Here's the new PCB table.

in theory, it's true that the new system is more accurate. in practise however, it will almost always over-deduct if you are not savvy enough about tax matters to inform your HR Dept to make the necessary deductions beforehand (such as medical ins, books, purchasing new computer, medical for parents etc). This puts additional work burden on the HR.

furthermore, there is additional duty of the HR to satisfy themselves that your request for deductions are genuine and not simply taruh one. otherwise if there is any tax evasion on your part, the IRB may punish your company as well for "abetting" it.
Thus many companies are reluctant to allow such adhoc deductions.

Under the old system, many ppl are already overpaying..thus you always hear complains about the inefficiency of IRB in refunding the money. Now with this new system, they will be more of such cases. What IRB should do is to pay interest on this monies that are overpaid until such time when they refund.

if u're working and getting above the RM2.3K/month, you comply to the ruling. The option to say you don't comply is just an option, for them to say that they gave u option i guess just joking..i was wondering about that since the first time i did e-filing but didn't check in length. Basically if u read the ruling, u'll see its just crap and everyone is eligible to the tax.

yah.. this deduction start on jan 2009 , but it din announce it on newspaper. Some more , is this helping our individual financial burden in eco crisis?. Our G doing things kind of dilemma.

Got lar.
Somemore its understood liao, change in tax rate sure got new STD/PCB table.

They want our money but they make it so complicated for us to give it to them.

Hi Guys,
I am filling my income tax for the first time,
i own a sole proprietor license company and work as an employee . my income/salary is not taxable but my company made a gross profit(before deduct-is it gross or something) of RM 75000.00 this year.

I have went to the HASIL and get my tax id/reference number now i cant find resource what to do next.
I really dont want to use an accountant for this, would like to learn how to do it but cannot find information on the internet,
can anyone of you give me advise?

In the end I just left it empty when I submitted.

is it possible to submit with it being left empty. the last time i did that it came with an error. thats why i said i dun really understand the purpose for it.

When I submitted, it was not a compulsory field, and the default value (inside the HTML) is "". So I guess it's not really important.

Bro, eventhough u wan to do accounts by yrself but at the end u must employ a tax agent to help u compute the tax for u.

to do a tax return he/she needs to be qualified under Section 153(3) of the Income Tax Act 1967. that's mean u cant be a tax agent and submit the return for yrself. u need to employ a qualified person are authorised to act on behalf of u for the income tax act purposes.

normally tax agent will help u do all the accounts, compute tax, fill in Borang B and submit it for u too. 1 leg kick all. u juz have to pay the agent fee.

r u good in accounting? if u have knowledge in accounting juz start do it with the cash book first. record all the receipts and payments side then do all the posting. normally, if u finished yr cash book u already done 80% of yr accounting works. when doing CB make sure u refer back with yr bank statement/chq butt so that no transaction are left out. after that records all the sales and purchases. then do Fixed assets & capital allowance schedule, Income statement and balance sheet.

make sure u kept all the payment vouchers, receipts and relevant documents at least 7 years.

Are you sure or not?
I cannot submit my OWN tax return meh?
Wei check before posting lar

Edit : Don't mislead other people lar.

This post has been edited by wufei: Mar 17 2009, 10:18 PM

ofcoz u can submit yr own tax return~

if u oredi employ a tax agent y u still submit it by yrself. ask the agent to submit it for u. u pay him and agent should provide his service what.

You sure about that? I thought this Self Assessment System is all about doing your own computation AND doing your own return?

This post has been edited by GeminiGeek: Mar 18 2009, 12:24 AM

Normally ppl know how to do all the accounts but they dun have the tax knowledge. That's y u have to get a tax agent to do a tax return on behalf of u.
what i'm talking is referring to booleanx. not everyone dude

"to do a tax return he/she needs to be qualified under Section 153(3) of the Income Tax Act 1967" what i mean here is for someone (agent) to do a tax return on behalf of another person. is not u muz qualified under Section 153(3).

sry if got any misleading~

Income Tax is levied on "Chargeable Income" and not "Profit" or Salary.

In Income Tax terms, you have Gross Income, Adjusted Income, Statutory Income, Total Income and Chargeable Income.

Tax computation is easier for salaried employees compared to business owners.

I have prepared some write-up on Borang BE 2008 in www.mytaxation.blogspot.com

PCB is just a tax collection method, not a final tax. What is deducted from your salaries monthly is totalled up in a year and compared to your actual tax for the year when you calculate your tax when filing in the Borang BE. If there are shorfall, then you have to pay the balance. If there are overpayments, then you will get a refund from the IRD.

For business owners, your profit of, say RM75,000 is not taxable as it is. You have to calculate what is your chargeable income. If you do not know how to calculate, then you need to look for an approved tax agent.

It does not mean that you cannot file in your own tax returns. The 'approved' means that a person who opens up a shop claiming himself to be a tax agent must be approved by the IRB. Just like a doctor or a lawyer, they must be licensed.

My opinion is, if you own a small business, no need to go to those big accounting firms, their fees may be higher than your tax itself. Go look for a smaller firm. The list of approved firms can be found in the IRB's website.

I just registered myself for the first time and got a tax reference number. What next? Wait for the goverment to send me a form?

If you have a tax reference number, you can call the LHDN office and ask for a PIN to fill in the Borang BE online.

u can take a blank Borang B & fill in 1st if u want

I'm assuming you just started working since you mentioned you just registered with LHDN and just gotten your tax reference number.
So if I'm correct; than you'll only need to declare your income comes next year.