Kerlipan Sdn. Bhd. closes its accounts on 30 April every year. For the year of assessment 2015, the company recorded chargeable income of RM950,000. On 1st April 2014, the company had submitted its estimation of tax for the year of assessment 2015 amounting to RM250,000. The company is subjected to corporate tax of 25%. Required: Calculate the penalty charged to Kerlipan due to underestimate of income tax payable. i. Advise Kerlipan Sdn. Bhd. on how the company can avoid paying penalty for underestimate of income tax payable. Your answer should include the ii. deadline on the revision of estimated income.
Kerlipan Sdn. Bhd. closes its accounts on 30 April every year. For the year of assessment 2015, the company recorded chargeable income of RM950,000. On 1st April 2014, the company had submitted its estimation of tax for the year of assessment 2015 amounting to RM250,000. The company is subjected to corporate tax of 25%. Required: Calculate the penalty charged to Kerlipan due to underestimate of income tax payable. i. Advise Kerlipan Sdn. Bhd. on how the company can avoid paying penalty for underestimate of income tax payable. Your answer should include the ii. deadline on the revision of estimated income.
Chapter5: Unemployment Compensation Taxes
Section: Chapter Questions
Problem 5PB
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