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Divisible Income/ (Loss) : Computation of Tax Payable For Each Partner

This document computes the tax payable for each of three partners - Partner A, Partner B, and Partner C - based on their net profits, non-business income, allowable expenses, capital allowances, statutory business income, other incomes, aggregate income, current year losses, approved donations, and total income. It takes the partners' income and expenses into account for periods before and after a point referred to as PSR to determine their final taxable incomes.

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NURAISHA AIDA ATAN
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1K views1 page

Divisible Income/ (Loss) : Computation of Tax Payable For Each Partner

This document computes the tax payable for each of three partners - Partner A, Partner B, and Partner C - based on their net profits, non-business income, allowable expenses, capital allowances, statutory business income, other incomes, aggregate income, current year losses, approved donations, and total income. It takes the partners' income and expenses into account for periods before and after a point referred to as PSR to determine their final taxable incomes.

Uploaded by

NURAISHA AIDA ATAN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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COMPUTATION OF TAX PAYABLE FOR EACH PARTNER

RM RM PARTNER A PARTNER B PARTNER C


Net Profit XXX Divisible Income/(Loss)
Less : Non Business Income Pre [Pre PSR] [Pre Period] XX XX XX
Dividend XX Post [Post PSR] [Post Period] XX XX XX
Rental XX Add: Benefit to partners
Interest XX Salary/Allowances/Bonus/ect XX XX XX
(XX) Interest on Capital XX XX XX
Add: Non Allowable Expenses Adjusted Business Income XXX XXX XXX
Deperciation XX Add : Balancing Charge [Post PSR] X X X
General Provision of bad debts XX Less : Capital Allowance (X) (X) (X)
XX Unabsorbed CA b/f [Pre PSR]
Add: Benefit to partners Current Year CA [Post PSR] (X) (X) (X)
Salary/Allowances/Bonus/ect XX Statutory Business Income XXX XXX XXX
Interest on Capital XX Add : Statutory Business Income (from other business) XX XX XX
XX Less : Unabsorbed Business Loss b/f (X) (X) (X)
Provisional Adjusted Income XXX Net Statutory Business Income XXX XXX XXX
Less: Benefit to partners XX Add : Other incomes [4(b), 4(c), 4(d), 4(e) & 4(f)]
Salary/Allowances/Bonus/ect Interest (Exempted) X X X
Interest on Capital XX Dividend (Exempted) X X X
(XX) Rental [Less Allowable expenses if any) X X X
Divisible Income /(Loss) XX/(XX) Aggregate Income XXX XXX XXX
Less : Current Year Loss (X) (X) (X)
Less : Approved Donation [limited to 7% of AI] (For all approved donations made by each partner]

Approved Institution (Cash Only) (X) (X) (X)


Tips:
Approved Institution (In-kind) Look at the date of donation
Nil Nil Nil
Government [No limit] whether it incurred during pre (X) (X) (X)
period [Pre PSR] or post period
Public library (Sec 34(6)(g) - RM100,000) [Post PSR] (100,000) (100,000) (100,000)
Public library (Sec 44(8) - RM20,000) (20,000) (20,000) (20,000)
Total Income XXX XXX XXX

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