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 Income Tax Issues v2

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post Mar 13 2012, 04:55 PM

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QUOTE(leahcim @ Mar 9 2012, 05:33 AM)
guys, got another questions here. any idea whether this part

Hadiah wang kepada institusi atau organisasi diluluskan
Gift of money to approved institutions or organisations

is applicable for rebate for donation?

when compare to here:
http://www.hasil.gov.my/goindex.php?kump=5...4&unit=1&sequ=1

it no longer mention the word donation.
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Still applicable and up to 7% for individual and 10% for corporate. And please remember, donation must be in CASH form.

This post has been edited by countdown: Mar 13 2012, 06:15 PM
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post Mar 13 2012, 05:09 PM

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[quote=lewmoker,Mar 7 2012, 10:27 AM]
hahaha my work will never have cut like the pay for sure. adding up is more likely...
some more i just move to a sales position which means bigger taxation later...


Added on March 7, 2012, 10:30 am

You have moved to sales position, are you still an employee to your company or all the while as an agent/service to your company?

If you're an agent, of course please convert from BE to B.

If you're an employee and a KEY MAN to your company, perhaps you can try to negotiate certain terms with your boss. For instance, ask for lower basic salary but compensated with other non-taxable benefits.
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post Mar 13 2012, 05:29 PM

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QUOTE(CyberKewl @ Mar 2 2012, 10:48 PM)
hi guys - i have a question - for the :

Faedah pinjaman perumahan (FYI I qualify so don't worry about that)

My house is under both my name and my wife's name and my interest is approx 8k for 2011 - should this be split equally 50-50 or can this be fully allocated to either myself or my wife for the pelepasan? does anyone know?
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it's up to you either 50%/50% or 100%. Apply whichever gives you a better tax deduction. Please remember, whichever combination, the max claimable is RM10k only.

This post has been edited by countdown: Mar 13 2012, 06:01 PM
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post Mar 13 2012, 05:58 PM

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QUOTE(Drian @ Mar 13 2012, 02:46 PM)
A very quick question.

I have two properties, an apartment fully paid and a house under a loan. The SnP for the house under the loan was signed July 2010. Can I include the 10k bank interest for deduction?
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Yes you can provided:

1) you must be a CITIZEN and RESIDENT to M'sia.
2) NO income derived from this property.
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post Mar 14 2012, 08:02 AM

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QUOTE(lanusb @ Mar 13 2012, 11:40 PM)
wanna ask my company pay

potongan cukai bulanan (PCB) tahun semasa yang dibayar kepada LHDNM $803

Wondering where in the borang-be can I fill it up?? can i fill in under Section 110 tax deduction (others) ??
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Bahagian F2 for paid PCB.
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post Mar 15 2012, 02:47 PM

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QUOTE(dannyw @ Mar 13 2012, 11:34 AM)
Guys,

Need some advice on Interest on housing loan.

The cross put as below:
An amount limited to a maximum of RM10,000 is deductible for each basis year for a period of three consecutive years of assessment beginning from the date in which the interest is first expended.

I bought my house on August 2009, so this is the third year I fill up the rebate column. The question is count by year or month? By next year am I still entitle for the rebate of this? Is there another 7 months for me to rebate?
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On year basis. Applicable for those S&P signed in between 10 March 2009 till 31-Dec 2010 for:

1) A UNIT only.
2) For residential property.
3) CITIZEN and RESIDENT of M'sia.
4) Non-income generation.

Let say you signed and interest starts immediately on 30-Dec 2009, ur tax-deductible is up to RM10k for YA 2009 though it's just a day away from YA 2010. On 2010, you can claim again up to RM10k as long as is 3 consecutive years.

In this case, u might want to drag the S&P till next year (2010) to give enough time to accumulate interest up to RM10k, it's not necessary to drag if you are buying millions worth of residential property where a month interest already will hit >RM10k smile.gif. Anyway, all already past.

This post has been edited by countdown: Mar 19 2012, 02:00 AM
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post Mar 19 2012, 01:41 AM

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QUOTE(PradaLee @ Mar 17 2012, 02:20 PM)
Is property under construction eligible for this RM10k deduction claim if S&P is signed between 10 march 2009 to 31 dec 2010? How to prove property is for own stay when it is under construction? What if property is subsequently disposed off after claiming the 3 years of RM10k deduction?

Thanks
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If under construction and you pay the bank interest then it's claimable for 3 consecutive years with RM10k max each year. Those days developer offered interest free package for under construction, then can't claim bsc no interest incurred but after construction and once u started to pay interest then u can start to claim for 3 consecutive years. Key point is when do u start to incur the interest.

S n P will tell u the completion date hence the proof of under construction, keep a copy of that and your loan statement from the banks in case kena audit.

It has to be a residential property, doesn't matter u stay in there or not as long as it doesnt derive any income (no rental). U only claim whenever an interest is incurred, when u sell, interest incurrence no more, so can't claim but subjected to RPGT and RPGT is not an income.


Added on March 19, 2012, 1:52 am
QUOTE(a-ei-a @ Mar 18 2012, 03:00 PM)
Hi Guys,

Need your advice, last year I have annual leaves converted to cash when I leave my previous employer. Does the annual leaves amount consider as part of the taxable income? I thought it should be non-taxable?

Thanks in advance.
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Yes it's an income to you, so taxable and after all, it'll be reflected on your EA form.

This post has been edited by countdown: Mar 21 2012, 12:35 PM
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post Mar 19 2012, 09:21 PM

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QUOTE(miotot @ Mar 19 2012, 05:53 PM)
My wife and I just got married last year and planning to file tax under joint assessment and both of us are working. However, the system computed that we still need to pay at least 10K RM. Then I try filing separately and we got a rebate of at least 200 RM each. smile.gif Now question is how come our tax for joint assessment is too large compared to the tax payable if filed separately?
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Joint assessment benefits:

1) Additional RM3k tax relief claimable.
2) If both husband and wife income added together is less than RM35k then u r entitle for RM400 tax rebate each but tax rebate for zakat only eligible for tax filer and not both.

So opt for joint assessment if a wife is not earning high income or no income to enjoy the above mentioned benefits smile.gif.

This post has been edited by countdown: Mar 20 2012, 01:53 AM
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post Mar 20 2012, 01:44 AM

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QUOTE(wychian @ Mar 19 2012, 11:17 PM)
Hello,

I have question regarding to the housing loan interest. Who can explain to me on the interest calculation? I received a housing loan bank statement in December 2011. All I need to do is to sum up all the month interest stated there from January to December? Seems a bit too easy...

If anyone of you have experience in filling it, do teach me sai lou on this. Thank you very mcuh!
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yes, u just need to sum up the interest column of your bank statement.
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post Mar 20 2012, 10:18 AM

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QUOTE(JQ1708 @ Mar 20 2012, 08:58 AM)
Hi,I am a newbie here and the e-borang..few questions to ask for advice..

a)I am running a small photostat shop since May last year, so should I fill up the borang e-b?
b)Pendapatan berkanun means net profit or income(before minus the expenses)?
c)My net income around 20K,do I need to pay tax? Business runner must pay tax?
d)Any issue I should aware since this is my first year submit tax on business?

Thanks for all the advice in advanced..smile.gif
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I only can give you the surface explanation, I would suggest you to engage with a tax agent to help out bsc running a business you hv to follow certain steps.

a) Hv you gotten urself a tax number - since it's a biz your number should be OG-xxxxxxxxxx? You'll have to get one from LHDN by estimating your profit/loss if you haven't got any tax number.

b) Pendapatan berkanun means your Statutory Income i.e after minus your allowable expenses, add back disallow expenses, add balance charges, minus capital allowance, minus balance allowance and etc.

c) I'm not sure what do you meant by net income? after minus everything on (b)? or just minus expenses?

Still, the best way is to engage with a tax agent and btw, I'm not a tax agent smile.gif.

This post has been edited by countdown: Mar 21 2012, 02:38 AM
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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?
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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
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post Mar 24 2012, 11:13 AM

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QUOTE(meonkutu11 @ Mar 24 2012, 11:10 AM)
hi,

Would like to ask one question..In 2011, my wife was working but her salary was lower than minimum taxable salary. Means that no income tax deduction.

Which type of assessment should i choose for the E-filing?

1. Joint in the name of husband, or
2. Separate, or
3. Myself only

thank you
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refer to my post at here:

http://forum.lowyat.net/index.php?showtopi...&#entry49859988

This post has been edited by countdown: Mar 24 2012, 11:13 AM
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post Mar 25 2012, 06:48 PM

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QUOTE(kangwoo @ Mar 24 2012, 11:13 PM)
thanks
anyway, have 2 question here
1. in e-filling, there is about epf contribution (max 6000)...is this refer to our monthly epf deduction?

2. in 2009, only work (and get salary) 1 month and got pcb. can ask for refund now?
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1) Yes, on employee portion only. Total contributed is written at the end of your EA form.
2) Not sure.
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post Mar 26 2012, 06:45 PM

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QUOTE(den @ Mar 26 2012, 11:44 AM)
hi all,

im actually taking master in engineering and paid >5000 for this year semesters.
is this valid for deduction?

engineering is under "technical", no?
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please also ensure the institution is recognized by the government of M'sia.
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post Mar 28 2012, 12:32 AM

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QUOTE(lizz8827 @ Mar 27 2012, 03:16 PM)
I need some tax advise too...

My medical reimbrusement RM 90.00 also counted together as tax deduction with my salary for March 2012. How come?

I have to pay extra tax for that RM90.00.

My company did the deduction automatically.... Sad!!! cry.gif
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Assuming u r the employee of your company, medical reimbursement is a non-taxable "Benefits-In-Kind" for employee, kindly double check with your HR. Your company has nothing to lose as this medical reimbursement is also tax deductible for their business expenses smile.gif.
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post Apr 2 2012, 11:14 PM

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For business (sole proprietorship), upon reaching aggregate income, is it possible to deduct business loss from my employment income? Some says can other begs to differ as employment income has to be independent, unlike other income frm rental, dividend and interest can be use to offset the business loss.
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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.
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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
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post Apr 13 2012, 12:13 PM

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QUOTE(ahzhi @ Apr 3 2012, 01:18 PM)
ok thx ur help~cause i confuse when i doing the question


Added on April 3, 2012, 1:19 pmindividual also 7% rite?
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Individual = yes.
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post Apr 14 2012, 06:09 PM

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QUOTE(eugenecctan @ Apr 12 2012, 09:58 AM)
Hi Sifus,
1) for sole proprietorship, what can I deduct for my income tax? Half of my last year income was from permanent position, after that I had setup my sole proprietor company, do I need to file my income separately?

2) last year my ex-company sent me to oversea, usually they will withhold our malaysia income tax monthly payment to help us to pay for oversea tax, from my EA form 2011, I found out that my ex-company actually withhold my tax even after I came back to Malaysia (Deduct from my salary but did not pay income tax for me), and the HR made a huge mistake on my EA form, they used my Total Remuneration in 2011 * days in Malaysia divide by total employment days in 2011. But the problem is big portion of the Total remuneration is from my oversea income, I still need to pay oversea tax for that, it is like paying double tax for the same amount of income. I have feedback to HR regarding these, but until now I haven't received any feedback from them, what should I do now?

3) I haven't received my BE form this year, where can I get it?
Appreciate for any comment.
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1) Under your permanent position i.e. as an employee to a company, your income is considered as an Employment Income. Meanwhile, your sole proprietor ship is your Business Income. When doing computation, these two can and can't be added or deducted. My advice is to get a tax agent to help you out on these bsc the computation is a bit complex. To do so, you have to convert from BE to B, a tax agent will help you out.

2) Not sure.

3) BE form, you can get it from LHDN as a hardcopy or do an e-filling (softcopy) on their webpage. Go for the latter as it's hassle free.


Added on April 14, 2012, 6:13 pm
QUOTE(audiocool @ Apr 14 2012, 04:06 PM)
is that who has been claim for the tax excemption for new house purchase within 2009 until 31 Dec 2010, will be ask for Audit?
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For some, LHDN only request for the S&P and other necessary documents to prove that they are eligible. And some kena audit. Need not to worry if you declared everything smile.gif.

This post has been edited by countdown: Apr 14 2012, 06:13 PM

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