explain the basic conditions an item must meet in order for an expenses to pass the test of deductibility. according to Malaysia taxation. according to below point please help to expand. it must be revenue in nature it must be laid out wholly and exclusively in the production of gross in come it must not be specifically disallowed under section 39 of the act

explain the basic conditions an item must meet in order for an expenses to pass the test of deductibility. according to Malaysia taxation. according to below point please help to expand. it must be revenue in nature it must be laid out wholly and exclusively in the production of gross in come it must not be specifically disallowed under section 39 of the act

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter1: An Introducti On To Taxation And Understa Nding The Federal Tax Law

Section: Chapter Questions

Problem 32DQ

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Similar questions

The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
Some items are treated as a deduction for tax purposes when they are paid but are recognised as expenses when they are accrued for accounting purposes. Which of the following items are of that type? a. Warranty costs b. Goodwill impairment c. Fines d. Entertainment expenses e. Prepaid insurance
Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset or liability is recorded at in the accounting records. b. Tax base is a comparing the balance sheet derived using accounting rules with balance sheet that would be derived from taxation rules c. Tax base is the recognition of assets and liabilities in the balance sheet based on the differences between accounting and tax values of assets and liabilities. d. Tax base is defined as the amount that is attributed to an asset or liability for tax purposes.
Which of the following refunds is not subject to income tax a, Local tax expense b.Special assessment c.Foreign tax previously claimed as deduction d.Previously claimed bad debt expense
[Second Item] The following statements are correct, except: a. The amount of percentage tax is based on the gross receipts. b. The amount of gross receipts is derived by deducting the cost of services rendered from the service revenue. c. Receivables, although treated as income under the accrual concept, do not form part of gross receipts. d.Percentage tax is generally imposed on services rendered.
It is talking about Hong Kong Tax, Special Business, Calculating Profit tax of financial insituition. Can you please explain the relationship between S.14, S.15 (i), D7/84 and the interpretation on S.15(1)(i) below and provide a simple exmaple to explain the relationship. D7/84 ◦ The sequence in determining the taxability of interest income of an FI: Consider s.14(1) first If not chargeable under s.14(1), then consider s.15(1)(i) ◦ Interpretation on s.15(1)(i): (a) if the place where the funds are made available is a factor in determining source under s.14; and (b) if under s.14 it is decided that the interest is not subject to Hong Kong tax Then the matter must be viewed again under s.15(1)(i) but this time the place where the funds were provided is to be disregarded as a factor in determining the source of the interest
2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and standard b. Withholding VAT C Advance payment of VAT d. Vat paid on sale of goods
Which of the following is a temporary difference that normally is recognized for accounting purposes before being reported as an expense for tax purposes? Unearned revenue Product warranty costs Depreciation Fines resulting from violations of the law.
Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deduction
What are the situs rules on income tax situs on sales of goods?
An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction
Explain the items of gross income and how to tax them: whether at gross or at net, further determining whether it is subject to final taxation or regular income taxation.