yes 500 bucks rebate!

Hi,

Referring to public ruling 1/2006 2nd Addendum,

ii. Travelling allowance, petrol allowance or toll rate received by an
employee for travelling in exercising an employment is exempted
up to an amount of RM6,000 per year.

My doubts are:

1) Is it applicable for the year 2010?
2) Do I need receipts to substantiate below RM 6k fixed travelling allowances?
Add Info

Employees receiving travelling allowances not exceeding RM6,000 a year will no longer be required to keep the required receipts to substantiate their claims.
Extracted from theStar article "Tips for filling your income tax returns", written by Prof Choong Kwai Fatt
Tips for Filing your Income Tax Returns

Thanks for the help extended!

Hi all,

Wish to ask for Anuiti Tertunda (Deferred Annuity) in EA Form..

Let say if  EPF deduction in 2010 is RM5000
and I just bought a new GE insurance in 2010 is RM1800

How should i claim it?

like this?
EPF + insurance = RM 6000
Deferred Annuity= RM 800

I'm doing joint-assessment with my wife.
Can I add her medical insurance premium (receipt under wife name) to the Tax Relief under my name ?

That's right based on the PUBLIC RULING NO. 2/2005 (DATE OF ISSUE: 6 JUNE 2005)... so I can claim the medical portion for wife (joint-assessment) if the total (wife+mine) doesn't exceed RM3,000

For personal tax, it is considered as capital gain. So it is not taxable.

Thanks for the answer. In addition,

1) How do I declare income not disclosed last year(2009) due to technical error by employer? Do I declare as income in 2009 or 2010?

2) Are allowances such as hand phone allowances, vehicle maintenance, or parking and toll allowances tax exempted? Do I need receipts to substantiate them?

Thanks in advance for your reply!

---

Added on March 7, 2011, 4:14 pm

Yes, first of all u need to determine whether it is investment nature or trading nature(speculation)

If it is investment nature, i.e hold for investment (usually hold over one year),  then he don't have to pay tax or register for income tax. But he need to maintain the records for 7+ years in case IRB come for field audit.

But, if it is trading nature, ie. frequently buy and sell for speculation, then he has to pay for tax and register for income tax.

Thus, this poses to difficulty for individual who frequently buy and sell in shares to determine whether it is investment nature or trading nature. My advise is  if the amount is not big u can just simply ignore. RM24K IMHPO is considered as small amount provided it is not occurred every year.

May i ask what is Husband / Wife / Payment of alimony to former wife?

that's good... this year seem to be later than past years.
If I don't get it by 15 March, will get them to regenerate another copy.

if i claim rm1500 for buying computer in this year,can i claim another rm1500 for next year?'
lhdn stated that we can claim up to rm3000 for 3 year

that RM2400 petrol allowance should be non-tax deductible, it should show the bottom on your EA form

THANKS

BUT refering to the EA, they put my petro allowance in tip kasar penerimaan sagu hati atau elaun elaun lain.

so issit can deduct?

don think can . thank you so much