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 Income Tax Issues

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imax80
post Apr 10 2009, 10:30 PM

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QUOTE(cyclone9 @ Apr 8 2009, 04:46 PM)
let say i get salary of 2100 in jan08-july08, and 2600 in oct08-dec08
do i need to pay tax?
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you payslip got PCB deduction? if got you have to deal with LHDN already..but i dont think you salary range is taxable but you still have to declare with LHDN.
imax80
post May 26 2009, 10:44 PM

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i am very new in tax..i register in middle of april and i submit my tax after 30 april 2009..they suppose to be a refund for me..i will happen to me..my refund will be forfieted? not fair for newbie like me
imax80
post Feb 25 2010, 04:29 PM

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QUOTE(BoboTheGrouch @ Feb 25 2010, 03:48 PM)
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.
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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. thumbup.gif

imax80
post Feb 25 2010, 08:42 PM

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QUOTE(BoboTheGrouch @ Feb 25 2010, 07:16 PM)
oops sorry,i was supposed to mean around 45K to 60K annually.
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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 laugh.gif
imax80
post Mar 9 2010, 12:25 AM

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can we start to fill in the BE form in LHDN website now ?? curious to know
imax80
post Mar 17 2010, 10:35 PM

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i could not login to E-BORANG just now..why? server slow?
I already registered and did e-filing last year.
imax80
post Mar 18 2010, 12:56 PM

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where to put the amount for broadband in BE-form?
imax80
post Mar 18 2010, 01:03 PM

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QUOTE(David83 @ Mar 18 2010, 12:59 PM)
Not for 2009 YA.

It's for 2010 YA which will be filed next year.
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huhuh..thank you very much David83..no wonder i could not see the field for broadband
imax80
post Mar 23 2010, 09:29 AM

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for first time house buyer is there any tax relief? i.e legal fees relief

is there any such thing?
imax80
post Mar 24 2010, 05:19 PM

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i also notice there is bank acct no field..may be they will use it to speed up the refunding our money?
imax80
post Mar 25 2010, 03:10 PM

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QUOTE(lowyat888 @ Mar 25 2010, 11:59 AM)
Investment income – is it taxable?

IT IS the time of the year when some of us may feel uneasy as the deadline for filing our personal income tax return gets nearer. You may drag your feet when having to complete the return form (Form B or Form BE as the case may be) and procrastinate till the last minute as obviously paying taxes is not as exciting as receiving money from your investments.

After having received money from your investments in say, shares and property, have you considered whether the receipts are taxable?

Dividend income

In general, people are under the impression that dividend income is not required to be reported in the tax return. This is only true provided the dividend income is tax exempt as in the case where the dividend that is received is either a single tier dividend or is paid out of the exempt profits of the dividend-paying company. In the case where you received dividends where income tax has been deducted at source, such dividend income is taxable and consequently has to be declared in your income tax return.

Depending on your level of taxable income, you may actually obtain a tax refund from the Inland Revenue Board (IRB) if your tax bracket is at 24% or below.

Generally, the tax deducted by the company on the taxable dividend is at the rate of 25%. On the other hand, if your tax bracket is at 27%, then you are required to pay the 2% differential to the IRB.

In order to determine whether your dividend income is taxable or otherwise, you can look at the dividend vouchers. However, one common mistake in the reporting of taxable dividend income is where the actual amount received is declared as opposed to the gross dividend income, as stated in the dividend voucher.

Rental income

The other common investment income is rental income. Reporting of rental income would be simple if only the gross rental received without claiming deduction for expenses incurred in deriving the rental income was reported. As a smart investor with diversified investments, every penny saved or earned would be additional funding for your next investment.

Therefore, you should claim all the permissible expenses against the gross rental income. The permissible expenses would include assessment, quit rent, service charges, sinking fund contributions, fire insurance and property loan interest. In the case of a bank loan taken to finance a property which generated rental income, one has to remember that it is only the loan interest that is deductible and not the entire loan repayment amount.

Other rental-related expenses such as property agent’s commission and repairs may be deductible against the rental income. However, you would need to scrutinise such expenses in detail to establish if they are indeed deductible.

In the case of the property agent’s commission, where the property owned is being rented out for the first time, the commission paid for securing the first tenant would not qualify for a tax deduction. Subsequent commission paid to the property agent for securing tenants for the same property (after the first tenancy) would be deductible. Likewise, not all repair expenses incurred on the property could be deducted against the rental income.

If you were to repair a leaking roof and install a canopy at the verandah of the house at the request of the tenant, the expense incurred on the canopy would not be deductible as it would not be regarded as repairs and maintenance expense although the repair of the roof should qualify for a deduction.

Some points to take note of

Bearing in mind the penalty that can be imposed by the IRB in the event of an understatement of income in the tax return, you would have to be careful when determining the types of expenses to claim against your investment income. It is important that you do not make a claim for otherwise eligible expenses if you do not have the supporting documents to justify your claims.

If you have a property jointly owned with your spouse, the rental income will be taxed based on your share in the property. Correspondingly, your spouse would have to report the rental income based on his or her share in the property.

Where you and your spouse have investment income, you may be thinking of whether you should be filing for separate assessments or opting for a combined assessment. For most couples, a combined assessment is not beneficial as the combined income would push the tax rate to a higher bracket.

Further, a separate assessment would allow each person to claim the personal relief of RM8,000 whereas a combined assessment would only allow the person to claim either a wife or husband relief of RM3,000 in addition to the personal relief of RM8,000.

This would mean a loss of relief of RM5,000.

http://biz.thestar.com.my/news/story.asp?f...73&sec=business
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very good info..you r very knowledgeable and sexy..hope u are sexy gurl...hahah..just kidding

i haf several questions to ask

1. if investor have more than one property rented out..if one or more property incurred losses( gross rental income - property expenses = -ve cash flow) while other houses make profit, we can apply tax deduction to offset the losses.
issit true?

2. i heard there is some kind of tax benefit of first time house buyer? issit true?

3. regarding the bank loan to finance our house..does it mean we can claim for tax deduction every year for the loan interest until we finish paying the loan? does it mean we need to check wif bank or our loan statement to determine the accumulated interest we had paid?

Best Regards icon_rolleyes.gif


imax80
post Apr 9 2010, 08:27 PM

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Taxpayers urged to declare housing loan interest claims accurately


PETALING JAYA: The public has been advised to declare statements and claims accurately to obtain tax relief on housing loan interest.

Inland Revenue Board public relations officer Masrun Maslim said the board has received numerous reports from its branches on false declaration by taxpayers.

"We would like to remind that the tax relief is restricted to only interest on loans given by banks and financial institutions.

"Tax relief of a maximum RM10,000 is deductible for each basis year for three consecutive years of assessment, from the date the interest was first imposed," he said when contacted Friday.

To be eligible for the tax relief, one has to be a citizen, with the relief granted to only one residential property.

The sale and purchase agreement must have been executed between March 10, 2009 and Dec 31, 2010. The residential property must not be rented out for the first three years.

Source: The star online 9 Apr 2010

This post has been edited by imax80: Apr 9 2010, 08:29 PM
imax80
post Apr 10 2010, 12:58 PM

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QUOTE(Hidan @ Apr 10 2010, 10:53 AM)
Yes this is quite an interesting new item for Tax2009. The question is, how will we know how much of our monthly payment goes to the main amount (not sure the exact tem, base loan?) and how much goes to interest? We ask the bank?
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some bank do state the interest paid in statement, if not we might need to ask from bank.
imax80
post Apr 12 2010, 05:49 PM

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QUOTE(eheheheh @ Apr 12 2010, 03:05 PM)
Dear all,
I'm working at oversea for almost 2 years. I wonder shall I do the e-filling since I never report to LHDN.

If yes, what should I do? I just leave the income column blank?

Thanks in advance for your helps smile.gif

Regards,
Ed
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work oversea means you need to pay tax there the country you working in..no need to declare here in malaysia
imax80
post Apr 12 2010, 06:12 PM

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QUOTE(eheheheh @ Apr 12 2010, 06:01 PM)
However will it be a issue in the future if I don't declare now? 

Will it be better I declare now and just leave the income column empty and keep my current salary slips or other related records in case the LHDN question about my income source in the future?
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no worry la..income earned from another country no nee to declare in malaysia because, you should pay it in the income origin country.

Kindly call LHDN for clear explanation or check their website
imax80
post Apr 20 2010, 11:56 AM

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QUOTE(qse150 @ Apr 20 2010, 11:53 AM)
sry ... need to ask ..if i lost my ea form ..can i go to the LHDN and get them to reprint my ea form?!
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ask from your HR department
imax80
post Jun 15 2010, 05:39 PM

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I just received lhdn letter stating that i will be receiving my refund cheque in 14 days time. smile.gif
imax80
post Apr 16 2011, 10:56 PM

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LHDN already refund my money, bank into my maybank acct biggrin.gif
imax80
post Apr 18 2011, 10:39 PM

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QUOTE(500Kmission @ Apr 17 2011, 05:03 AM)
congratuation. can you tell us when you submit the form?
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i submit on end of March rclxms.gif blush.gif ..i am very happy thumbup.gif

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