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 Income Tax Issues

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penangmee
post Mar 19 2009, 11:51 PM

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[quote=chanti-sama,Mar 19 2009, 10:47 PM]
happy4ever, for the past 2 year 2007 + 2008 i'm working overseas and lhdn mailed me the BE form(2008). how am i suppose to proceed?

technically am i eligible to pay taxes? since i'm not in the country?
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[/quote]

Depends on whether you have any income from Malaysia- rent/dividends. If not then depends on who your employer is. If Govt ie you are with Foreign ministry/other govt agencis then yes salary is taxable.

If foreign employer then ,the salary earned abroad is not taxable in Malaysia.Just return the BE form with explanation note.


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[/quote]

penangmee
post Mar 28 2009, 02:04 PM

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QUOTE(babychai @ Mar 28 2009, 09:02 AM)
start from YA 2009 meal allowances is fully exempted
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QUOTE(wufei @ Mar 28 2009, 12:26 PM)
Sure boh?
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Actually its from Y A 2008
penangmee
post Apr 19 2009, 11:28 AM

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QUOTE(gtchye @ Apr 16 2009, 10:23 PM)
For dividend income, the date of payment is the date you receive the dividend. If the date of payment is in 2008, then you should declare as 2--9 income, regardless od the accounting year of the company.
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With all due respect but if date of payment is 2008 the it is for YEAR OF ASSESSMENT 2008 ie the form you are currently filing.
penangmee
post Apr 22 2009, 12:27 AM

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QUOTE(kevintth @ Apr 22 2009, 12:02 AM)
lol... ok what i meant is should i declare the oversea income as RM to fill in the BE form?
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Overseas income need not be declared in BE. Only TAXABLE income in B/BE. In your case fill in RM 0


Added on April 22, 2009, 12:35 am
QUOTE(BoltonMan @ Apr 19 2009, 11:54 AM)
ur HR should divide it in the ea form

total basic = 30000
total allowances = 6000

then 6000 - 2400 = 3600 subject to taxable only ...

so ur total earning should be 33600 only

company suppose to deduct it for the employee and not ask employee deduct themself, else what for we need the ea form ?
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RM 2400 only if employers states as petrol allowance from house to office if for general allowances then NOT entitled to the exemption.

QUOTE(ohho_poon @ Apr 19 2009, 05:54 PM)
too many pages here, i am sorry if i ask the double question as TS did asked b4.

as received an article mentioned that the stamp duty can be exemption for buying house with less than RM250k, but however in either E-filing or manual Borang eB i couldnt find the column for me to fill in this.

anyone has the idea?
cos i only able to found an similar article from below source, but no mentioned where to fill in the column.

Stamp Duty Exemption Order dan Explanation
http://www.hasil.org.my/english/eng_dutisetem.asp
http://www.hasil.org.my/cP/upload/News/pengecualianno6.pdf
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Stamp duty has got nothing to do with income tax/Borang B/BE.

This post has been edited by penangmee: Apr 22 2009, 12:35 AM
penangmee
post Apr 27 2009, 11:03 PM

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QUOTE(Afro100 @ Apr 27 2009, 10:18 PM)
Besides the tax reference number what documents do I need to bring to LHDN at Jalan Duta if I want to make the payment at LHDN counters?.
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MONEY
penangmee
post Jan 5 2010, 12:10 AM

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QUOTE(treble_7 @ Dec 30 2009, 10:45 PM)
DIrector fee is not subject to EPF contribution if it is paid in lump sum. otherwise, director fee which is paid monthly will be regarded as director salaries and subject to EPF.

For a proper tax planning,
1) Travelling allowance, petrol allowance, housing allowance are exempted from tax and PCB till 31 Dec 2010. (please note that this does not apply to director/ sole proprietor / partner). you may visit LHDN website for details.
2) Benefit inkind for car, handphone etc provided by the company rather than receiving allowance that are taxed and subject to PCB.

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Where does it state housing allowance is not subject to tax? shakehead.gif
penangmee
post Jan 10 2010, 11:59 PM

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QUOTE(hackwire @ Jan 10 2010, 09:37 PM)
if i bought my Apple laptop one year ago and i didnt make a claim but still have the receipt. can i get the relief ?
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Not for this year but if you are eligible you can ask for revision for last year's tax(year of purchase)


Added on January 11, 2010, 12:00 am
QUOTE(idunnolol @ Jan 5 2010, 12:25 AM)
That ruling is so absurd. Just because i am a director and the only sole work force of the entire company, It makes me un-eligible for tax free allowance and claim?

So how to circumvent this ruling?
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Pay yourself RM 10.00 per month only lah whistling.gif

This post has been edited by penangmee: Jan 11 2010, 12:00 AM
penangmee
post Jan 12 2010, 12:24 AM

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QUOTE(hackwire @ Jan 11 2010, 09:36 PM)
will u consider slip disc problem as disability. a prolong pain at the back?
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Disabled as defined by Welfare Dept i.e OKU
penangmee
post Feb 26 2010, 10:50 AM

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QUOTE(static @ Feb 26 2010, 12:12 AM)
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 sad.gif
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Get letter of confirmation of your annual salary from the employer. Else you will have to keep your pay slip as proof
penangmee
post Feb 26 2010, 01:53 PM

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QUOTE(static @ Feb 26 2010, 01:09 PM)
Then use the annual salary as my total income as of year 2009, and do the tax relief normally? I think i will do that for 2009.
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That's right but it is still better if you have some sort of documentation just in case you are audited.
I say , he say is of little value.
penangmee
post Mar 2 2010, 11:52 PM

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QUOTE(yewkhuay @ Feb 25 2010, 03:05 PM)
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?
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QUOTE(duke_raynor @ Mar 2 2010, 04:20 PM)
Hi YewKhuay
I just recieved the form from LHDN. I am still not using thier online system. I noted that in the section D8D.
However I dont know how to fill up this portion. Anyone knows how to fill this section please let me know as well.
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You would be eligible if you signed an S & P between 10 Mac 2009 and 31 Dec 2010. The interest on your housing loan is tax deductible if the property is not rented out. Note if you are on those promotion by developer where interest is absorbed by developer until OC, you will not be eligible for this deduction. also for one property only.
penangmee
post Mar 3 2010, 10:06 PM

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QUOTE(Eden @ Mar 3 2010, 05:28 PM)
thanks guanteik, beside kwsp, are transport allowance got tax exempt rm2400 per annual?
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Employer must state 2'two' kids of transport allowances
1. Allowance for expenses from home to office - RM 2400 exempted
2. Allowance for expenses for official purpose - RM 6000.00 exemped
MUST be documented clearly


QUOTE(static @ Mar 3 2010, 09:34 PM)
Btw i have a question. I took PTPTN loan for my degree, and the total interest is around 13 to 14k (15 year loan). Is this amount deductable? I declared my 2009 income tax already, and wonder if the interest is deductable? I heard it is.
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Nope.
penangmee
post Mar 7 2010, 03:30 PM

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QUOTE(Aurora Boreali @ Mar 7 2010, 01:26 PM)
Is my SOCSO contribution available for tax relief? Does it fall under life insurance?
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Nope
penangmee
post Mar 9 2010, 12:24 AM

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QUOTE(ronnie @ Mar 8 2010, 12:52 PM)
Which are the certified practisioner ?
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Registered with MMA(Malaysian Medical ass.)

QUOTE(Syd G @ Mar 8 2010, 05:35 PM)
Hi. Can I file combined tax for this year and seperate next year?

Reason being he has a surplus of zakat that can minus off my taxes too. If file seperately I still have to pay tax sad.gif
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Yes
QUOTE(lara_ @ Mar 8 2010, 11:35 PM)
Does PA Insurance part of life insurance+epf relief?
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PA is not life ins.
penangmee
post Mar 13 2010, 12:48 AM

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QUOTE(alex_cyw1985 @ Mar 12 2010, 10:26 PM)
other allowance fill at where?
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Just fill total at penggajian - no need to break up your employment income.
penangmee
post Mar 16 2010, 11:07 PM

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QUOTE(Felice821 @ Mar 16 2010, 02:28 PM)
Urgent inquiries here!!

Is the Housing Loan interest deduction applicable for the house which bought on 2006?

And, how can I check back my previous year income tax submission? I forgot which year I claimed for the personal computer.
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Only interest for house purchased between 10 Mac 2009 & 31 Dec 2010 is eligible for tax deduction.

Check on your copy.
penangmee
post Mar 20 2010, 11:04 AM

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QUOTE(RaptoR @ Mar 20 2010, 12:58 AM)
Hey all, is dengue fever considered a serious disease? Just wondering if it constitute serious disease for personal medical expenses.
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If you were to look at the examples cancer , HIV, renal failure, cardiac arrest , Alzeimer given , I would not consider dengue as in the category. A better comparision is the list for critical illnesses which entitles you to claim for life insurance
penangmee
post Mar 26 2010, 12:20 AM

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QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
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?
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Only if its the same type of property ie. set off between 2 or more residential properties. You cannot set off between different types of preperty e g . one commercial(loss) and one residential(profit).
Alternatively if total number of rental properties is more than 4, you can classify it as business source then the above condition does not apply

QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
2. i heard there is some kind of tax benefit of first time house buyer? issit true?
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Nope

QUOTE(imax80 @ Mar 25 2010, 03:10 PM)
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
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Nope currently limited to 3 years(I think) only.



edited to give better replying format instead of all the answers inside the quote


This post has been edited by b00n: Mar 26 2010, 10:09 AM
penangmee
post Mar 27 2010, 12:26 AM

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QUOTE(stacko @ Mar 26 2010, 03:09 PM)
Meaning single-tier dividend where no tax was deducted need not be declared in HK3? Is that correct? Cos I have Dividend-In-Specie without any tax deducted and still not sure whether need to declare in HK3.
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i Correct.
ii. Dividend in specie no longer eligible for tax credit deduction.
penangmee
post Mar 31 2010, 11:04 PM

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QUOTE(Aeon_Clock @ Mar 30 2010, 11:02 AM)
its once in 3 years dude. Not every year claim laugh.gif
but this got me wondering. Let's take his situation for example. If he did not claim a new PC...and kept the receipts from last year (lets say 2008) to this date...can we use those old receipts to claim?
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Not for 2009 but you can ask for revision for 2008.

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