that means insurance with receipt only can be claimed for relief? i've been claiming the relief for the past few years without even having/knowing the necessity of the receipts. so should i ask the insurer to send the receipt this year? wondering why they never send it before.. 

should i deduct item 4 from item 3?
eg: 39000 - 7960

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?

those divvies have already been taxed before paying you...why wanna pay again?

As divvy is another source of income, we have to add into our personal tax, No? Or we can choose not to disclose our dividend received though it was taxed at 25% and taxpayer is now under the maximum tax bracket ie 26%.  Anyone??

As i knew, the Divvy reporting is optional. you can choose not to disclose but you cant claim back the balance tax (for those taxable income below 26%)

So for those on the maximum tax bracket got to pay additional 1% if report.  Is it lawful not to report  I called Tax department officer and he said I can choose not to report but I dont know what he said is correct....

you did not get my point huh.

nvm la.

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Added on April 12, 2011, 5:20 pm

1. Rental Income - it can be either classified under Rental Income Section 4(D) where you still can use Borang BE or Business Income Section 4(A) where you got to use Borang B.

if you are own more than 3 residential houses collecting rental or 1/2 commercial units, you will falls under Section 4(A) - Business income (Borang B)

2. as long you have business income, its Borang B.

Borang BE is only for empolyment income only.

3. Sorry cant help, as no follows up closely on updates.

I have a question here. My previous company already terminate their business, thus i don't have the EA form, what should i do?

Just to share my view. The spirit of this relief given by the Malaysian government is to encourage people to do more sports. And if you ask me, for a marathon runner, what is more important than having a pair of shoes?

I'm not asking people to claim all possible tax relief, just that in this instance, we are discussing an example for marathon runner. If im a marathon runner, i think shoes is very important to me. And, there is no clear definition of "equipment" by income tax.

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Added on April 13, 2011, 11:49 am

Wah... must try this!

No, Dividends from REIT taxed at sourced and the tax is final i.e you will not be able to claim back the tax deducted.

hey guys, i had submitted the wrong form!!!!!!!! instead of using BE(which is the correct 1), i had used B form. omg liao this time, as i already click submit and it seems irreversible. how can i rectify this issue? is a mistake in good faith right??

Original question is ' Do we[[COLOR=red] ..' So I was answering the ORIGINAL question. Non resident companies are irrelevant to the original question.