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 Income Tax Issues v2

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rayng18
post Feb 27 2012, 07:15 AM

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QUOTE(evo.com @ Feb 27 2012, 12:02 AM)
Since tax is deducted automatically from my pay. Does that mean the personal relief tax deduction I have to claim from them at the end of the financial period each year? I.e. personal tax relief is 10k. Taxable income for the year is 84000, EPF/socso contribution for the year is 9417, tax paid is 6312 which is 8.46% (i assume EFP Socso contribution is not taxed). So I can claim back 8.46% of 10k which amounts to rm846.

Is this correct?
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with all the data ready. first u fill in the boxes in your e-filing, total income, epf&insurance(max 6k), medical, other benefits in kind to arrive at taxable income. then you will know your income tax for the year then only you deduct the tax already paid of RM6312 to determine if you need to pay extra tax or a refund for overpaid tax
rayng18
post Mar 1 2012, 11:27 AM

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QUOTE(the-november @ Mar 1 2012, 11:08 AM)
my bloody ex-boss is not giving me my ea form, can i just total up my income and deductions using my payslips?
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Yes if you did not get your EA form, u can use your payslip as supporting as EA is just the summary of your 12 monthly payslips data
rayng18
post Mar 2 2012, 02:23 PM

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QUOTE(CyberKewl @ Mar 2 2012, 02:05 PM)
exactly that's why i'm asking. i guess i better just fill up for my personal insurance one then, since my housing "medical insurance" is not too significant. I can probably just ignore that. Thanks guys.
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There is a max of RM6k(if not mistaken) for insurance together with your EPF contribution that you are allowed
rayng18
post Mar 2 2012, 02:28 PM

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QUOTE(CyberKewl @ Mar 2 2012, 02:25 PM)
erm that one is life insurance..what i'm referring to is the 3k max for MEDICAL insurance.
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yup u r right
rayng18
post Mar 2 2012, 10:38 PM

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QUOTE(fanfankwok @ Mar 2 2012, 10:08 PM)
Hi all sifus here, I have one problem. I was an employee until July 2011. In mid August, I started my own company( sole properieter ) . I already have a tax file with LHDN which i submited last time. Now with business, I need to submin form B. I have these questions:

1) Do i need to submit both borang BE and borang B to declare tax for the year 2011 ?

2) I downloaded the form B and I found it so complicated to fill in .. well  am a graduate but can't really understand what they want.. anyone can guide to fill in form B?

3) My business is slow and no profit. But I gave myself salary. Sometimes I give more, sometimes I give less, but there is no proof, just some records,cause its all my money only what. but when it comes to tax, is it better to give higher salary or lower to ownself ?


Added on March 2, 2012, 10:11 pm

But i thought MRTA also is life insurance what ? when they send me the statement that they deducted money from my flexi loan for MRTA, they stated there, Life assured : my name . so why is that not considered life insurance ?
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Just do once which is borang B and due on 30 June. Ya its a bit complicated as you need to prepare the Profit and Loss a/c as well. So just get your co P&L ready and just fill in the blanks.

IRB will change your income tax number from SGXXXXXXXXXXXX to OGXXXXXXXXXXX later by an official letter.

Anyway still have ample time to do as due in June
rayng18
post Mar 3 2012, 06:32 AM

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QUOTE(fanfankwok @ Mar 2 2012, 10:59 PM)
What is co P&L ?
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your company's proft and loss account


Added on March 3, 2012, 6:35 am
QUOTE(ciohbu @ Mar 3 2012, 06:30 AM)
hmmm.. but i thought they will be in tax exempted part .. sorry but i not tax or account pro  rclxub.gif  blush.gif
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yup item 1 and 2 have to be included because it is considered as addition income for your (benefit in kind)

This post has been edited by rayng18: Mar 3 2012, 06:35 AM
rayng18
post Mar 3 2012, 06:41 AM

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QUOTE(jimbet1337 @ Mar 3 2012, 02:12 AM)
In my EA form (2011), I don't understand Category F. It mentioned about "tunggakan" from 2010 where there's value for "arrears payment" and "PCB".

Do I need to declare this as well in my 2011 filing?
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Yes you need to declare
arrears payment is the amount that was not included/declared the previous year (2010 filing) so need to include in your 2011 filing
PCB is the amount of tax that was deducted directly from your salary in 2011 which you company has already paid to IRB for you, so after your tax amount is computed you just less this PCB from there to know whether you need to pay additional tax/get a refund for overpaid tax
rayng18
post Mar 3 2012, 03:58 PM

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QUOTE(jimbet1337 @ Mar 3 2012, 03:41 PM)
So if there's tax paid in excess where IRB needs to return to me for 2011 filing, how am I going to top up the extra of PCB from 2010? I'm currently doing e-Filing and there's no column to fill in for PCB value from 2010.
Ok, this section is to fill in the Arrears from 2010. How about PCB?

Thank you
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towards the start of the computation under "pendapat berknun" there is a column for you to fill the PCB paid

This post has been edited by rayng18: Mar 3 2012, 04:03 PM
rayng18
post Mar 3 2012, 05:31 PM

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QUOTE(jimbet1337 @ Mar 3 2012, 04:46 PM)
Under pendapatan berkanun? Can't find any related to PCB of previous year.

» Click to show Spoiler - click again to hide... «

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ur PCB relates to 2010 or 2011? Did you do your filing for 2010?
rayng18
post Mar 3 2012, 10:01 PM

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QUOTE(jimbet1337 @ Mar 3 2012, 08:18 PM)
Yes. I did my filing for 2010.

Now the EA form for 2011 is out. There are 2 values that fall under category F ("tunggakan" from 2010) which "Arrears" and "PCB".

From my understanding of the screenshot that I attached in previous post (Statutory Income and Total Income), that's solely for 2011 declaration.

Whereas for this one (Income of Preceding Years Not Declared), should be for the undeclared values for 2010

» Click to show Spoiler - click again to hide... «


I believe this is where I put 2010 Arrears but not to put the 2010 PCB. So the question is, where to put the 2010 PCB?
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you should also put in both 2010 and 2011 PCB if you have not declared previously. just lump them together.
rayng18
post Mar 5 2012, 10:13 AM

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QUOTE(snow_xueli @ Mar 5 2012, 09:48 AM)
my salary is less than the amount
i do not need to pay for income tax
so m i required to open an account to declare everything even not paying??
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yes
rayng18
post Mar 5 2012, 10:20 AM

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QUOTE(snow_xueli @ Mar 5 2012, 10:16 AM)
my past few years working din declare
how should i do it?
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usual when you start work your HR will open the income tax file for you. If they have not done so, you have to open your income tax file yourself at IRB. not sure u can open online or not
rayng18
post Mar 6 2012, 09:39 AM

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QUOTE(Intel@Atom @ Mar 6 2012, 09:33 AM)
any idea how to pull back the past year income tax reports that we have submitted? possible?
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usually before I submit I will print out a copy to keep/save in my pc. not sure if you can retrieve online or not but for sure can if you pay a visit to LHDN
rayng18
post Mar 7 2012, 12:03 PM

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QUOTE(lewmoker @ Mar 7 2012, 11:03 AM)
totally agree with your quote but mind you i dont say i dont have money to use or my money is shrinking or what not...
my main concern is the proportion of tax over my income is insanely not fair..

and over the years actually i adjusted my lifestyle to lower standard.
i use a 10yo wira 1.3, thinking to change but cancelled many time as its not worth it to change new car with the price nowadays.
i stay in flat, not a terrace house or condo, away from Klang Valley (in Meru).
i bought my sundries from Pasar Besar Klang every 2 weeks (went to the market at 4am every fortnight to get the business rate instead of runcit rate)
eat at home every day (my wife's a house wife and she cooks at home)
for lunch i ate at nearby food court (estimated RM10 per day including breakfast)
use my yamaha lagenda to class every weekend, not car.
no fancy PC, use works laptop.
its been quite some time since our family holiday and we never go oversea...

still i feel the pinch and need to adjust my lifestyle more eh?


Added on March 7, 2012, 11:05 amand i forgot to add, company provide shell fleetcard for me to pump petrol so fuel usage is taken out from my expenses
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The tax band have been there for years and it is unfortunate that you just fall into the category where a slight increase in your income will cause you to fall into higher tax band, so try to maximise your income dedutibles and use wisely on your rebates such as the computer rebates as to which year you should claim. In short just do your tax planning wisely.
rayng18
post Mar 14 2012, 02:01 PM

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QUOTE(WintersuN @ Mar 14 2012, 12:42 PM)
Hi all,

My company HR ask me register for income tax and give them the dunno wat number.

This is my first time, how do i register and get the number?
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I tot your company HR is the one who should open an income tax file for you. Anyway you can always open it online.

This post has been edited by rayng18: Mar 14 2012, 02:02 PM
rayng18
post Mar 14 2012, 02:15 PM

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QUOTE(WintersuN @ Mar 14 2012, 02:04 PM)
I alsodunno. The girl ask me dunno wat number for income tax then i say dun haf. Then ask me go register and give her
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https://e.hasil.gov.my
u can register at the above link
rayng18
post Mar 14 2012, 02:22 PM

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QUOTE(WintersuN @ Mar 14 2012, 02:16 PM)
ya i already tried earlier go the website.

It requires no. pin which i dun haf

mabe need go the office get?


Added on March 14, 2012, 2:19 pmi go memohon pin sextion it requires no cukai pendapatan which i oso dun haf cos is first time. That nombor cukai pendapatan is the one i wanna get
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yes thats the income tax file number that your HR wants
rayng18
post Mar 14 2012, 02:32 PM

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QUOTE(WintersuN @ Mar 14 2012, 02:23 PM)
So i need go to the income tax office to register income tax file?
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maybe you just call them first whether can register online or need to go to IRB.
rayng18
post Mar 27 2012, 01:32 PM

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For all doing e-filing, the deadline for submission has been extended to 15/5/12 for BE and 15/7/12 for B

http://thestar.com.my/news/story.asp?file=...4193&sec=nation

This post has been edited by rayng18: Mar 27 2012, 01:34 PM
rayng18
post Apr 16 2012, 10:46 AM

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QUOTE(dingoyat @ Apr 16 2012, 10:01 AM)
How much tax agent charge?
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it depends on how complex your tax filing is? range from hundred to few Ks

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