank 27,000

AGGREGATE INCOME 890,056

Less: Approved donation

Cash endowment contribution to public universities

(RM32,000 vs restricted to 10% of AI (32,000)
(RM32,000 vs RM 89,005.6)
Business zakat (restricted to 2.5% of AI)
48,000 vs (890,056 x 2.5% = 22,251) (22,251)
TOTAL INCOME/CHARGEABLE INCOME 835,805

Tax payable: Non –SME(rate 2021)

RM835,805 x 24% 200,593