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
business completely close and owner chase me out for not paying rental
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)
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