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 Income Tax Issues

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keeseng12
post Mar 22 2010, 05:58 PM

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QUOTE(fookeesan @ Mar 22 2010, 04:25 PM)
Hi Sifus,
May I enquire for Etiqa, which insurance should I include it in the E-Filing? Together with the EPF (sum) or the other option??

Tq.
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The company (Etiqa) should send you a statement, stating the entire amount of premium that you pay annually and the categorization of your investment. For example, whether it's for life or medical or others.

Ask them to send if they didn't send by default.

With that, you can fill it up into your tax form.
keeseng12
post Mar 24 2010, 10:53 AM

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Haha, same here, I didn't fill that in also.

Who knows later they'll track down every single amount that go into your bank account. biggrin.gif

But of course, the government has all the data about us. Whether you write or don't, will still be the same. biggrin.gif
keeseng12
post Mar 26 2010, 05:50 PM

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QUOTE(b00n @ Mar 26 2010, 10:06 AM)
I just found out 2 things.
1 major issue is the e-form doesn't allow me to "re-input" my postcode. As I've changed address, I can enter all the lines except for the postcode field. sweat.gif What I did is on the last address field, I add in the postcode. Hope they noticed.

Another highlight is the new PCB scheme. It's really a lot. I tried not putting so much deduction except for the default RM8k, EPF/Insurance RM6k and Medical Insurance RM3k; viola it's a surplus. Last time, still need to adjust here and there. Now no need. Don't know whether its good or bad. wink.gif
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Haha, i noticed the second highlight too. I don't think there's anything to worry as they should be expecting this to happen.
I'm not sure when was it implemented but the government once said before that they will deduct a bigger amount from our salary as PCB.

The main reason is to ensure everyone paid for the tax. I think the real reason (maybe) is because most of the people didn't declare their tax (probably if once calculated,let say they owe the government RMXXX), and then the government implemented this scheme to ensure everyone pay their tax and for those that lazy/do-not-want-to-do-taxes, it's either they will be more hardworking now, or gov just eat their money. tongue.gif
keeseng12
post Mar 30 2010, 10:05 AM

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QUOTE(cyclone9 @ Mar 30 2010, 09:20 AM)
prudential still havnt send me the issurance report annual for last year...  .
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you better call them asap. tax submission deadline is coming soon.
keeseng12
post Apr 2 2010, 07:45 PM

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QUOTE(zeist @ Apr 2 2010, 06:05 PM)
EPF can deduct too? How do they calculate EPF deduction?  unsure.gif

I've found 'Life Insurance and EPF' but don't quite get it.

Do you know where can I refer to, a more detailed tax relief. Like it stated there 'Purchase of sport equipment for sport activities', I have no idea what kind of sport equipment can I buy. And I have no clue what is self dependent, basic supporting equipment, ordinary child relief and a few more.

http://www.hasil.gov.my/lhdnv3e/individuIn...le=Tax%20Relief
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Yes, EPF can be deducted. There will be a column in your EA form (from your company) stating the amount of EPF that you have contributed. With that value, you insert it into your tax form accordingly - Under "Life Insurance and EPF" (Max of RM5000 is not mistaken).

What it means by Life Insurance + EPF is that if you purchase insurance (let say medical and life insurance), your insurance company will send you a letter indicating the amount of premium that you have paid over the year as Life Insurance. With that amount, u add it up together with your EPF contribution.

The rest i'll leave it to others to explain them for you because i'm not really sure either.

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