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 Income Tax Issues v2

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post Apr 3 2012, 10:07 AM

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QUOTE(ahzhi @ Apr 3 2012, 01:13 AM)
hi,can i noe how much % deduct from AI for approved donation, is 7% or 10%?if i not mistaken got 10% deduct for approved donation.
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7% for non-corporate company i.e NOT S/B, Berhad.
munkeyflo
post Apr 3 2012, 11:24 AM

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QUOTE(Angel On Fire @ Apr 3 2012, 12:41 AM)
Dear all,

I'm in the totally unpleasant process of preparing my taxes and need help  tongue.gif

1. Do I need to submit my dividend voucher together with BE Form and Working Sheet HK3?

2. In section C2 (Dividends) of BE Form, I need to put in the gross dividend (not net), correct?

3. In Working Sheet HK3:
(i) Do I need to fill up Section B if the tax rate on the dividend voucher is 25%? Or leave it blank?

(ii) "Section C (ii) Interest on loan" refers to interest on share margin financing?

Please advice  notworthy.gif
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Why not use e-Filling? They calculate and fill it up everything for you automatically, you just need to key in the details of your dividends.
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post Apr 3 2012, 11:47 AM

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For rental income, I forgotten to pay for Quit Access 2010. However, i had settled everything including penalty at 2011. All these payments are considered as expenses for YA2011 though the payment includes 2010?


Added on April 3, 2012, 11:49 am
QUOTE(penangmee @ Apr 2 2012, 11:46 PM)
Only for current year business loss(adjusted), it can be used to offset ANY current year income.
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thank you,

This post has been edited by countdown: Apr 3 2012, 02:13 PM
ahzhi
post Apr 3 2012, 01:18 PM

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QUOTE(countdown @ Apr 3 2012, 10:07 AM)
7% for non-corporate company i.e NOT S/B, Berhad.
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ok thx ur help~cause i confuse when i doing the question


Added on April 3, 2012, 1:19 pmindividual also 7% rite?

This post has been edited by ahzhi: Apr 3 2012, 01:19 PM
Veda
post Apr 4 2012, 06:24 PM

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QUOTE(Angel On Fire @ Apr 3 2012, 12:41 AM)
Dear all,

I'm in the totally unpleasant process of preparing my taxes and need help  tongue.gif

1. Do I need to submit my dividend voucher together with BE Form and Working Sheet HK3?

2. In section C2 (Dividends) of BE Form, I need to put in the gross dividend (not net), correct?

3. In Working Sheet HK3:
(i) Do I need to fill up Section B if the tax rate on the dividend voucher is 25%? Or leave it blank?

(ii) "Section C (ii) Interest on loan" refers to interest on share margin financing?

Please advice  notworthy.gif
*
Up to assessment year 2008, have to submit dividend voucher. But from assessment year 2009 onwards, submit only HK3 with BE or B form.

Correct me if I'm wrong.

konchesky
post Apr 5 2012, 10:38 AM

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Hi All, need your professional advise on the following:

1) medical for parents - my mother in law sis immobility (leg handicap) and suffer brain cancer, due to all her children are working, thus my husband hired cambodian maid to take care of her, can it be entitle for RM5000 max relief (cambodian maid salary)?

very confused, some said can be claim, some said cannot.

2) Purchase of book - if i purchase book in oversea, can it be entitle for RM1000 max relief?

3) Purchase of sport equipment - purchase golf ball, golf set (golf club), badminton racket, badminton shuttlecock, can it be entitle for RM300 max relief?

4) medical examination expenses - if i purchase blood test package at pathlab or bp lab, can it be entitle for RM500 max relief?


yhtan
post Apr 5 2012, 11:33 AM

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QUOTE(konchesky @ Apr 5 2012, 10:38 AM)
Hi All, need your professional advise on the following:

1) medical for parents - my mother in law sis immobility (leg handicap) and suffer brain cancer, due to all her children are working, thus my husband hired cambodian maid to take care of her, can it be entitle for RM5000 max relief (cambodian maid salary)?

very confused, some said can be claim, some said cannot.

2) Purchase of book - if i purchase book in oversea, can it be entitle for RM1000 max relief?

3) Purchase of sport equipment - purchase golf ball, golf set (golf club), badminton racket, badminton shuttlecock, can it be entitle for RM300 max relief?

4) medical examination expenses - if i purchase blood test package at pathlab or bp lab, can it be entitle for RM500 max relief?
*
1)Cannot, only applicable for medical fee

2)Can, but u have to keep receipt or any supporting document

3)Yes

4)Must be full medical check up
konchesky
post Apr 5 2012, 11:56 AM

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QUOTE(yhtan @ Apr 5 2012, 12:33 PM)
1)Cannot, only applicable for medical fee

2)Can, but u have to keep receipt or any supporting document

3)Yes

4)Must be full medical check up
*
I doubt is only for medical fee.

With effect from YA2011, medical treatment for parents is extended to include expenses to care for parents.

That's why i am curious whether hire cambodian maid can be deductible or not (for parents who suffer in cancer).

This post has been edited by konchesky: Apr 5 2012, 11:56 AM
yhtan
post Apr 5 2012, 12:21 PM

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QUOTE(konchesky @ Apr 5 2012, 11:56 AM)
I doubt is only for medical fee.

With effect from YA2011, medical treatment for parents is extended to include expenses to care for parents.

That's why i am curious whether hire cambodian maid can be deductible or not (for parents who suffer in cancer).
*
I'm not too sure about this, it might argue that Cambodia maid will involve in house cleaning

If the money paid to nursing home, then it is clearly for medical treatment to take care for parents
eric84cool
post Apr 5 2012, 02:18 PM

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I heard those companies donates for sport/charity etc organisation can claim for tax deduction but I wondering would it better to do so rather than having income taxed by government? would it save a lot??

I.e. Donate RM10K, maybe could deduct RM1k of tax but you have already spent RM10K in cash form + RM1k for tax. total RM11k.

Keeping RM10K, you get taxed RM1k to 3K depending of tax bracket ....hence you folk out RM3k only.

periwater
post Apr 5 2012, 02:25 PM

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Hi, I've wrote an email to LHDN since 20th March 2012 to inquire about 'penyakit yang sukar diubati'. However until to date, there is no reply from them.

May I know what is the turn around time for them to response?

Thanks a lot.
esdee
post Apr 5 2012, 02:40 PM

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QUOTE(periwater @ Apr 5 2012, 02:25 PM)
Hi, I've wrote an email to LHDN since 20th March 2012 to inquire about 'penyakit yang sukar diubati'. However until to date, there is no reply from them.

May I know what is the turn around time for them to response?

Thanks a lot.
*
I think call them will be faster.
protonw
post Apr 5 2012, 03:20 PM

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E-filing down hmm.gif hmm.gif
jack1888
post Apr 5 2012, 04:18 PM

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QUOTE(yhtan @ Apr 5 2012, 11:33 AM)
1)Cannot, only applicable for medical fee

2)Can, but u have to keep receipt or any supporting document

3)Yes

4)Must be full medical check up
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The first one should be yes. It is now changed to care of parents. So hiring maid is part of the welfare. You have to prove that the maid is hired for your parents. Sourced from ACCA F6 syllabus 2011.


Added on April 5, 2012, 4:22 pm
QUOTE(eric84cool @ Apr 5 2012, 02:18 PM)
I heard those companies donates for sport/charity etc organisation can claim for tax deduction but I wondering would it better to do so rather than having income taxed by government? would it save a lot??

I.e. Donate RM10K, maybe could deduct RM1k of tax but you have already spent RM10K in cash form + RM1k for tax. total RM11k.

Keeping RM10K, you get taxed RM1k to 3K depending of tax bracket ....hence you folk out RM3k only.
*
Maximizing deductions provided in s.33. Ie. paying more salaries to relative employees. Claim entertainment expenses as much as possible. Organize company trip. You get to spend your money on holidays rather than paying more tax. There are still a lot more ways. Just try to maximize the deductions as much ad possible. =)

This post has been edited by jack1888: Apr 5 2012, 04:30 PM
MGM
post Apr 5 2012, 05:14 PM

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QUOTE(eric84cool @ Apr 5 2012, 02:18 PM)
I heard those companies donates for sport/charity etc organisation can claim for tax deduction but I wondering would it better to do so rather than having income taxed by government? would it save a lot??

I.e. Donate RM10K, maybe could deduct RM1k of tax but you have already spent RM10K in cash form + RM1k for tax. total RM11k.

Keeping RM10K, you get taxed RM1k to 3K depending of tax bracket ....hence you folk out RM3k only.
*
Thats why it is call Donation. Any tax deduction is a bonus.


Added on April 5, 2012, 5:18 pm
QUOTE(konchesky @ Apr 5 2012, 11:56 AM)
I doubt is only for medical fee.

With effect from YA2011, medical treatment for parents is extended to include expenses to care for parents.

That's why i am curious whether hire cambodian maid can be deductible or not (for parents who suffer in cancer).
*
I think you also need a doctor to certify that medical condition requires special care.

This post has been edited by MGM: Apr 5 2012, 05:18 PM
jack1888
post Apr 5 2012, 06:43 PM

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QUOTE(countdown @ Apr 3 2012, 11:47 AM)
For rental income, I forgotten to pay for Quit Access 2010. However, i had settled everything including penalty at 2011. All these payments are considered as expenses for YA2011 though the payment includes 2010?



the payment should be deductible in YA 2010.

by the way, penalties cannot be included as deductions as they are specifically prohibited by IRB.

This post has been edited by jack1888: Apr 5 2012, 06:52 PM
penangmee
post Apr 5 2012, 11:08 PM

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QUOTE(konchesky @ Apr 5 2012, 10:38 AM)
Hi All, need your professional advise on the following:

1) medical for parents - my mother in law sis immobility (leg handicap) and suffer brain cancer, due to all her children are working, thus my husband hired cambodian maid to take care of her, can it be entitle for RM5000 max relief (cambodian maid salary)?

very confused, some said can be claim, some said cannot.

2) Purchase of book - if i purchase book in oversea, can it be entitle for RM1000 max relief?

3) Purchase of sport equipment - purchase golf ball, golf set (golf club), badminton racket, badminton shuttlecock, can it be entitle for RM300 max relief?

4) medical examination expenses - if i purchase blood test package at pathlab or bp lab, can it be entitle for RM500 max relief?
*
1. Yes if your husband is doing the claim and can be verified by medical practitioner. YOU cannot claim for mother in law.

2, Yes

3. All in your list =yes

4. No. Only FULL medical examination. Don't think blood test only can be considered FULL medical exam.


QUOTE(periwater @ Apr 5 2012, 02:25 PM)
Hi, I've wrote an email to LHDN since 20th March 2012 to inquire about 'penyakit yang sukar diubati'. However until to date, there is no reply from them.

May I know what is the turn around time for them to response?

Thanks a lot.
*
Answers to your queries should be found here
http://www.hasil.org.my/pdf/pdfam/PENYAKITSERIUS.pdf
periwater
post Apr 6 2012, 01:58 PM

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QUOTE(esdee @ Apr 5 2012, 02:40 PM)
I think call them will be faster.
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I tried calling them before, but the lines are always busy and I couldn't even get through. Just wondered if they'll ever reply. sad.gif
lowlowc
post Apr 6 2012, 11:09 PM

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Reading through this thread, still confused about deferred annuity.
I notice there's the word "deferred annuity" in my insurance receipt and there's a stated amount there. Can I just fill in this amount into deferred annuity in income tax form?

Another question is, I'm taking housing loan with spouse means add up the amount of interest charged and divided by 2? Do I need to call the bank to verify again the amount of interest charged or just use the amount in monthly statement?
Evening
post Apr 7 2012, 08:57 PM

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For the dividend received from shares & already been deducted with 25% tax,
may i know shall i report my deduction of tax paid at Section 51 Financial Act or Section 110 ? Thanks.

This post has been edited by Evening: Apr 7 2012, 08:59 PM

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