refund is under investment linked is it not? must declare and dont sound like there's any relief for that..do correct me if i'm wrong.

---

Added on February 22, 2010, 9:24 ammy income tax was registered by my company..u can check with your HR if they can register for you or you have to register by yourself.

---

Added on February 22, 2010, 9:28 ambetter check to be sure...you do not want to be audited to only know that its not eligible for relief and later need to topup your income tax (value re-assessed) as well as may need to pay penalty for overclaim or something..

This post has been edited by attahun: Feb 22 2010, 09:28 AM

Usually those investment-linked insurance split their payment into 2 parts, one portion goes to protection (insurance), the other for investment. The protection part (life and medical) is eligible for tax-relief. You should be mailed a copy of the eligible tax relief amount from your insurance underwriter.

hey guys.. i would like to find out how much it would cost to get a tax consultant to get your taxes done for Borang B (not BE)? Anyone got recommendations and ball park figures?

@lostasylum
It depends on your business complexity. If you have large business, you would want to try those large firm like PWC, Deloitte...

Else, any freelance can do it for you...

Hi all,

I remember in 2009 govt announce 3yrs for interest paid for house loan from 2009 for income tax, can someone verify this ? and if it is true under which column we claim interest paid to bank to waive from tax?

hello guys...

i need some advice on income tax... lets see..I started giving home tuition after I graduated. Im now in my early 30s & I was never employed by any company as I've been giving freelance tuitoring and that was my only source of income. I didnt give much thought to income taxation as I was on freelance and my income fluctuated and I had this perception that if your income is below the taxable income earned, u need not worry abt tax.I've been a freelance home tutor for years now and am still doing freelance tutoring. MY income these pass 2 years increased and I have just gotten a rented shoplot now to tutor since 2009. So, if I were to get my tax file number or sumthing like that, how do i start? what should I do?

and do i need to hire a tax agent? I realized that I didnt keep many of the receipts or whatever, including the record of fees I received. I simply didnt think about tax and have never before until lately. Are receipts or invoice for education book purchases/ stationary/ paper/ photostated notes accepted 4 tax deduction? What are the necessary documents etc that I should have?

Thanks.

This post has been edited by BoboTheGrouch: Feb 25 2010, 04:02 PM

how much roughly you make annually? if you make alot why not you contiribute 50% of your income to EPF since it is not taxable. But you still need to declare your income to LHDN, if you contribute portion of your income to EFP means you declare less in you income tax. so you pay less or nothing at all.

errr not much...between 3K over to 5K since 2009.Before that, I didnt earn too much as a one to one tutor, not that much to be taxable. I do contribute on my own to EPF but only like 10 percent of my earning.As far as I know, as a self employed u can only contribute up to a max of rm 500 for KWSP. I would like 2 know what I shud do as a start? I have never been taxed b4

This post has been edited by BoboTheGrouch: Feb 25 2010, 05:28 PM

if large business, i don't think they'd be filling in borang B right? heheh...
any freelancers to recommend?

3K~5K anually no need to declare la..

oops sorry,i was supposed to mean around 45K to 60K annually.

go back 7 years to declare or risk being audited

that figure fall in taxable bracket already..just declare this coming april..they are spaces to fill for previous years undeclare income, maximise all benefits i.e buy computer, books,insurance premium,education loan,EPF,etc to pay as minimum as possible...you can register at e-filing LHDN website..it is very easy and simple...my only concern this coming tax payment day is the heavy traffic

btw want to ask, for 2009, i changed company. From permanent to contract. So this year, i received my EA form from my previous company, and for the new company, i dont get EA form (cos no epf, salary is lump sum).

When i do the tax, is it still the same taxation, as in calculated the same?

So, my previous company salaries + contract salaries for 2009 = "2009 INCOME"

From the "2009 INCOME", i do the deduction on epf (from previous company), etc? Or is it a different calculation?

A bit rugi right since i didnt have EPF for my contract, and my salary definitely higher, means higher tax? How they know how much i make each month with contract, if company didnt declare on their side?

I like this

The new company must give you an EA form, even there's zero EPF.
Contractual work with EPF is better deal in the long run

2009 Income = all salary earned in Year 2009 (thus EA form is important)

Since you don't have EPF from current contractual company, just deduct whatever is from the previous job. RM6000 EPF deduction can easily attained together with life insurance.

I asked my boss, he said he doesnt issue EA form. What should i do?

Report the boss to LHDN.... simple

He said he doesnt issue for contract workers.

When filing the tax, is there a section for individual income? Say, side income? Side income also no EA form one right? Sigh, so stressed now

Get letter of confirmation of your annual salary from the employer. Else you will have to keep your pay slip as proof