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Basis Period & Non-Business Income (Royalties income - S4(d) of ITA…
Basis Period & Non-Business Income
Dividend Income - S4(c) of ITA 1967
Profits derived by a company can be distributed to its shareholders
Income received by shareholders are exempted from tax
Basis period
Individual
31 December
Company
Financial year ending
Interest Income - S4(c) of ITA 1967
Taxable
received from loan to friend or relative
Exempted
received from approved financial institutions (bank&fianance company)
Paragraph 34A Schedule 6- from Merdeka Bonds
Paragraph 35A Schedule 6- from Unit Trust
S4(a)
Interest charged by a trader on overdue debtor accounts is considered part of business income
Rental Income - S4(d) of ITA 1967
Chargeable to tax under S4(d)- investment income
assessed under S4(a)- business income
Royalties income - S4(d) of ITA 1967
Paragraph 32 Schedule 6 ITA
- publication of artistic works and recording discs or tapes
Paragraph 32A Schedule 6 ITA
- translation of books or literary work request by Ministry of Education/Ministry of Higher Education or the Attorney General’s Chambers.
Paragraph 32B Schedule 6 ITA
- publication of any literary works and original painting
Paragraph 32C Schedule 6 ITA
- individuals’ participation or performance in cultural performances approved by the Minister
Paragraph 32D Schedule 6 ITA
- musical composition
Paragraph 32E Schedule 6 ITA
-services provided for purposes of validation, moderation or accreditation of franchised educational programmes in higher educational institutions