Following is the independent situation of the taxpayers in Malaysia in 2021:

Bryan formed ECO Sdn Bhd on 1 January 2018 with paid up Ordinary Share Capital of RM2,230,000. The company recorded a statutory income of RM617,800 and rental income of RM45,260.

Belina and five other shareholders commenced a business named Graphics Sdn Bhd since 2019. In year 2021, the company has a gross income of RM426,800, capital allowance of RM63,120 and rental income of RM32,930. Graphics Sdn Bhd had paid up Ordinary Share Capital of RM2,800,000 upon its commencement.

Bianca is an actress since 2020 where she involves several shooting include inside and outside Malaysia. Due to frequent travel from Malaysia to outside country, it makes Bianca falls under non-resident in 2021. During the year, Bianca receives a salary of RM154,280, entertainment allowance of RM7,540 as well as a travelling allowance of RM5,670.

Monic is an engineer in Highfant Sdn Bhd. In year 2021, she never leaves Malaysia but keeps working. During the year, she receives a salary of RM132,792 with1.5-months bonus.

Mimi set up Media Technology Berhad on 1 January 2018 with paid up Ordinary Share Capital of RM1,870,000. The company recorded a statutory income of RM587,800, balancing charge of 56,230 , and capital allowance of RM20,460.

Required

Compute the chargeable income and income tax payable for each of the taxpayers based on their respective independent situations for the Year of Assessment (YA)2021.Show all necessary workings.

Answer to Above Question

The calculation of the chargeable income and income tax payable for each of the taxpayers based on their respective independent situations is performed as follows…….

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