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SECTION 4 (recovery of bad debt S34(2) : (NOT deductible -- general…
SECTION 4
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insurance
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key-man insurance person who cover the loss of income, if die, co. suffer loss, to cover expense until get replacement
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SECTION 4(a) Business Income
:checkered_flag: Profession
:checkered_flag: Vocation (career) adventure, concern, manufacture (in the nature of trade)
:checkered_flag: Trade ##
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:checkered_flag: Drawing of inventory (deemed MV) purchase of stock RM40k ,, market value RM70k... effectively tax RM30k (RM70k - 40k)
:checkered_flag: release of debt by creditor ##
:checkered_flag: voluntary receipts ##
:checkered_flag: insurance recoveries ##
:checkered_flag: unclaimed money
:checkered_flag: grant & subsidies
:checkered_flag: foreign exchange gains ##
:checkered_flag: recovery of bad debt ##
SECTION 4A Special Class of Income (Non-R) not business income
:black_flag: (i) service rendered of PPE
:black_flag: (ii) advice given or assistant
:black_flag:(iii) rent or other agreement
:checkered_flag: Trade
:tada: 1) Intention
:tada: 2) Profit seeking motive
:tada: 3) Method of acquisition asset
:tada: 4) Nature of subject matter
:tada: 5) Modification of asset / supplementary work
:tada: 6) Method of financing
:tada: 7) Disposal of the asset
:tada: 8) Frequency of transactions
:tada: 9) Destination of proceeds
:tada: 10) Length of ownership
:tada: 11) Circumstances responsible for the realization
SECTION 4(c) Dividends, Interest or Discounts see Section 3
SECTION 4(d) Rents, Royalties or Premiums
SECTION 4(e) Pensions, Annuities and other periodical payments
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release of debt by creditor
:recycle: settlement through court order
:recycle: settlement by guarantor
:recycle: formal waiver
-- deemed gross income (GY) by the debtor
not release
:red_cross: failure to demand payment
:red_cross: bankruptcy of debtor
:red_cross: factoring
voluntary receipts
:check: unsolicited and unexpected
:check: all amount payable has been settle
:check: not a retainer for future services
:check: not compensation off loss or profits