Welcome Guest ( Log In | Register )

Bump Topic Topic Closed RSS Feed
128 Pages « < 20 21 22 23 24 > » Bottom

Outline · [ Standard ] · Linear+

 Income Tax Issues v2

views
     
klthor
post Mar 1 2012, 10:46 AM

Look at all my stars!!
*******
Senior Member
5,469 posts

Joined: Jun 2008
QUOTE(saiga @ Mar 1 2012, 10:01 AM)
Hi guys.

First time tax payer here. How do I calculate rebate for Housing Loan Interest?

My case ;

House purchased in 2010
Price : RM 304300
Current monthly installment : RM 1441
Profit rate : 4.5%

Thanks!
*
look at your statement, normally there will be 2 amount. Principal + interest = RM 1,441. add up all the interest , thats the interest you can claim in relief (MAX RM10k).


Added on March 1, 2012, 10:49 am
QUOTE(MYstombox @ Mar 1 2012, 10:20 AM)
Feb salary, yes got already.
Also got PCB deduction, no problems with this.

When you mean apply for YA 2012 tax file, means when do I actually go and apply for it?

My company said at the end of this year, they will print out some form (didn't catch what the HR said) and will apply for tax file for me.

Also, the prepaid tax deduction from my company does not follow the schedule 2010 on hasil's website. My company is using computer generated payslip, and I got deducted about RM6 more.


Added on March 1, 2012, 10:26 am

Thank you! I will keep tracking, but my payslip the finance officer only print once every few months.

Feb pay already got, but payslip not yet receive.
I only received my Dec '11 and Jan '12 payslip in mid Feb. :S
*
EA form is the name, its your annual income from the company and an evident to show LHDN, so thats your income smile.gif if the Company apply for you then its good, just make sure to ask them to apply for 2012! meaning your 1st income will be on jan 2012 tongue.gif, so that you can skip 2011 tax return!! O.O
i feel evil haha

This post has been edited by klthor: Mar 1 2012, 10:49 AM
saiga
post Mar 1 2012, 10:57 AM

Fear of the Dark
****
Senior Member
584 posts

Joined: Aug 2006
From: Skudai, Johor
*klthor

Thanks a lot! notworthy.gif
MYstombox
post Mar 1 2012, 11:06 AM

Wired!
*******
Senior Member
2,240 posts

Joined: Mar 2007
From: Johor


QUOTE(klthor @ Mar 1 2012, 10:46 AM)
look at your statement, normally there will be 2 amount. Principal + interest = RM 1,441. add up all the interest , thats the interest you can claim in relief (MAX RM10k).


Added on March 1, 2012, 10:49 am

EA form is the name, its your annual income from the company and an evident to show LHDN, so thats your income smile.gif if the Company apply for you then its good, just make sure to ask them to apply for 2012! meaning your 1st income will be on jan 2012 tongue.gif, so that you can skip 2011 tax return!! O.O
i feel evil haha
*
I don't think can skip the Dec 2011 income, anyway for me it doesn't matter.
Because after deduct off the FY2011 personal relief, I don't have to pay for anything for FY2011.

I do prefer to just do everything proper, so that hasil doesn't come after me and even if they do I have proof that I did everything correctly.

on a side note, the question about whether we purchase 2 or more computers, can we claim a total of RM3000 relief or is it just 1 computer?

Also, I went through hasil's website, but it doesn't state much about combined/spouse tax filing and their allowances/relief.

I can only find the rebate @ RM400 per person.

Next question assuming this scenario:

This year wife not working but there are shares under her name. So tax vouchers are under her name.

Can we do joint assessment? Or would separate assessment be better?

If we do joint assessment for the year, in future if she starts working, can she then do individual assessment?
the-november
post Mar 1 2012, 11:08 AM

New Member
*
Junior Member
19 posts

Joined: Apr 2011


my bloody ex-boss is not giving me my ea form, can i just total up my income and deductions using my payslips?
klthor
post Mar 1 2012, 11:24 AM

Look at all my stars!!
*******
Senior Member
5,469 posts

Joined: Jun 2008
QUOTE(MYstombox @ Mar 1 2012, 11:06 AM)
I don't think can skip the Dec 2011 income, anyway for me it doesn't matter.
Because after deduct off the FY2011 personal relief, I don't have to pay for anything for FY2011.

I do prefer to just do everything proper, so that hasil doesn't come after me and even if they do I have proof that I did everything correctly.

on a side note, the question about whether we purchase 2 or more computers, can we claim a total of RM3000 relief or is it just 1 computer?

Also, I went through hasil's website, but it doesn't state much about combined/spouse tax filing and their allowances/relief.

I can only find the rebate @ RM400 per person.

Next question assuming this scenario:

This year wife not working but there are shares under her name. So tax vouchers are under her name.

Can we do joint assessment? Or would separate assessment be better?

If we do joint assessment for the year, in future if she starts working, can she then do individual assessment?
*
if the wife has not work before then you can not elect for join assessment . but nowadays i dun think ppl will join assessment
rayng18
post Mar 1 2012, 11:27 AM

Regular
******
Senior Member
1,481 posts

Joined: Sep 2011


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?
*
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
the-november
post Mar 1 2012, 11:28 AM

New Member
*
Junior Member
19 posts

Joined: Apr 2011


Noted with thanks wink.gif
MYstombox
post Mar 1 2012, 11:37 AM

Wired!
*******
Senior Member
2,240 posts

Joined: Mar 2007
From: Johor


QUOTE(klthor @ Mar 1 2012, 11:24 AM)
if the wife has not work before then you can not elect for join assessment . but nowadays i dun think ppl will join assessment
*
Thank you on this.

What about computers?

Because this is a grey area, doesn't exactly state clearly on the website as well.
klthor
post Mar 1 2012, 11:49 AM

Look at all my stars!!
*******
Senior Member
5,469 posts

Joined: Jun 2008
QUOTE(MYstombox @ Mar 1 2012, 11:37 AM)
Thank you on this.

What about computers?

Because this is a grey area, doesn't exactly state clearly on the website as well.
*
according to public ruling 'a' personal computer for non- business use.
MYstombox
post Mar 1 2012, 11:52 AM

Wired!
*******
Senior Member
2,240 posts

Joined: Mar 2007
From: Johor


Okay, thanks.
cute_boboi
post Mar 1 2012, 12:18 PM

° 忍 °
*******
Senior Member
6,462 posts

Joined: Nov 2004
From: [Latitude-N3°9'25"] [Longitude-E101°42'45"]


QUOTE(MYstombox @ Mar 1 2012, 10:20 AM)
Feb salary, yes got already.
Also got PCB deduction, no problems with this.

When you mean apply for YA 2012 tax file, means when do I actually go and apply for it?

My company said at the end of this year, they will print out some form (didn't catch what the HR said) and will apply for tax file for me.

Also, the prepaid tax deduction from my company does not follow the schedule 2010 on hasil's website. My company is using computer generated payslip, and I got deducted about RM6 more.


Added on March 1, 2012, 10:26 am

Thank you! I will keep tracking, but my payslip the finance officer only print once every few months.

Feb pay already got, but payslip not yet receive.
I only received my Dec '11 and Jan '12 payslip in mid Feb. :S
*
If you want to do proper tax filing, declare Dec-2011 also.
I can tell you if you get audited deep down, it is so easy to find your income in 2011, e.g. LHDN can ask KWSP for all your EPF contribution rolleyes.gif

Monthly PCB +/- RM10-20 or even RM20-100+ is quite normal, especially on the month you receive extra commission, bonus, etc. Just let it be. Submit your tax once a year and you'll get all those numbers sorted out.
Then you can either get back some money from LHDN (over-deduct on PCB) or top-up to pay the tax (under-deduct).

QUOTE(MYstombox @ Mar 1 2012, 11:06 AM)
I don't think can skip the Dec 2011 income, anyway for me it doesn't matter.
Because after deduct off the FY2011 personal relief, I don't have to pay for anything for FY2011.

I do prefer to just do everything proper, so that hasil doesn't come after me and even if they do I have proof that I did everything correctly.

on a side note, the question about whether we purchase 2 or more computers, can we claim a total of RM3000 relief or is it just 1 computer?

Also, I went through hasil's website, but it doesn't state much about combined/spouse tax filing and their allowances/relief.

I can only find the rebate @ RM400 per person.

Next question assuming this scenario:

This year wife not working but there are shares under her name. So tax vouchers are under her name.

Can we do joint assessment? Or would separate assessment be better?

If we do joint assessment for the year, in future if she starts working, can she then do individual assessment?
*
Officially, it follows 1 computer receipt. Choose the more expensive one.
Unless the computer shop is willing to help you on the invoice as 1 PC = RM3,000. whistling.gif

This year wife not working (YA2012) , will only submit next year 2013.
If you mean your wife not working in 2011 (YA), then do a combined assessment.

Yes, if she starts working again, then can do separate assessment. There is a tickbox in page 1 or 2 of the form.

xtjs
post Mar 1 2012, 01:32 PM

New Member
*
Junior Member
43 posts

Joined: Mar 2012
QUOTE
This year wife not working (YA2012) , will only submit next year 2013.
If you mean your wife not working in 2011 (YA), then do a combined assessment.



what if wife not working but got some small amount of commision from doing property sales of less than rm5K only?

can we ignore it and declare as wife not working?
ronnie
post Mar 1 2012, 01:45 PM

Not enough stars
*********
All Stars
21,309 posts

Joined: Jan 2003
From: Kuala Lumpur



If wife not working and ZERO income for YA2011, do she still need to file for BE form YA2011 ?
MYstombox
post Mar 1 2012, 02:15 PM

Wired!
*******
Senior Member
2,240 posts

Joined: Mar 2007
From: Johor


QUOTE(cute_boboi @ Mar 1 2012, 12:18 PM)
If you want to do proper tax filing, declare Dec-2011 also.
I can tell you if you get audited deep down, it is so easy to find your income in 2011, e.g. LHDN can ask KWSP for all your EPF contribution  rolleyes.gif

Monthly PCB +/- RM10-20 or even RM20-100+ is quite normal, especially on the month you receive extra commission, bonus, etc. Just let it be. Submit your tax once a year and you'll get all those numbers sorted out.
Then you can either get back some money from LHDN (over-deduct on PCB) or top-up to pay the tax (under-deduct).
Officially, it follows 1 computer receipt. Choose the more expensive one.
Unless the computer shop is willing to help you on the invoice as 1 PC = RM3,000.  whistling.gif

This year wife not working (YA2012) , will only submit next year 2013.
If you mean your wife not working in 2011 (YA), then do a combined assessment.

Yes, if she starts working again, then can do separate assessment. There is a tickbox in page 1 or 2 of the form.
*
If wife never work before? Like now housewife.
Can still do combined assessment? Or she cannot even be included?

Also, I had no other income in 2011 except for dec 2011.
No commissions nothing, so my PCB does not fluctuate, but no idea how they calculate as it is not as per the schedule 2010.
klthor
post Mar 1 2012, 02:37 PM

Look at all my stars!!
*******
Senior Member
5,469 posts

Joined: Jun 2008
QUOTE(MYstombox @ Mar 1 2012, 02:15 PM)
If wife never work before? Like now housewife.
Can still do combined assessment? Or she cannot even be included?

Also, I had no other income in 2011 except for dec 2011.
No commissions nothing, so my PCB does not fluctuate, but no idea how they calculate as it is not as per the schedule 2010.
*
IF your wife had not work before, you can not elect for joint assessment. She must have total income for previous years.

as for pcb, there are 2 method. computerised and schedule. in fact, computerised will be more accurate. u can get the calculator from LHDN website as well.


MYstombox
post Mar 1 2012, 02:39 PM

Wired!
*******
Senior Member
2,240 posts

Joined: Mar 2007
From: Johor


Also, when you mean total income over the years.
What if shares were bought in her name?
Dividend qualifies for income, so can that be used for joint assessment?

Ah okay, thanks.
Appreciate it.

This post has been edited by MYstombox: Mar 1 2012, 02:40 PM
klthor
post Mar 1 2012, 03:20 PM

Look at all my stars!!
*******
Senior Member
5,469 posts

Joined: Jun 2008
QUOTE(MYstombox @ Mar 1 2012, 02:39 PM)
Also, when you mean total income over the years.
What if shares were bought in her name?
Dividend qualifies for income, so can that be used for joint assessment?

Ah okay, thanks.
Appreciate it.
*
let put it this way, if your wife did not submit tax return before and has no income for this year. then u can not joint with her.

2 types of dividend, 1 = tax exempted and 2 = taxable. please refer to the dividend slip, if it is not tax exempted then they have already deduct the % from your dividend. you need to calculate and see if you can refund for the tax paid . go to LHDN website, is should have the calculation working paper. its kinda complicated for me to list how to do so, so better go dl the worknig paper and flw step by step. or else look for some tax agent to do it for you. and yes, if ur wife received div she has to file in tax return.
CyberKewl
post Mar 1 2012, 07:21 PM

Look at all my stars!!
*******
Senior Member
2,900 posts

Joined: Dec 2004


anyone able to login to efiling for BE form now? I get some weird error when login...
SUSDavid83
post Mar 1 2012, 07:23 PM

20k VIP Club
*********
All Stars
52,874 posts

Joined: Jan 2003
QUOTE(CyberKewl @ Mar 1 2012, 07:21 PM)
anyone able to login to efiling for BE form now? I get some weird error when login...
*
I was able to login this morning.
CyberKewl
post Mar 1 2012, 07:24 PM

Look at all my stars!!
*******
Senior Member
2,900 posts

Joined: Dec 2004


QUOTE(David83 @ Mar 1 2012, 07:23 PM)
I was able to login this morning.
*
how about now? Can u try and let me know?

128 Pages « < 20 21 22 23 24 > » Top
Topic ClosedOptions
 

Change to:
| Lo-Fi Version
0.0290sec    0.70    6 queries    GZIP Disabled
Time is now: 8th December 2025 - 01:45 AM