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 Income Tax Issues v2

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cute_boboi
post Mar 21 2012, 02:43 PM

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QUOTE(wongmunkeong @ Mar 21 2012, 01:18 PM)
Nah - no false declarations as far as i know. Most probably screwed up due to my ex-employer stating yearly bonus for as earned for PAST YEAR, every donkey year, complicating the calculations. eg. Year 2009 doing tax returns for Year 2008 but in EA form ada $xx,xxx for bonus earned 2007 (paid out in 2008).  doh.gif

Anyhow, cleared liao in that year itself and have a nice clean slate - with this, very fast (comparatively) rebate of extra paid PCB heheh  drool.gif

Thus far, LHDN is logical - eg. they sent me a letter asking me to pay dunno what extra every month coz i've got extra income (commissions from Public Mutual + rental) which i dont pay monthly PCB for. However, i proved to them that EVERY YEAR, i still pay too much and reclaim about $3K+/-, even when i declared all commissions and rental. They accepted and did away with the requirement for extra monthly payments.  thumbup.gif
*
Good to hear everything is in order and you sort it out as well as get back the extra PCB payments. thumbup.gif
There is nothing to scare if everything can show proof to them when audited. Can bang table with them also rclxms.gif Of course, it must be valid.

countdown
post Mar 21 2012, 02:47 PM

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QUOTE(hitsugaya2010 @ Mar 21 2012, 02:41 PM)
Hi guys, very noob in tax.

Just started paying PCB this year automatically (by company).
How do i get my tax no? Cause i need it to apply for no pin pendaftaran thru online. Is their office open during lunch time? Lastly, when's the last date to declare our income and rebate?
*
Since PCB already deducted by your company, your tax number is already available. Please request from your company HR. Last day for BE filing is on 30-April
hitsugaya2010
post Mar 21 2012, 02:50 PM

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QUOTE(countdown @ Mar 21 2012, 02:47 PM)
Since PCB already deducted by your company, your tax number is already available. Please request from your company HR. Last day for BE filing is on 30-April
*
thanks! will try ask from my company HR.
cute_boboi
post Mar 21 2012, 02:56 PM

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QUOTE(hitsugaya2010 @ Mar 21 2012, 02:41 PM)
Hi guys, very noob in tax.

Just started paying PCB this year automatically (by company).
How do i get my tax no? Cause i need it to apply for no pin pendaftaran thru online. Is their office open during lunch time? Lastly, when's the last date to declare our income and rebate?
*
Without tax number, your company can't do PCB for you. Therefore, the tax number should be in EA form (for last year). Or you can get the tax number from your company HR.
Remember, tax assessment is always for previous year. i.e. For current year 2012, you only declare all your income and deductions from 1-Jan-2011 until 31-Dec-2011 only. Also, the PCB deducted is to use last years only, as printed on the EA form.

For current year 2012 assessment and PCB can only use for next year declaration.

hitsugaya2010
post Mar 21 2012, 02:58 PM

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QUOTE(cute_boboi @ Mar 21 2012, 02:56 PM)
Without tax number, your company can't do PCB for you. Therefore, the tax number should be in EA form (for last year). Or you can get the tax number from your company HR.
Remember, tax assessment is always for previous year. i.e. For current year 2012, you only declare all your income and deductions from 1-Jan-2011 until 31-Dec-2011 only. Also, the PCB deducted is to use last years only, as printed on the EA form.

For current year 2012 assessment and PCB can only use for next year declaration.
*
Last year i have not paid any PCB yet. My EA form also did not state any tax number, maybe because i have not start paying PCB. Do i need to declare my income since i have not started paying last year?
yiivei
post Mar 21 2012, 03:16 PM

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Dear All,

I have received my refund a while ago.

FYI, i have my submission on 5 March 2012.


Added on March 21, 2012, 3:19 pm
QUOTE(hitsugaya2010 @ Mar 21 2012, 02:58 PM)
Last year i have not paid any PCB yet. My EA form also did not state any tax number, maybe because i have not start paying PCB. Do i need to declare my income since i have not started paying last year?
*
Based on your information, i assume your annual income has yet to reach the level. Hence, you do not need to declare your income.

FYI, my ex-company hr does provide EA form to all employees irregardless whether they are tax payers or not.

This post has been edited by yiivei: Mar 21 2012, 03:21 PM
cute_boboi
post Mar 21 2012, 05:31 PM

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QUOTE(hitsugaya2010 @ Mar 21 2012, 02:58 PM)
Last year i have not paid any PCB yet. My EA form also did not state any tax number, maybe because i have not start paying PCB. Do i need to declare my income since i have not started paying last year?
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Officially, yes. You need to declare your income.
From the declaration, it will confirm whether you need to pay tax or not. Then LHDN will not haunt you for not declaring your income (which comes with a fine anyway).

Try call up or email LHDN and give your MyKad number. If they want to help, they will be able to pull out your tax file number and give you.

QUOTE(yiivei @ Mar 21 2012, 03:16 PM)
Based on your information, i assume your annual income has yet to reach the level. Hence, you do not need to declare your income.

FYI, my ex-company hr does provide EA form to all employees irregardless whether they are tax payers or not.
*
I would like to correct the statement in bold.
Source

QUOTE
Home » Individual

Your Responsibility

Taxpayer Responsibilities

Every taxpayer who is liable to tax is required to declare his income to IRBM. The taxpayer is responsible for:-

  1.

      Obtaining and forwarding Income Tax Return Form (ITRF):

      The taxpayer has to send or submit the ITRF that has been duly completed before 30th April every year to the address below :-

      Information Processing Department
      Inland Revenue Board of Malaysia
      Level 10-18, Tower C
      Persiaran MPAJ
      Jalan Pandan Utama
      Pandan Indah
      55100 Kuala Lumpur
  2.

      Declaring income and claiming expenses.
  3.

      Computing income tax payable.
  4.

      Keeping records for audit purposes.
  5.

      Paying the income tax payable.


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


liable to tax - is subject to the income tax declaration form submission and calculation. Not just pluck from sky, and say I'm under 2k/mth, hence my family/friends/boss/colleague says I'm not taxable.

wychian
post Mar 21 2012, 11:09 PM

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QUOTE(countdown @ Mar 20 2012, 01:44 AM)
yes, u just need to sum up the interest column of your bank statement.
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Yeah, thank you so much for your clarification.
patricktoh
post Mar 22 2012, 08:01 AM

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Yeah! Got the tax excess refund credited into my account on 19-Mar.

This year is considered super fast for me! Btw e-Filing was submitted on 3-Mar.
yiivei
post Mar 22 2012, 12:52 PM

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QUOTE(cute_boboi @ Mar 21 2012, 05:31 PM)

I would like to correct the statement in bold.
Source
liable to tax - is subject to the income tax declaration form submission and calculation. Not just pluck from sky, and say I'm under 2k/mth, hence my family/friends/boss/colleague says I'm not taxable.
*
Thanks for sharing. tongue.gif


Denis
post Mar 22 2012, 01:57 PM

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Hi,

Is the medical insurance (stand alone policy) for the children eligible for deduction under Borong BE D14 (Insurans pendidikan dan perubatan)?

Thank in advance.
cute_boboi
post Mar 23 2012, 11:46 AM

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QUOTE(Denis @ Mar 22 2012, 01:57 PM)
Hi,

Is the medical insurance (stand alone policy) for the children eligible for deduction under Borong BE D14 (Insurans pendidikan dan perubatan)?

Thank in advance.
*
Correct.

QUOTE
EDUCATION AND MEDICAL INSURANCE
A relief not exceeding RM3,000 is available on insurance premiums in respect of education
or medical benefits for an individual, husband, wife, or child. Subsection 49(1B). Refer to
Working Sheet HK-14 for computation.


herc
post Mar 23 2012, 11:51 AM

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wanna know if anyone here declare an excessive amount of meal allownace? since they dun set a limit biggrin.gif
dannyw
post Mar 23 2012, 03:05 PM

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About the Parents Medical Rebate, I do have the receipt, but the clinic wrote my parents name instead of my name.

Can I claim then?
cute_boboi
post Mar 23 2012, 03:35 PM

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QUOTE(herc @ Mar 23 2012, 11:51 AM)
wanna know if anyone here declare an excessive amount of meal allownace? since they dun set a limit biggrin.gif
*
There is no specific, but if you put in an excessive amount, be prepared to get questioned/audited by LHDN. Also for you to prepare answers for it.

QUOTE(dannyw @ Mar 23 2012, 03:05 PM)
About the Parents Medical Rebate, I do have the receipt, but the clinic wrote my parents name instead of my name.

Can I claim then?
*
Yes, you can. It is easy for you to prove to LHDN that name is your mother (birth cert) if get audited.
It's quite logical for hospital/clinic to use the patient name (i.e. parent's) on the receipt/invoice/memo, rather than another person's name.

QUOTE
MEDICAL EXPENSES FOR OWN PARENTS
Medical expenses incurred on parents is limited to RM5,000. Paragraph 46(1)©
Medical expenses which qualify for deductions would include:
(i) medical care and treatment provided by a nursing home; and
(ii) dental treatment limited to tooth extraction, filling, scaling and cleaning but not
including cosmetic dental treatment expenses such as teeth restoration and
replacement involving crowning, root canal and dentures.


dannyw
post Mar 23 2012, 03:39 PM

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QUOTE(cute_boboi @ Mar 23 2012, 03:35 PM)
There is no specific, but if you put in an excessive amount, be prepared to get questioned/audited by LHDN. Also for you to prepare answers for it.
Yes, you can. It is easy for you to prove to LHDN that name is your mother (birth cert) if get audited.
It's quite logical for hospital/clinic to use the patient name (i.e. parent's) on the receipt/invoice/memo, rather than another person's name.
*
Thanks Bro. thumbup.gif
munkeyflo
post Mar 23 2012, 03:41 PM

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Submitted income tax early March and just received their cheque this week. Very efficient compared to last year where I received the cheque around June/July. biggrin.gif
DM3
post Mar 23 2012, 03:51 PM

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what's deferred annuity ?
claim medical for parents only and not in-laws right?
cute_boboi
post Mar 23 2012, 04:48 PM

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QUOTE(DM3 @ Mar 23 2012, 03:51 PM)
what's deferred annuity ?
claim medical for parents only and not in-laws right?
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Annuities as defined by LHDN - These are sums of money received in accordance with a will or an investment of money entitling the annuitants or investors to a series of annual payments, whether or not received regularly or for a limited period only.

Some forummers has explained and given sample of annuity (Prudential Reward Plan something ?)
Refer few pages earlier in this thread.

Good question. It is vague in LHDN explanatory notes. After all, you can always proof in-laws as parents by submitting marriage cert and spouse's birth cert if really get audited.
Why not send an email to LHDN, get the reply and share with us ?

DM3
post Mar 23 2012, 05:06 PM

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thanks Cut boboi.

besides that i realize that for cukai seksyen 110 is for interest etc from amanah etc, is valid for all amanah also?

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