Everybody was so stunned when flipping through the taxation paper this morning. It comprises of 2 sections with 4 seperate questions.
Q1A) Capital Allowance Question which requires us to compute
1. S19A Schedule
2. S 19 Schedule
3. Balancing Allowance/Balancing Charge
4. Summary of Capital Allowance
Which I took exactly
AN HOUR to compute the requirements.
Q1B) Capital Allowance Question which requires us to compute
1. Qualifying Capital Expenditure for relevant year
2. IBA Schedule
3. Balanching Allowance / Balancing Charge
I was stuck in requirement 3, which I could say, I threw away 4 potential marks.
Section 2 Business Deduction
2A) Computated of Adjusted Net Profit and Assessable Income.
Most of us thought that it 'd only ask for Adjusted Net Profit but it turns out that we'll 've to computed additional parts of
Adjusted Net Profit
Less: Capital Allowance
Add: Other Source Income
Less: Approved Donation
Less: Business losses b/f
Hell... that wasted my 10mins in calculating it.
2B) Computation of Statuory Income, Chargable Income as well as Net Tax Liability.
Net profit as per account
Less: Non trading Income
Add: Non deductible Expenses (Mind, we've got to copy every transaction when listing down the non deductible expenses. And today's paper, I suppose there're more than 15 transaction in this question)
Adjusted Net Profit
Less: Capital Allowance
Add: Other Source Income (tricks in financial year)
Less: Business losses
Less: Approved Donation
Chargable Income
Less: Exemption
Hell, just the format alone is already time consuming, in addition to that... is a super duper long paper yet we're only entitled to 2hours. Frankly speaking, I was frightened by the paper as well as the time left for me. I was racing against the time, is challenging, but I doubt many can take it. I hope they won't be moderating the grade, at least I'd still hope for a B [Prediction of grade].
I thought I'd be feeling unbearable of having no taxation the next semester, but I was wrong. I was kinda relief. =)
Hais... working hard for accounts paper. (:
I hope I'll luv myself more