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 Income Tax Issues

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attahun
post Apr 14 2009, 05:10 PM

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QUOTE(ronnie @ Apr 13 2009, 11:16 PM)
Get to reduce your taxable income by 7% only... thus reducing the tax bracket.
You don't get back the 7% in monetary value.
*
allow me to rephrase that; you get to reduce 7% from your yearly salary thus reducing the taxable income.

Meaning: yearly salary - 7% x yearly salary (donation) = total salary

then; total salary - deduction = taxable income. tongue.gif


Added on April 14, 2009, 5:13 pm
QUOTE(calvynlee @ Apr 14 2009, 09:06 AM)
I guess all foreign company conducting business at malaysia must be register, except illegel business.

i think your company has register, just that they does not provide you epf...

currently standard salary more then RM2401 must declare income tax. You no need to declare if you do not plan to buy property... if you do, better declare.
*
careful.. if you don't declare when supposed to, you can get penalty.. and it accumulates blush.gif

if he is taxable (since income derived in malaysia), he wasted the exemption from paying the epf, thus increasing his tax bracket...not to mention that he also losses his EPF money which should be rightfully paid by his company..or not. tongue.gif

This post has been edited by attahun: Apr 14 2009, 05:13 PM
overthemoon
post Apr 15 2009, 12:34 AM

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Subject : KLSE DIVIDEND

Let's say dividend voucher states that it is for accounting year ending 2007 but payment date (i.e. dividend cheque issued) is on 31st March, 2008.

Question : am I to declare the dividend received for the year 2008 ? Or as previously undeclared income for 2007 ?

dinozilla
post Apr 15 2009, 01:16 AM

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a question, i can't find the field for petrol/travel allowance in e-BE
how am i include it?
is it some field to fill? or straight deduct it out from the total income?
ronnie
post Apr 15 2009, 11:13 AM

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QUOTE(dinozilla @ Apr 15 2009, 01:16 AM)
a question, i can't find the field for petrol/travel allowance in e-BE
how am i include it?
is it some field to fill? or straight deduct it out from the total income?
*
This won't be taxed starting Year Assessment 2008..so why would it have a field for it, right ?
keeseng12
post Apr 15 2009, 11:13 AM

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QUOTE(ronnie @ Apr 14 2009, 02:51 PM)
No... there is a special column for it on the BE form.
*
ya, there's a column where you can fill up your previous undeclared income. forgot exactly in which alphabet's row but the title is sounded like "PENDAPATAN PADA TAHUN KEBELAKANGAN"
ronnie
post Apr 15 2009, 10:38 PM

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Just submitted via E-Filing.... mudah, tepat dan selamat
I am no. 347K+ who submitted through E-Filing. Hopefully can get my refund cheque within 2-3 weeks.

They expect 1million E-Filing submission by 30 Apr 2009....

Better submit now rather than wait for the last minute which will jam the server.
socratesman
post Apr 16 2009, 01:22 AM

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Do you folks receive other tax-related documents from your employers beside EA form?

(such as PCB deduction receipts/statements)
mtsen
post Apr 16 2009, 01:42 AM

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QUOTE(socratesman @ Apr 16 2009, 01:22 AM)
Do you folks receive other tax-related documents from your employers beside EA form?

(such as PCB deduction receipts/statements)
*
EA only

Check out FREE income tax software available to help file your income tax, include optimizing tips as well ...

This post has been edited by mtsen: Apr 16 2009, 01:43 AM
SUSDavid83
post Apr 16 2009, 07:15 AM

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QUOTE(socratesman @ Apr 16 2009, 01:22 AM)
Do you folks receive other tax-related documents from your employers beside EA form?

(such as PCB deduction receipts/statements)
*
I got PCB deduction receipt/statement on top of the EA form.
ronnie
post Apr 16 2009, 08:51 AM

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QUOTE(socratesman @ Apr 16 2009, 01:22 AM)
Do you folks receive other tax-related documents from your employers beside EA form?

(such as PCB deduction receipts/statements)
*
Your company have the option to provide the breakdown of the PCB payment and the receipt no.
wufei
post Apr 16 2009, 09:35 AM

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It's a compulsory to provide PCB(II).

You will be in trouble later when u ask for refund and your balance cannot tie with IRB ledger.
InTheRush
post Apr 16 2009, 11:13 AM

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hi all...
i'm not sure if i need to submit income tax filing for 2008..
n i dun think i hav a file no yet since HR did not open for me..
thus.. do i need to file for this year's?

from jan08 - march08
i got gross salary of rm2153 per month

from apr 08 - dec 08
i got gross salary of rm 2400 per month, and allowance of rm 200
no PCB deductions show in my payslip

thus, do i need to file?
and i need to go to LHDN to open a file?
zenwell
post Apr 16 2009, 11:45 AM

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Anyone have the link in LHDN website where we can download EA form? I need to export it to excel format.

I googled and also access from the website also cannot find where to download ea form. I use the search button in LHDN website but it leads me to nowhere. Anyone can icon_question.gif ? Thanks a lot notworthy.gif
cute_boboi
post Apr 16 2009, 12:32 PM

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QUOTE(InTheRush @ Apr 16 2009, 11:13 AM)
hi all...
i'm not sure if i need to submit income tax filing for 2008..
n i dun think i hav a file no yet since HR did not open for me..
thus.. do i need to file for this year's?

from jan08 - march08
i got gross salary of rm2153 per month

from apr 08 - dec 08
i got gross salary of rm 2400 per month, and allowance of rm 200
no PCB deductions show in my payslip

thus, do i need to file?
and i need to go to LHDN to open a file?
*
A lot of your friends/families will tell you:
1) no need declare since below xxx amount
2) don't waste time go open file, etc.
3) no need pay tax, declare for what ?
etc. Tidak apa attitude

My advise, just take half-day off, goto LHDN and request open a new file (or ask them check MyKad if you file-number is already created, but your company did not inform you). Then start to fill up and declare using form/online, even though not taxable. It is good to practice and learn first, for your future years.

Then, remember pass your income tax file number to your company HR/Finance for their records.
ronnie
post Apr 16 2009, 12:55 PM

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You can use E-Daftar to open anew income tax file without going to LHDN branch

This post has been edited by ronnie: Apr 16 2009, 12:56 PM
SUSwankongyew
post Apr 16 2009, 01:30 PM

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QUOTE(zenwell @ Apr 16 2009, 02:45 PM)
Anyone have the link in LHDN website where we can download EA form? I need to export it to excel format.

I googled and also access from the website also cannot find where to download ea form. I use the search button in LHDN website but it leads me to nowhere. Anyone can  icon_question.gif ? Thanks a lot  notworthy.gif
*
Go to:

http://hasil.gov.my/melayu/bm_NO5_2.asp

Under:

BORANG EA

Penyata Saraan Daripada Penggajian - Swasta
ronnie
post Apr 16 2009, 02:16 PM

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Why do you need the EA form ? Make your own ?
aeiou228
post Apr 16 2009, 02:30 PM

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QUOTE(InTheRush @ Apr 16 2009, 11:13 AM)
hi all...
i'm not sure if i need to submit income tax filing for 2008..
n i dun think i hav a file no yet since HR did not open for me..
thus.. do i need to file for this year's?

from jan08 - march08
i got gross salary of rm2153 per month

from apr 08 - dec 08
i got gross salary of rm 2400 per month, and allowance of rm 200
no PCB deductions show in my payslip

thus, do i need to file?
and i need to go to LHDN to open a file?
*
If you think your income is not taxable and you don't think it is necessary to declare your income to the IRD, think again..!! You rugi besar.
IRD is the No.1 official channel for all Malaysian to proof their credit worthiness. One without a tax account in IRD is equivalent to a person who doesn't have any income ( Officially). Very often when a person needs to apply certain things like loans, children scholarship, US visa, maid etc etc, tax documents from the IRD is the main requirement.
Every year, you have the opportunity to declare to the government RM28,800 ( based on your salary of RM2400/mth) without being tax. Don't wasted these opportunities. In five years time you would have accumulated declared income of RM144,000 and you can buy big ticket item such as property without being question by IRD.

SUSwankongyew
post Apr 16 2009, 02:38 PM

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QUOTE(ronnie @ Apr 16 2009, 05:16 PM)
Why do you need the EA form ? Make your own ?
*
I happened to know where to download the EA form because I was looking around for it myself. It is actually "hidden" under the "Other Forms" page rather than "Income Tax Forms". Funny.

In my case, I needed it because I work for a small family-owned company and I'm doing the payrolls for everyone.
ychwang
post Apr 16 2009, 02:58 PM

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Hi, i would like to know
let said i borrow study loan for year 2006, and i'm paying installment every month for the installment year 2008.

Can my isntallment amount put under income tax 2008 education relief/rebeate?



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