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 Income Tax Issues v2

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Omega Z
post Dec 12 2013, 12:04 AM

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QUOTE(adwan @ Dec 11 2013, 11:27 PM)
How much the small audit/ tax firm will charge to handle the minor individual tax dispute case like mine?

The firm settle the case for us or just give us the advise?
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I am not sure about that. IINM, my boss did not charge the guy.

There is another case where, the LHDN asked the person to be present for court case. He looked so frightened and couldnt attend cuz he will be going overseas the next day.

Boss went to settle for him.
adwan
post Dec 12 2013, 12:08 AM

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QUOTE(Omega Z @ Dec 12 2013, 12:04 AM)
I am not sure about that. IINM, my boss did not charge the guy.

There is another case where, the LHDN asked the person to be present for court case. He looked so frightened and couldnt attend cuz he will be going overseas the next day.

Boss went to settle for him.
*
I don't think LHDN will bring me to court as the amount is not that much (~ 2K).
TiramisuCoffee
post Dec 12 2013, 12:42 AM

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QUOTE(David83 @ Dec 11 2013, 09:58 PM)
With e-filing, they're too free to dig into citizens dirt instead of cronies corruption.
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Yeah, I noticed they prefer to catch small fries than to go get big shots. Maybe illegal money not taxable.... brows.gif
TiramisuCoffee
post Dec 12 2013, 12:46 AM

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QUOTE(Omega Z @ Dec 11 2013, 09:57 PM)

Even the dead wasnt spared.
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How lhdn go after the dead?

How long are we supposed to keep records, in the first place?

pisces88
post Dec 12 2013, 06:17 AM

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if 1 employee paid for some entertainment with clients, and submits entertainment claims with receipts totaling Rm3000, from a tax perspective,

1) does the employee need to declare it as a income? Because its not actually income, just reimbursement.

2) is the company able to park this entertainment under expenses? if yes, how much is the maximum allowed? the company is a Enterprise.
haicaramba
post Dec 12 2013, 09:34 AM

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QUOTE(klthor @ Dec 11 2013, 04:58 PM)
SME tax rate is flat 20% (up to 500k profit) compare to individual schedule up to 26%.

eg. 100k profit for SME = 20k
100k profit for enterprise = 14k ish~~

and for your info, changing into sdn bhd is never gonna save you anything. with accounting, audit, tax agent, and company sec fee judging from your turnover rate can easily hit 5k~10k + - sdn bhd is when u wanna expand, not when u wanna save cost or tax planning.
*
Thanks all the bros for your inputs smile.gif
Really appreciate them.

Just found out that apparently I don't need to declare my enterprise earning for year 2013 rclxm9.gif (don't ask why)
So still got more than 1 yr for me to plan. Start afresh for year 2014 biggrin.gif

Will definitely follow this forum from time to time thumbup.gif

larrytty
post Dec 12 2013, 09:54 AM

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QUOTE(pisces88 @ Dec 12 2013, 06:17 AM)
if 1 employee paid for some entertainment with clients, and submits entertainment claims with receipts totaling Rm3000, from a tax perspective,

1) does the employee need to declare it as a income? Because its not actually income, just reimbursement.

2) is the company able to park this entertainment under expenses? if yes, how much is the maximum allowed? the company is a Enterprise.
*
1- No this isnt income in your case as u using for entertainment eg refreshment for clients etc - However Entertainment if provided under benefits in kind then yes.

2- There are two rates 100% and 50%- However just to clarify to you, yours for business purpose should be 100% or else 50%.
Maximum... obviously can claim as much as u want however why would a company give u claims higher than your earning ratio.
familyfirst
post Dec 12 2013, 10:47 AM

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I am one of those who was recently given "love letter" by LHDN also for unpaid taxes from 2000-2006! I marched up to LHDN and demanded an explanation. I brought my thick file that I filed all my documents & showed them year to year. Luckily I filed from 2000 without fail.

Then they told me, aahhhh sorry mistake on their part. Celaka! I told them, you simply give "mahkamah" letter without any warning or any breakdown of what/how I owe you, its not fair la. Then they said, dont worry cos its not really "mahkamah" letter but its their system generated letter. Apalah.
jasmineh2y
post Dec 12 2013, 11:25 AM

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QUOTE(familyfirst @ Dec 12 2013, 10:47 AM)
I am one of those who was recently given "love letter" by LHDN also for unpaid taxes from 2000-2006!  I marched up to LHDN and demanded an explanation.  I brought my thick file that I filed all my documents & showed them year to year.  Luckily I filed from 2000 without fail.

Then they told me, aahhhh sorry mistake on their part.  Celaka!  I told them, you simply give "mahkamah" letter without any warning or any breakdown of what/how I owe you, its not fair la.  Then they said, dont worry cos its not really "mahkamah" letter but its their system generated letter.  Apalah.
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like tat also can...
icemessenger
post Dec 12 2013, 04:57 PM

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QUOTE(jasmineh2y @ Dec 12 2013, 11:25 AM)
like tat also can...
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malaysia boleh

adwan
post Dec 12 2013, 11:54 PM

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I just read thru some ppls comments at the beginning of this thread...about calling LHDN to get info etc.

Are u guys sure that LHDN officer will answer the phone? hmm.gif

I called them up twice, one time hanging out and the other time my called was transfer to another extension which nobody pick up. doh.gif
iamnew
post Dec 13 2013, 09:04 AM

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Hi Guys,

Im working in an MNC as sales & business development

I recently got income tax deduction at higher rate due to higher commision given.


My previous pay for jan13 to jun13 is rm5600 gross. then from july to august averagly rm6500. then on november shoot up to Rm9000 due to commision mistake in october. my HR deducted around rm950 (10%) for income tax..
is it so much..and i dont know how to count..

My gross up to date is rm70000

can anyone enlighten me?
SUSDavid83
post Dec 13 2013, 09:16 AM

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QUOTE(iamnew @ Dec 13 2013, 09:04 AM)
Hi Guys,

Im working in an MNC as sales & business development

I recently got income tax deduction at higher rate due to higher commision given.
My previous pay for jan13 to jun13 is rm5600 gross. then from july to august averagly rm6500. then on november shoot up to Rm9000 due to commision mistake in october. my HR deducted around rm950 (10%) for income tax..
is it so much..and i dont know how to count..

My gross up to date is rm70000

can anyone enlighten me?
*
Using 2012 PCB table, gross monthly income of MYR 9000 will lead to monthly PCB payment of MYR 940 at the MYR 8001 to MY 8050 bracket for single category.

MYR 9000 * 0.89 = MYR 8010 after EPF deduction


This post has been edited by David83: Dec 13 2013, 09:17 AM
larrytty
post Dec 13 2013, 12:00 PM

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QUOTE(iamnew @ Dec 13 2013, 09:04 AM)
Hi Guys,

Im working in an MNC as sales & business development

I recently got income tax deduction at higher rate due to higher commision given.
My previous pay for jan13 to jun13 is rm5600 gross. then from july to august averagly rm6500. then on november shoot up to Rm9000 due to commision mistake in october. my HR deducted around rm950 (10%) for income tax..
is it so much..and i dont know how to count..

My gross up to date is rm70000

can anyone enlighten me?
*
they kind of help u pay first. if not at the end of the day your yearly tax you will need to pay damn lot in one lump sum. hence the deductiobn
jkngo2003
post Dec 17 2013, 04:59 PM

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may i know what is anuiti tertunda? which insurance sell this anuiti tertunda. i buy a ING insurance IPIP12 and i need to pay 60k in 12 years and get rm1500 evey year after 12 years. do it consider anuiti tertunda? thanks for info.
bounty_hunt3r
post Dec 17 2013, 07:20 PM

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Hi,

I am registered SSM sole proprietor, I am providing IT service and selling ebooks, etc and everything I have done are using online transaction only(local bank internet transfer, Paypal) Every purchases are going through online only, without any receipt except screenshot.

How do I get the receipt or invoice of suppliers or something for income taxes? Anyone knows?

Can I just use paypal screenshot for that?

Please help me, thanks
larrytty
post Dec 18 2013, 09:38 AM

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QUOTE(bounty_hunt3r @ Dec 17 2013, 07:20 PM)
Hi,

I am registered SSM sole proprietor, I am providing IT service and selling ebooks, etc and everything I have done are using online transaction only(local bank internet transfer, Paypal) Every purchases are going through online only, without any receipt except screenshot.

How do I get the receipt or invoice of suppliers or something for income taxes? Anyone knows?

Can I just use paypal screenshot for that?

Please help me, thanks
*
how do they bill you?
if invoice then u should keep them
if email then u can print them out

payments u can show with your monthly bank statement
bounty_hunt3r
post Dec 18 2013, 12:28 PM

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QUOTE(larrytty @ Dec 18 2013, 10:38 AM)
how do they bill you?
if invoice then u should keep them
if email then u can print them out

payments u can show with your monthly bank statement
*
Hi,

Thanks for the reply for helping me smile.gif

no invoice because they are not the 'real' supplier with registered company or something like that so i can't get invoice or receipt and everything is done via online transaction only.

oh, I have order it via a website, then using paypal to pay them.

Which one should I print out? His website order page, or my paypal transaction?

Thanks a lot rclxms.gif
larrytty
post Dec 18 2013, 02:02 PM

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QUOTE(bounty_hunt3r @ Dec 18 2013, 12:28 PM)
Hi,

Thanks for the reply for helping me  smile.gif

no invoice because they are not the 'real' supplier with registered company or something like that so i can't get invoice or receipt and everything is done via online transaction only.

oh, I have order it via a website, then using paypal to pay them.

Which one should I print out? His website order page, or my paypal transaction?

Thanks a lot rclxms.gif
*
if u have a receipt its the best
if not the transaction would be good enough
bounty_hunt3r
post Dec 18 2013, 03:46 PM

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QUOTE(larrytty @ Dec 18 2013, 03:02 PM)
if u have a receipt its the best
if not the transaction would be good enough
*
So my paypal transaction will good enough? Print my buying transaction on paypal will do, right?

What about Maybank2u? It didn't write clearly about the name of the product.

Thanks a lot biggrin.gif

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