ABC Sdn Bhd

Computation of Income Tax Payable for YA 2022

Add (+) Less (-) Amount

RM RM RM

Net profit/(loss) before tax XX / (XX)

Adjustment: COGS

a) Provision for stock losses XX

b) Gift Nil

c) Compensation – Restrictive covenant XX

d) Drawings – Market value [PR3/2020] XX

1)Gain/non-business income

Dividend XX

Interest* - Refer PR3/2016 XX

Discount XX

Rental income - PR12/2018 & E.O 2 2019 XX

Gain/profit on sale of fixed asset (not allowed) XX

Compensation received XX

2) Double deduction for expenses

a) Salary – Disable: PR3/2019 XX

b) Promotion for export XX

c) Approved R&D XX

3)Non-Deductible Expenses
a. Expenses that are not wholly & exclusively XX
incurred to generate gross income
XX
b. Capital expenditure

c. Expenses related to investment income XX

d. Section 39 prohibited expenses XX

e. Capital expenditure expensed off to P&L XX

XX (XX) (XX)

ADJUSTED BUSINESS INCOME / (LOSS) XX

 Amount

RM RM RM

ADJUSTED BUSINESS INCOME / (LOSS) XX

Add/(Less): Balancing charge X

(Balancing allowance) (X)

Less: Capital allowance b/f (X)

Capital allowance – current (X)

IBA / AA (X)

STATUTORY BUSINESS INCOME XXX

Less: Unabsorbed loss b/f (X)

Add: Other income (non-business income)

a) S.4(c) Investment Income X

b) S.4(d) Rental, Royalty, Premium X

c) S.4(f) Other Income X

AGGREGATE INCOME (AI) XXX

Less: Current year business loss (X)

Less: Zakat (2.5% of AI or Actual -WIL) (X)

Less: Donation to Government (x)

Less: Approved donation – Section 44

(10% of AI or Actual – WIL) (X)

CHARGEABLE INCOME (CI) XXX

Tax Rate # 24%

INCOME TAX PAYABLE XX

# For SME
First RM600,000 @ 17%
Remaining amount @ 24%