Revision Tax

There are 5 subsection under section 7 ITA 1967

• True

• False

Who is collecting Sales and Service Tax ?

• Local authority

• State land authority

• Royal Malaysian Customs Department (RMCD)

• Inland Revenue Board (IRB)

Year of assessment for individual is following ...............

• Calendar year

• Non-calendar year

Which of the following income is recorded under section 4 (d)

• gains or profits from business income

• employment income

• Rental income

• Pension income

ABC Manufacturing Sdn Bhd

Period of operation is 1.1.2022- 31.12.2022. The above period is known as

• Basis period

• Year of assessment

• Basis year

• Year ending

Rental income is charged under business income if maintenance services or support services are provided comprehensively in relation to the property.

• True

• False

Total income is derived by deducting current year business loss and ................................... from the aggregate income.

• Zakat

• Approved donation

• Reliefs

• Capital allowance

The following are the reliefs stated in ITA 1967 EXCEPT:

• Expenses of medical treatment

• Relief for married child

• Disabled individual

• Expenses of medical treatment

The following are allowable expenses from gross rental income EXCEPT:

• Insurance premium

• Expense on repairs and maintenance

• Interest on loan

• Initial advertising cost

Exemption up to a maximum of 70% from statutory income is a kind of tax incentive

• Investment tax allowance

• pioneer status

• Reinvestment allowance

• Accelerate capital allowance