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> Income Tax Issues

CKJMark
post Feb 7 2011, 09:13 AM


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QUOTE(labtec @ Feb 6 2011, 12:30 PM)
i used e-filing last year and i paid excess taxes after deduct the tax relief
how to claim back the extra taxes that i paid?

i already filled in all the bank account detail but how come till now they never bank in the excess taxes that i paid?
newspaper also mentioned that LHDN already pay back excess taxes to most of the tax payer ler...
how u guys claim back?
*
Usually, e-filing refunds get processed within 6 months (for salaried individuals). You would receive a statement and cheque from IRB in the mail (so its important to keep your correspondence address up to date). They won't bank in directly for you into your bank account.

If you have not received your refund yet, you can do the following:-

1) Find out which IRB branch your tax file is located
2) Call up the branch and ask to speak to the officer handling your case
3) If no officer is handling your case specifically, give them your SG/OG number and ask for an update on the status of your refund

Depending on how complicated your case is, or whether there are any unresolved issues, you will either:-

- get a tax audit (not as scary as it sounds, unless you have something to hide lol)

or

- get a letter saying the refund is in process

Make sure you follow-up with a written letter to the officer you spoke to at the Branch address. And call that same person up to follow-up in 1-2 weeks.
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ronnie
post Feb 7 2011, 12:44 PM


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Where is the new Kelana Jaya IRB office move to ?
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leongal
post Feb 7 2011, 01:21 PM


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QUOTE(ronnie @ Feb 7 2011, 12:44 PM)
Where is the new Kelana Jaya IRB office move to ?
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damansara perdana, menara taiko - which is next to metropolitan square
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yhtan
post Feb 7 2011, 09:43 PM


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QUOTE(fraulein @ Feb 2 2011, 11:33 PM)
Hi, as answered by some forumers earlier, I understand that PTPTN repayment is not entitled as tax relief. But if I'm planning to repay ptptn by salary deduction, will the annual income I filled in C3 (the one stated in EA form) is the income minus ptptn or just the original 12 month + bonus income?
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EA form will only show gross income including all the allowance given by company
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labtec
post Feb 8 2011, 08:45 AM


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QUOTE(CKJMark @ Feb 7 2011, 09:13 AM)
Usually, e-filing refunds get processed within 6 months (for salaried individuals).  You would receive a statement and cheque from IRB in the mail (so its important to keep your correspondence address up to date).  They won't bank in directly for you into your bank account.

If you have not received your refund yet, you can do the following:-

1) Find out which IRB branch your tax file is located
2) Call up the branch and ask to speak to the officer handling your case
3) If no officer is handling your case specifically, give them your SG/OG number and ask for an update on the status of your refund

Depending on how complicated your case is, or whether there are any unresolved issues, you will either:-

- get a tax audit (not as scary as it sounds, unless you have something to hide lol)

or

- get a letter saying the refund is in process

Make sure you follow-up with a written letter to the officer you spoke to at the Branch address.  And call that same person up to follow-up in 1-2 weeks.
*
shit... foud out they do not have my e-filing in their database rclxub.gif
next time need to print out the receipt as proof...
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CKJMark
post Feb 8 2011, 09:37 AM


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You can double check your submission status on the e-filing website. If it was sucessful, a digital copy is stored for your referal. But yes, hardcopy proof is always recommended when dealing with IRB because "system failures" have been happening a lot in the last few years of e-filing. However, that being said, they have made leaps and bounds in improvements since it was first implemented.
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juichuan
post Feb 9 2011, 10:22 AM


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I have a question to ask.

Situation:
I was still in employment from Jan - Apr 2010 and had a fix salary.
I resigned starting from 1st May and was working independently with family business from 1st May - December 2010 and receive commission. Monthly commission is not fixed, based on sales that i closed. I got married in November 2010.

My questions:-
1. Is it better to file separately?
2. If file separately, there is a column in the registration form that require my husband's information (name, IC number, No. Rujukan Cukai etc). Should i leave it blank? or fill in the information? If i fill it in, LHDN would question why do i file it separately since i am married?

Please advise.
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CKJMark
post Feb 9 2011, 10:33 AM


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Separate or joint assessment is the choice of the taxpayer. IRB will not question why you file joint one year, and why you file separate the next year.

The spouse information is for IRB's own cross-checking and database purposes. Should be filled in. You might want to double check this with IRB's call centre just to be sure because the last time I checked was 3 yrs ago lol.

Usually, joint assessment is preferred in cases where the spouse doesn't have income, or doesn't have significant income. This is so that the person filing can claim spouse relief (RM3,000 + RM3,500 if disabled spouse).

If you both have income, it may be more beneficial to file separately so that both of you can claim your individual personal reliefs of RM9,000 each. You won't get spouse relief in this case, but RM9,000 > RM3,000

Depending on what deductions you are entitled to (i.e. life insurance, EPF, parent relief, etc) it is usually more beneficial to file separately if both of you have income. Joint assessment is usually for couples where one doesn't work so the working spouse can claim support deductions.


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cherroy
post Feb 9 2011, 10:33 AM


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QUOTE(juichuan @ Feb 9 2011, 10:22 AM)
My questions:-
1. Is it better to file separately?
2. If file separately, there is a column in the registration form that require my husband's information (name, IC number, No. Rujukan Cukai etc). Should i leave it blank? or fill in the information? If i fill it in, LHDN would question why do i file it separately since i am married?

Please advise.
*
1. It depends, but filing separately mean both got individual relief of RM8k or RM9k for lastest

2. You still need to fill in.
Filing separately after married is very norm.
There is no requirement or must, after married must file together.
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juichuan
post Feb 9 2011, 01:46 PM


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QUOTE(CKJMark @ Feb 9 2011, 10:33 AM)
Separate or joint assessment is the choice of the taxpayer.  IRB will not question why you file joint one year, and why you file separate the next year.

The spouse information is for IRB's own cross-checking and database purposes.  Should be filled in.  You might want to double check this with IRB's call centre just to be sure because the last time I checked was 3 yrs ago lol.

Usually, joint assessment is preferred in cases where the spouse doesn't have income, or doesn't have significant income.  This is so that the person filing can claim spouse relief (RM3,000 + RM3,500 if disabled spouse).

If you both have income, it may be more beneficial to file separately so that both of you can claim your individual personal reliefs of RM9,000 each.  You won't get spouse relief in this case, but RM9,000 > RM3,000

Depending on what deductions you are entitled to (i.e. life insurance, EPF, parent relief, etc) it is usually more beneficial to file separately if both of you have income.  Joint assessment is usually for couples where one doesn't work so the working spouse can claim support deductions.
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QUOTE(cherroy @ Feb 9 2011, 10:33 AM)
1. It depends, but filing separately mean both got individual relief of RM8k or RM9k for lastest

2. You still need to fill in.
Filing separately after married is very norm.
There is no requirement or must, after married must file together.
*
Thank you for your advises...
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prempenang
post Feb 9 2011, 04:27 PM


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i need some help

all this while filed the income tax for my business thru accountant
last is for year 2009

end of 2009...dec time business was not running due to bad business
2010 was a year i sometimes run the business but mainly closed.. income was just a few rmK less than 10k


do i need to file the income tax for 2010? how to file as normally accountant do it but now i want to do it myself

can i just fill up the expenses incurred and also the income received and dont fill up the depreciation and capital allowance?

since income receive will be rm8k like that and expenses is rm18k, so there is already a clear loses

i have also no other source of income sad.gif

business completely close and owner chase me out for not paying rental sad.gif
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celicaizpower
post Feb 9 2011, 04:54 PM


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Hi Guys,

Recently I received a letter from IRB that they want a few receipts from me for audit. From all the receipts, I am unable to find the followings.

4) Perbelanjaan perubatan bagi penyakit yang sukar diubati atas diri sendiri, suami / isteri atau anak [terhad kepada RM5000 setahun]
5) Pemeriksaan perubatan penuh atas diri sendiri, suami / isteri atau anak [terhad kepada RM500 setahun]
6) Pembelian buku/majalah/jurnal/penerbitan untuk diri sendiri, suami / isteri atau anak [terhad kepada RM1000 setahun]
9) Peralatan sukan [terhad kepada RM300 setahun]

How much will I have to pay IRB? Sorry, I am really blur when it comes to IRB.
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prempenang
post Feb 9 2011, 08:31 PM


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can anyone help me?
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CKJMark
post Feb 10 2011, 10:16 AM


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QUOTE(prempenang @ Feb 9 2011, 04:27 PM)
i need some help

all this while filed the income tax for my business thru accountant
last is for year 2009

end of 2009...dec time business was not running due to bad business
2010 was a year i sometimes run the business but mainly closed.. income was just a few rmK less than 10k
do i need to file the  income tax  for 2010? how to file as normally accountant do it but now i want to do it myself

can i just fill up the expenses incurred and also the income received and dont fill up the depreciation and capital allowance?

since income receive will be rm8k like that and expenses is rm18k, so there is already a clear loses

i have also no other source of income sad.gif

business completely close and owner chase me out for not paying rental sad.gif
*
Yes you need to continue filing until your business is deregistered.

EVen though you have 18K expenses, you cannot assume you will have no tax. Some expenses may not be deductible and need to be adjusted for, like depreciation, entertainment, closing down expenses, etc.

Capital allowance you don't have to claim if you don't want to. That is optional to you.


Added on February 10, 2011, 10:18 am
QUOTE(celicaizpower @ Feb 9 2011, 04:54 PM)
Hi Guys,

Recently I received a letter from IRB that they want a few receipts from me for audit. From all the receipts, I am unable to find the followings.

4) Perbelanjaan perubatan bagi penyakit yang sukar diubati atas diri sendiri, suami / isteri atau anak [terhad kepada RM5000 setahun]
5) Pemeriksaan perubatan penuh atas diri sendiri, suami / isteri atau anak [terhad kepada RM500 setahun]
6) Pembelian buku/majalah/jurnal/penerbitan untuk diri sendiri, suami / isteri atau anak [terhad kepada RM1000 setahun]
9) Peralatan sukan [terhad kepada RM300 setahun]

How much will I have to pay IRB? Sorry, I am really blur when it comes to IRB.
*
If you cannot find these receipts, all these expenses will probably be disallowed and tax will be computed on it.

As you are an individual, your tax rate will be different depending on your income bracket, so you have to recompute yourself.

Depending on whether the officer is lenient or not, you could very well be subject to penalties for making claims without supporting documents.

This post has been edited by CKJMark: Feb 10 2011, 10:18 AM
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prempenang
post Feb 10 2011, 10:49 AM


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QUOTE(CKJMark @ Feb 10 2011, 10:16 AM)
Yes you need to continue filing until your business is deregistered.

EVen though you have 18K expenses, you cannot assume you will have no tax.  Some expenses may not be deductible and need to be adjusted for, like depreciation, entertainment, closing down expenses, etc.

Capital allowance you don't have to claim if you don't want to.  That is optional to you.


Added on February 10, 2011, 10:18 am
thank you

is it possible to do the filing myself?

i will just deduct expenses like electricity/water/phone and stock used to run the business

i think they also cant find how much i make(income) so i can adjust the income lower and declare loses but in fact it was losses too

since capital allowance is not nessarily, should be fine since i dont know how to calculate this

what about depreciation? iszzit 10% less fr last year?

2. how about disposale of some machines used to run the business? is this included in the income?
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CKJMark
post Feb 10 2011, 11:17 AM


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Are you filing for a company or a sole proprietor?

If you are a company, you need to file a form C. If you are a sole propreitor, you would file a Form B.

In either case, you can do either yourself if you are comfortable with the forms. Alternatively, you can also contact LHDN and they can help you. I think they have a customer service counter that does this for Form B cases.

Depreciation rates should be consistent with what you have been applying previously. Depreciation is also not tax deductible so you will have to disallow it in your tax computation.

The gain from the sale of fixed assets may be subject to tax depending on whether you have claimed capital allowances in the past. The gain is computed on an individual asset basis:-

Sales proceed less tax written down value

This part gets a little technical and a fair bit of calculation involved. You might want to ask your previous accountant for a favour in this.


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prempenang
post Feb 10 2011, 01:29 PM


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QUOTE(CKJMark @ Feb 10 2011, 11:17 AM)
Are you filing for a company or a sole proprietor?

If you are a company, you need to file a form C.  If you are a sole propreitor, you would file a Form B.

In either case, you can do either yourself if you are comfortable with the forms.  Alternatively, you can also contact LHDN and they can help you.  I think they have a customer service counter that does this for Form B cases.

Depreciation rates should be consistent with what you have been applying previously.  Depreciation is also not tax deductible so you will have to disallow it in your tax computation.

The gain from the sale of fixed assets may be subject to tax depending on whether you have claimed capital allowances in the past.  The gain is computed on an individual asset basis:-

Sales proceed less tax written down value

This part gets a little technical and a fair bit of calculation involved.  You might want to ask your previous accountant for a favour in this.
*
its a sole proprietor/enterprise


since depreciation is not tax deductable, do i have to calculate it since businss also now closed down?

if i dont show the gain of the sale of fixed asset, is it ok.? since not much too rm7k only and all cash lelong sale ...no records..only cash bill to buyer

so basically i will just show some income coming in... say rm7k and also expenses(utility rental) all 15k ..
losses would be rm8k
ok like this?

need to deregister business to show proof to irb we close business? say for 2011 filing n so on?
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lsl43
post Feb 10 2011, 02:25 PM


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I'm a homemaker doing some freelance accounting job for few companies. Would like to ask about Tax issue. I use to sell some of my stuff (such as gift with purchase, sample , free gift, good used condition kids item and etc ) via ebay . May I know does these receipts from my online selling need to pay income tax ? How do I take up in my account book ? ( I prepare a simple account for all my freelance income when submitting my Form B )

Thanks notworthy.gif
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DannGun
post Feb 13 2011, 12:33 PM


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hi need to enquire about rental income tax. Let's say i have a house which i am paying RM1k for installments, and getting RM1.5k mthly for rental. Am i going to be charged at a flat rate of RM1.5x12mth or RM1.5k minus RM1k x12mths for tax?
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penangmee
post Feb 13 2011, 02:16 PM


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QUOTE(DannGun @ Feb 13 2011, 12:33 PM)
hi need to enquire about rental income tax. Let's say i have a house which i am paying RM1k for installments, and getting RM1.5k mthly for rental. Am i going to be charged at a flat rate of RM1.5x12mth or RM1.5k minus RM1k x12mths for tax?
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Very simple example

Gross rent = 18k (calender year)
less
interest on loan say 6k ( not installment paid)

Nett rental = 12k (taxable)
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