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Income Tax Issues v2
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cherroy
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Dec 22 2011, 09:57 PM
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QUOTE(Maxieos @ Dec 22 2011, 01:54 AM) Hi , not sure whether I can ask here. Recently my friend dine at a restaurant and being impose of charge of 10% service tax + 6% G0v tax. What's the criteria for 6% gov tax ? I remember over 1million will be able to tax.But for sure that tiny restaurant as my friend mention , no branch and etc impose 6 g0v tax at the bill. Wondering why ? thanks you  There is existing thread on service tax. http://forum.lowyat.net/topic/777546/all
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cherroy
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Jan 27 2012, 01:18 AM
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QUOTE(temptation1314 @ Jan 26 2012, 04:40 PM) Here's my 2 cents You do not need to declare those income that doesn't have EPF deduction. There's actually many such "income" that no people will go declare, just because they can save them self from taxes. e.g. Selling in Lowyat Garage Sales is one good example. You help people from other state take order and go lowyat get best offer and you take profit from there. Such as profit are income also, but not classified as taxable income. Income without EPF deduction are not audit-able as well. One reason you do not need to afraid if people say you run from tax. Without proper record, they can't sue you. Wrong advice. Those Garage sales income is also a taxable income. Those income without EPF contribution also a taxable income, for eg. commission based deal etc. There is no such thing of income without EPF deduction is not auditable, it can be traced if they really want to. This post has been edited by cherroy: Jan 27 2012, 01:19 AM
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cherroy
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Jan 27 2012, 03:37 PM
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QUOTE(temptation1314 @ Jan 27 2012, 02:50 AM) Hmm, ok.  Mind to elaborate more? (The part of where "I buy and sell you get profit" income) P/S : I'm not looking a leeway to run from tax. Trying to learn this. Buy and sell goods, like hardware or whatever, is considered a trading, and income/profit made is a taxable income. But if buy and sell a house/investment, and make profit from it, is considered as capital gain, and capital gain is not a taxable income. But rental made through the house is a taxable income.
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cherroy
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Jan 28 2012, 01:30 AM
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QUOTE(samquah @ Jan 27 2012, 04:20 PM) if just receive a comm like rm3k for a yr must also declare? how will they know/check? Yes. How they know or check? The company pay you the commission have many trace of it, either from bank account transfer, cash payment voucher, accounting paper work, or even by testimonial, or just phone to the company, did your company pay xyz 3k commission at 20xx year? and many more.
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cherroy
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Jan 29 2012, 05:42 PM
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QUOTE(db07mufan @ Jan 29 2012, 05:35 PM) in my payslip theres an amount written as MEAL ALLOWANCE, it is not taxable right? Allowances, incentive, or whatever are counted into your gross income, unless there is income tax ruling stated otherwise that stated it is tax exempted, if not any form of income you get, even non-cash like car given by company for you to drive/travel are considered as Benefit in kind (BIK), which also contributed into your gross taxable income.
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cherroy
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Feb 1 2012, 02:47 PM
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QUOTE(Icehart @ Feb 1 2012, 02:45 PM) Isn't the profit from the sale of property subjected to RPGT?  Yes, if not more than 5 years, at current RPGT rules.
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cherroy
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Feb 1 2012, 03:17 PM
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QUOTE(eric84cool @ Feb 1 2012, 02:57 PM) in my company EA form, there isn't allowance stated in the form, only basic gross salary + bonus. So do I need to declare the allowance by myself as well? Company EA should include all. This is company mistake already and company can be fined if LHDN found out wrongly submitted the PCB and EA. PCB is counted towards gross salary including allowances, so if the EA doesn't include the allowance, it cannot match with PCB deduction amount.
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cherroy
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Mar 2 2012, 10:33 AM
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QUOTE(simplesmile @ Mar 2 2012, 12:50 AM) I have a rental property. In 2011, the Developer issued strata title to individual purchasers. I incurred legal fees. Is this tax deductible against the rental income? Legal fee on strata title cannot be used as expenses for the rental income, as far as I knew.
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cherroy
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Mar 2 2012, 01:53 PM
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20k VIP Club
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QUOTE(CyberKewl @ Mar 2 2012, 01:33 PM) one question - i have both life insurance which includes medical and i also bought MLTA which has both life and medical included in it for housing - both are under prudential. I asked my agent, he told me that I can add in the figures mentioned under medical for both the personal insurance (for medical) + the MLTA insurance (for medical) and fill that under the insurans pendidikan dan perubatan column in the efiling - is what he said correct? I can just add the two figures up? Or does govt only allow it to be for personal insurance medical only? He was wrong. You can be penalised for filling wrongly and get a penalty when audit time.
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cherroy
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Mar 2 2012, 05:04 PM
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QUOTE(CyberKewl @ Mar 2 2012, 03:32 PM) i think a lot don't read what i'm asking or don't get what i'm saying so i'll say it again - I have the annual statement with the breakdown on both life insurance and medical insurance. My initial question was: I have bought personal insurance AND MLTA housing insurance. Both have separate statements stating the amount of life insurance and medical insurance. Now - my question is simple - is it alright to add BOTH The medical insurance (for personal insurance PLUS housing MLTA insurance FOR MEDICAL)? My agent told me this should be fine, but I'm having doubts which is why I asked. You can add 2 insurance together, there is no clause said one cannot. They limit the amount not the number of insurance. But MLTA housing insurance inside got medical insurance coverage? This I am not sure already, first time heard it.
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cherroy
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Mar 6 2012, 04:09 PM
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QUOTE(Intel@Atom @ Mar 6 2012, 09:48 AM) i always did that but forgot where I have put for the 2010 version..  btw, for the insurance tax relief. i bought a GE 6-in-1 insurance with monthly RM150, do I need to split out the RM150 to life, medical and etc or just RM150*12 months? You need to split out. Every year the insurance company got send out the statement how much for life, how much for medical one
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cherroy
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Mar 13 2012, 05:13 PM
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QUOTE(mobio.dev @ Mar 13 2012, 04:17 PM) you have fill in 'Information of Dividend Income and Computation of Statutory Income' in HK3 form, its for dividen, but hv to check whether it is single tier / or not, if single tier u can't claim bcos there is no tax for that dividenThe bolded part is not right. The correct situation is the dividend already being taxed at company level, so no further tax. Added on March 13, 2012, 5:15 pmQUOTE(MGM @ Mar 13 2012, 04:22 PM) If a person owns a 2-storey shop house and let the parents use it for free. The parents stay on the upper floor and collect and keep the rental on the ground floor for their daily expenses. Can this rental income be declared under the parents? No. Rental income based on property owner. This post has been edited by cherroy: Mar 13 2012, 05:15 PM
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cherroy
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Mar 16 2012, 04:24 PM
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QUOTE(Edison83 @ Mar 16 2012, 11:24 AM) Can buy PC parts can be claim as "buying PC"? If solely buy parts that are incomplete to assemble a complete PC, then the answer is no. The PC relief is for a personal computer, not for buying parts.
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cherroy
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Jan 2 2013, 05:15 PM
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QUOTE(limmyfox @ Jan 2 2013, 04:57 PM) Hi, I would like to ask if it's ok to keep photocopy of all receipts (take photo and keep as softcopy in pc) for tax purposes. If it's possible, I would like to get rid of all hardcopies (paper receipts) and convert them all to softcopies (photos of receipts) just because I feel that it is easier to organise. Thanks in advanced!  Not ok. All documentation must be original.
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cherroy
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Nov 6 2013, 02:58 PM
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QUOTE(jpaul @ Nov 6 2013, 11:27 AM) Hi all, I based in Malaysian but my employer is in Singapore. Every month my company is direct paying my salary via TT transfer. Do I need to pay tax? Yes. QUOTE(jpaul @ Nov 6 2013, 01:27 PM) don't this consider foreign income ? No, it is not a foreign income. You are in Malaysia, aka you work in Malaysia, means the income is derived in Malaysia.
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