Permitted expense for investment holding co

Permitted expenses :
Management fees      60,000
Audit fees                   2,650
Staff cost                  13,000
Office cleaning          38,000
Printing & stationery      500
Telephone charges          50

Non permitted expenses

Tax fees
Legal fess to recover debts
Bank charges
Depreciation
Eletricity & water charges
Disbursement for legal fees
Filing fee
Secretarial fee
Office insurance
Quit rent
Travelling


Section 60F of the Income Tax Act 1967, the amount of deductible permitted expenses
is computed using the formula


1/4 * A (1/4 of permitted expenses) X B/C (apportionment of chargeable income to total income ie capital gain is not chargeable)

A = total permitted expenses incurred reduced by any receipt of a similar kind
B = gross income consisting of dividend, interest and rent chargeable to tax for that basis period
C = aggregate of the gross income consisting of dividend (whether exempt or not), interest, rent and gain made from the realisation of investments

Total gross income (B)

Rental income
Interest income
Dividend income
Gain from disposal of investment