will there be any rebate for donation to charity for coming tax 2013?
how much will the maximum rate? thanks?

Terhad kepada 7% daripada pendapatan agregat

okay.. tat mean the amount is not fix and it could be difference from person to person rite?

From LHDN :

http://www.hasil.gov.my/pdf/pdfam/lampiran_bajet_2014.pdf

- deleted


This post has been edited by MGM: Oct 28 2013, 03:39 PM

Let's say if you are over paying every year and now you want to get your PCB deductions reduce, who do you see to get it done? HR or get LHDN approval?

See your HR dept and fill up Borang TP1. Then HR will update the payroll system accordingly.

Thanks Ronnie.
Will try that but I got a feeling it won't be so simple. Sure they want to see some "proof"

No proof required as you will still need to Declare Your Taxes before 30 April .... then any "extra" deduction will need to be paid back.
More money in my pocket is better than in Govt's leaky pocket

ronnie Ok will try that. Thanks again

Need some confirmation on this :

lets say Justin is getting 70k salary annually.

At the same time he sets up an enterprise using his name. that enterprise lose -10k in that year.

in the Borang B next year, his chargeable income will be effectively = 70k-reliefs-10k (loses from the business).


is this correct?

yes but limited to current year losses only.

i understand what you mean, so meaning 2012 loses only can declare for 2012, and 2013 loses for 2013 etc. right?

Your source please ?

If you have not used it to set off other income like salary or rental in the same year,
any unused business losses will accumulate and be carried forward to later years.

But those unused losses can be used to set off any profit (adjusted, that is)
in future years from that business source only.

very informative, thanks!

To add on in more details, unutilised business loss will be deducted at business source level (Section 4A), while CYBL (current year business loss) are deducted at aggregated income level (the total of ALL Section 4 income)

Public Ruling No. 1/2005 page 4 number 8.




http://www.hasil.gov.my/pdf/pdfam/PR1_2005.pdf

This post has been edited by klthor: Nov 4 2013, 12:49 PM

Hi, i'm currently employed with a company ABC and at the same time i'm planning to set up an enterprise. During income tax declaration, do i just fill up one form , i.e. Borang B-E? or need to fill 2 separate forms (1 for employed, 1 for business)?

Thanks.

B form if you have business income and employment income.