Hello All,

I am new to this thread, just wonder how i claim or submit my income tax for business company (Sdn. Bhd) ?
By doing myself can save cost by pay an accountant fees right ?

Any suggestion or link for steps / which document needed to keep is pretty much appreciated.

Thanks
Bee

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!

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.

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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

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?

Thank you on this.

What about computers?

Because this is a grey area, doesn't exactly state clearly on the website as well.

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.

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.

is commision received by real estate agent taxable?
have to declare if the amount is small below rm5k?

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Added on March 1, 2012, 7:31 pm

dividen received from as1m shares have to declare?

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?

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.

understood. I'm asking to see if anyone knew to save my time talking to LHDN. Will do. Thanks.

hi guys, i have a question :

if I am a sole prop and I hired a staff, for his EA form what I should fill in the "No. Majikan"  (i think it starts with E) field in my staff's EA form?

FYI, my own tax no is OG xxxxxxxx. Do I have to request for another "majikan no" just for staff tax matters?

thanks for help

not all employers will have the E file Number (Nombor Majikan), some companies/proprietorships/partnerships registered more than 5 years ago did not come with E file number unless they applied for it specifically for submission of PCB.

therefore, if you submit Form E, then you will have an E file number, if you don't submit, you leave it blank at the EA Form

Thanks for advice. Would the IRB cause troubles to me (or my staff) if I leave it blank?

there will not be any problem if your business really does not have an E File Number, so to your staff
the purpose of having Form E is to monitor those earning more than RM30k per annum and whether do they declare taxes.  if your business does not have anyone earning more than 30k/the business is dormant then it is meaningless to file in although it works as a declaration.  therefore no point requesting for an E File Number if you are not meeting the criterias

most of the peoples hope that they will not receive the CP500, so that they don't need to pay in advance. not much peoples will like to pay in advance voluntarily. hahahaha

you can call to ask about it tomorrow

If IRB wants to make it compulsory for all employers, they should issue the Form E to them and not wait till they come and apply since their system should have all the info
the income tax act is drafted in the way that you are 'guilty unless proven innocent', because you have to pay tax in advance, CP500 & CP204 before you file in your final tax. in 1 way it reduces your burden by not having to pay 1 lump sum which the amount may be substantial but on the other hand, you don't earn interest by depositing to IRB.

1 more thing is, you better don't underestimate because you will be penalised if the difference between estimation and actual is more than 30%.  as if all the business profits can be estimated reliably...

for a well manage business, i feel that the 'paying tax in advance' practice is unfair to the taxpayer