MANA Sdn Bhd (MANA) is a resident company with an issued share capital of RM2,000,000. MANA is not part of any group. MANA closes its accounts on 31 March annually. MANA has owned a property in Malaysia for investment purposes for many years. On 1 April 2020, MANA entered into a rental agreement to rent out a portion of this property for three years at a rent of RM1,000 per month and it was agreed that the tenant would pay MANA the total rental for the three years of RM36,000 in advance.
The following expenses were incurred in respect of the portion of the property rented out under this agreement during the year ended 31 March 2021:
RM
| Interest expenses | 5,600 | |
| Insurance premium | 120 | |
| Property management expenses | 1,000 | |
| Repairs | 80 | |
| Quit rent and assessment | 1,000 | |
| A new air-conditioner for the lounge area | 1,100 | |
| Construction of kitchen cabinets | 3,000 |
You are required to completed the following subtasks.
(a) Explain, with reason, the due date for MANA Sdn Bhd to submit its tax return for the year of assessment 2021 (2.5 m)
(b) (b) Explain, with reason(s), the deductibility of each of the items listed above. (17.5 marks)
