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Explain what is meant by the scope of income tax

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Reference no: EM132619600

Question -

a) Explain what is meant by the "scope of income tax" in references to the Income Tax Act 1967.

b) Super Quality Trading is a DIY store; sell household hardware for home and business improvement. During the year of 2019, the company suffered huge losses due to severe floods that inundated the floor space of the premises. The losses were reported of approximately of RM317,650. The company made an insurance claim to HB Insurance Bhd. for loss of the following assets: equipment, machinery and stock in trade due to the flood damage.

Required - Explain, with reasons, the tax treatment of the insurance claim to be received by Super Quality from HB Insurance Bhd.

Reference no: EM132619600

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