A241 REVISION QUIZ

The resident status of a company in Malaysia is determine based on the ________ features.

• management and administration

• control and management

• administration and control

Net profit before tax is adjusted income of a company.

• True

• False

Taxable income which is not included in the computation of net profit must be _____ during the adjustment process.

• Deducted

• Added

• Ignored

• Added twice

Investment income is not a gross income from business source for a company.

• True

• False

Under Section 33(1), ‘wholly’ refers to the _____ of money spent while ‘exclusively’ refers to the _____ of spending.

• reason; time

• quantum; period

• amount; purpose

• objective; quantity

Capital allowance is deducted from ____.

• gross income

• adjusted income

• statutory income

• aggregate income

Non-allowable expense is stipulated under ______ of the Income Tax Act 1967.

• section 34

• section 37

• section 39

• section 44

The tax rates of a big company in Malaysia for YA 2024 is _____.

• 15%

• 17%

• 23%

• 24%

Exemption of income is a type of ____ by the government.

• incentive

• deduction

• tax credit

Tax liability is calculated based on the amount of _______.

• net profit before tax

• aggregate income

• chargeable income

• gross income