Calculate the chargeable income of the Malaysia Farmer Co-operative Society for the year of assessment 2019
Calculate the chargeable income of the Malaysia Farmer Co-operative Society for the year of assessment 2019
Chapter2: Introduction To Financial Statements
Section: Chapter Questions
Problem 7MC: Owners have no personal liability under which legal business structure? A. a corporation B. a...
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- Determination of “Person” in S 2 ITA 1967 is includes a company, a body of persons, a limited liability partnership and a corporation sole. However, the word of ‘includes’ means the categories of person are not limited to what is defined in the Act. Cooperative Societies, Trade Associations and Clubs also includes in the person.
- Discuss the exemptions available for the cooperative societies, trade association and clubs
- Following is the information of Malaysia Farmer Co-operative Society (‘the society’) which have been registered under the Co-operative Societies Act 1993 for more than 15 years.
Malaysia Farmer Co-operative Society |
|||
Statement of |
|||
|
RM |
|
RM |
Gross Sales |
|
|
106,000 |
Add: Other income |
|
|
|
Rental Income |
|
|
99,000 |
|
|
|
205,000 |
Less: Operating Expenses |
|
|
|
Revenue expenditure under s33 |
20,000 |
|
|
|
2,000 |
|
|
Donation to local government |
10,000 |
|
|
|
|
|
(32,000) |
Net Profit |
|
|
173,000 |
Contribution in the basis period: |
|
Statutory reserve fund |
166,000 |
Education Trust Fund |
230,000 |
Development Trust Fund |
123,000 |
|
519,000 |
|
|
Members’ funds as at 1.1.2019 |
2,700,000 |
|
|
Capital allowance |
5,000 |
Required:
Calculate the chargeable income of the Malaysia Farmer Co-operative Society for the year of assessment 2019
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