For sure, it is taxable.

I would say be careful about deducting the loan interest, it is not a straight forwards, it has condition to be met.

Guys,
I'm not sure if anyone has highlighted this before.
The PCB deduction for Jan`11 was a shocking for most of the middle management in my company, a cross checks with other places are the same scenario and at certain place it involves all level of workers. Surprisingly certain place was not affected by this.
I try to write in to LHDN...no answer from them even though it has been 8 working days passed since my complaint (they send an auto reply saying thanks for the complain/feedback and we would get back to you within 3 working days)…yeah right.
I try to use the PCB calculator in the LHDN website and the result was very strange and weird.  But my Jan`11 PCB calculation is the exact same as the PCB calculator.

I’m attaching the table below for you guys to digest:-
Basic EPF  Jan  Feb  Mar  Oct Nov Dec
5000 550  227.1  247.75  212.5  0 0 0
6000 660  387.95  423.2  351.5  0 0 0
7000 770  577.95  630.45  560.5  0 0 0
8000 880  813.75  887.95  784.5  19.8 0 0
9000 990  1053.75 1149.55 1048.5  137.5 0 0
10000 1100  1302.1  1420.25 1312.5  179 0 0

Assumption:-
- Fixed earning monthly
- Married
- Spouse working
- No Kids
This clearly shows that a very high deduction in the 1st quarter of the year and a very low or no deduction in the last quarter of the year.

P/S : SORRY the table form doesn't come out properly in this forum..

Hey all,

I need help to understand the tax relief below.
I just purchased an apartment last year and need to understand the deduction formula.

1. Total interest allowable in the relevant year = RM10,000?
2. Total interest expended by the relevant individual = the monthly interest I paid to bank?
3. How to calculate if I am only one to pay the interest?

Hi,
My wife monthly salary is about RM2k, I know that she is not entitled for tax, thus she has never open a file with LHDN, we had married for 5 years and she has not declare her income tax before and so far I only declare tax for myself.  I just aware that if join account, spouce is entitle for RM3k deduction.
Can I declare my tax this year and also combine my wife income so that i can entitled 3k deduction?
If I want to have combine declaration, does my wife require to open a file with LHDN?
Thanks

In combined assessment, if your medical insurance premium still not exceed RM3,000, then you could still include the premium of your wife, so that so the combined amount is RM3,000. If your medical insurance premium already exceed RM3,000, then no point to include your wife premium because the total limit remained at RM3,000 in combined assessment.


Which IRB book that u refer? According to blue book that issue by MIA, CPA and CTIM, the medical and education insurance can only be claim under the name of taxpayer. That is all which w.e.f. 2001 and onwards.

Understood. If the person on trading nature of investment then he need to declare his income for income tax, which category should falls in? B or BE?

duit komisyen la x kena cukai... haha

Guys, I need clarifications on these issues:

1. Sports equipment - tax relief (RM 300)

What is considered as sports equipment? A running shoes is the only equipment for a runner, so will it be considered as sports equipment? Or the definition only covers non-attire sports related thingies - like balls, bicycles, etc?
2. Book & publications - tax relief (RM 1,000)

I know newspapers are not included. But how about useless mags (i mean those pop mags that teens buy - mangga, urtv, celo, etc etc)?

Does school children textbook counts?

Morality issue aside, what if we collect a bunch of receipts from med studensts (theybuy expensive textbooks every year) and use it as a tax relief?

Since when dental fee has any tax relief?

Answer is no.

have you people receive the home loan year end statement that says how much interest is paid for the loan last year? do i need to call the bank for the statement, as i am eligible to claim for the interest rate relief...

hi
want to ask sifu here
in the employment column, i should put my salary with or without the allowance that it get?

because from the statement from my employer (Health Ministry) got 3 column:
1)annual salary = rm30000
2)allowance= rm9000
3)total salary + allowance = rm 39000
4)non-taxable allowance= rm7960

Sorry for taking your image cause I have another question to ask, anybody know how I can claim for the deferred annuity column? I  bought HLA Wealth Builder but till now i still dont know if i can claim it. I called insurance company & Hasil but no body seems to know this much.

life/CI from MAA, medical card from ING, PA from kurnia.. so need to get receipts from them all? 

---

Added on March 16, 2011, 6:00 pm

what is the fastest way to get them? call the agent or direct to head office?

Want to ask, for sole proprietor can we summit our tax filing now or need to include Jan-Jun2011 profit/expenses also ?

I don't understand why the deadline for sole proprietor is after April 2011 , why not make it the same as employee on April2011?

To all tax sifu, please help me:

For self employed, i open a business bank account on March2010. I deposit RM3000. I'm doing trading of goods.

Cost of material for (200 pcs) = RM20,000
Sales from goods (150pcs) = RM92,000
Expenses to employ worker = RM25,000
Other expenses eg travelling, phone, rental etc. = RM5000
Cost of tool and small equipment to produce the goods = RM2000

Q1. In Borang HK1, my profit is = RM92000-20000-25000-5000 -2000 = 40000. But I still have 50pcs of unsold goods. How to calculate the correct profit?

Q2. In Borang HK1 Section A, do i fill up both the + and - column by adding all the credit and debit in my bank account OR just put RM40000 in "+" column ?

Q3. Where should I put the RM3000 in HK1? Or i just add 3000+40000 to get pendapatan larasan (HK1 Section G) = RM43000 ?

Q4. In the example above, i didn't add my salary as expenses. I think it is the same right whether I put the my salary expenses or don't put ?

Q5. Someone told me for tool/equipment, it is treated as asset and cannot be used to deduct as expenses. How can i calculate the correct expenses then?

Want to ask about Pampasan bagi pemberhentian kerja. I was reading the nota penerangan. It says that bagi pmberhentian kerja pada atau selepas 1 julai 2008, pampasan dikecualikan adalah RM10,000 bagi setiap tahun genap perkhidmatan dengan majikan....

If let's say employment tenure is from Apr 2008 to Aug 2010. is it counted as 2 tahun genap?

also it states there rujuk helaian kerja HK2.7 dan lampiran B5 untuk pengiraan. where is HK2.7 and lampiran B5? i print out the nota penerangan also don't have.

Got some questions
1) What is "Diluluskan oleh Menteri Sebagai Pekerja Berpengetahuan "? YES or NO?
2) What kind of dividen can claim? Interim? Witholding tax?

All, need some expert help. From the above calculation, seems to be correct but when I calculate, I feel something is wrong haha.

Let's say my interest paid in 2010 is rm5000 (joined name by 2 person).
So, each of us paid RM 2500 for the interest only.

Based on the calculation, it will be;

RM10000 (allowable) x RM2500 (paid per person) / RM5000 (total interest paid) = RM 5000
That means I can claim for tax relief of RM5000? 

Doesn't seem right...

you will be charged nil income tax if ur salary is less than rm2.5k a month the last i calculated, now may be increased further with additional allocations by gov. In any case income tax filing is a must upon making any income in malaysia with certain terms and conditions.

Failing to file the income tax even though tax value is nil may incur penalty by LHDN, rm50 if not mistaken. 

I have not used efiling before. Have they discontinue sending BE forms? Can I download the forms?

Try this link: http://www.hasil.gov.my/pdf/pdfborang/Form_BE2010_2.pdf

Back to this, how do we provide the copy of My Kad? scan it?? can use camera and take the picture or not???   

please help me. i wan to cry now. i found out i have made a mistake after i click SETUJU. can i register again as i haven sent my ic to them??!! please help