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 Income Tax Issues v2

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yhtan
post Jul 23 2011, 12:22 AM

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From: lolyat


QUOTE(kiminaro @ Jul 23 2011, 12:08 AM)
ok guys who really know about income tax..please advice me

ok now my boss want to run from income tax..and then he offer me

to sign many voucher which are total around 60k..and of coz he giving me some amount of money to sign it..so if i sign this kind of voucher (sub con) is this will cause me a problem in future?

more info: i havent work almost 3 years that i have epf and socso

so any chance that lhdn can trace me for income tax in future..
im really inexperience in this matters (income tax)
so please guide me sifu..
thanks in advance
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u have to declare the exact amount as all the amount as u sign as income

how much money did he pay u? u have to check yourself whether u are at a losing side
yhtan
post Jul 23 2011, 09:05 AM

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QUOTE(kiminaro @ Jul 23 2011, 12:57 AM)
ok the amount i will have to sign is 55k

and he offering me rm300 as "duit kopi"

so is it worth for me or im the losing side here?

please explain to me briefly bcoz i really dunno about income tax..

and from i check from lhdn website that cause will cost me rm3000++ if i really have to pay for income tax

never done income tax thing before this..

http://www.hasil.gov.my/goindex.php?kump=5...it=5000&sequ=11
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you have to pay about RM3,500 tax, and yet u just receive RM300, so u have to cough up RM3,200

your boss is smart, but u have to be smart when u sign anything, if don't understand, don't sign, ask people for opinion then only make decision

if you decide not to pay, IRB will come after u, not your boss
yhtan
post Jul 24 2011, 01:52 AM

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QUOTE(kiminaro @ Jul 23 2011, 10:22 PM)
yeah i know there are some catch for him for sure..today i went to work and my boss said he now only want me to sign for 20k

so for right now 20k after deduct 9k (self for budget 2010) so left 11k so following to budget 2010 RM10,001 - RM20,000 the tax would be rm175 - rm300 so if irb come after me later still im on losing side or not?

and my boss said normally income tax wont come after personal income they are chasing business (like enterprise and sdn bhd) but the percentage to get chase is very low..according to what he mention laa..

for right now i havent sign anything yet bcoz i said let me think 1st.
p/s: i havent create any account irb previously and i havent pay any income tax yet..so is there any chance the irb going to trace me later?
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are u employed as a staff or sub-con?
without a clear situation nobody can help u

don't get conned by your boss laugh.gif IRB coming for everyone who underestimate or evade tax, they sure got their way to find out. If you are selected, u are the lucky one icon_rolleyes.gif

ok, let me explain one more time for your scenario

In your boss account, he already included u as sub-con for 60k, this is allowable expense, hence his company chargeable income(profit) is lower.

But in your account, u got an income of 60k, legally u have to declare your income, in your case is Form B (Business income).

Is it clear now?



Note:
problem with those chinaman company nowadays, not willing to pay tax accordingly, then they will adjust their profit lower, when get caught, IRB slap them with a 45% underestimation penalty laugh.gif
If u are paying a high tax amount, be gladly to pay it, because u are in a high income group. Don't underestimate for the sake of saving tax, when shit happen and u are the lucky one selected, u will know how hard to deal with IRB personnel.

yhtan
post Jan 25 2012, 11:20 AM

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QUOTE(db07mufan @ Jan 21 2012, 11:17 PM)
A problem guyss,

i have just started working in the real world and realised my company has not deducted any pcb for me. I don;t even know if i have a account with income tax.

Do i need to register myself with LHDN or will HR do everything for me? When are the taxes due, i started working in august, so that means this august i'll need to submit my taxes?

Do i register online EDAFTAR and give the income tax number to HR so that they can start doing the PCB?
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How much is your monthly pay per month? if it exceed RM2,600 per month, this year onwards your pay will be deducted PCB

since u start work on August, and your total income from August to December does not exceed RM32,000, u did not need pay PCB. Don't worry about the tax file, your HR will do the job
yhtan
post Mar 19 2012, 04:57 PM

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QUOTE(xtjs @ Mar 19 2012, 03:08 PM)
ic
meaning income tax does not know of this incomE?

like if receive only for a month?
eg. real estate agents
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they will know the answer in your bank statement, they will query each amount bank-in icon_rolleyes.gif
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?
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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
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).
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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
yhtan
post Dec 8 2012, 02:36 PM

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QUOTE(nick67 @ Dec 8 2012, 10:26 AM)
Hi guys, I have some questions regarding taxation.

Let's say I'm a middleman between 2 parties. Buyer is from overseas while seller is based locally. I earn a commission each time they have a transaction.

Right now, I been collecting cheques which I haven't banked in because I'm trying to reduce my tax liabilities each year. So now kind of sticky as this year I bank in last year's cheque and this year keep for next year and so forth.

So my question is, is my commission based income taxed on an accrual basis(taxed when receivable) or on a cash basis(taxed when bank in)? My thinking is that it's on a cash basis since I would have no idea when they had any transaction, and I could be receiving cheques for last year's dealings between them.

Another question I would like to ask is there any way I could reduce my chargeable income? Last year it was suggested that I get someone to sign off some vouchers as allowance for them and I did. Is there a way for Inland Revenue to dispute this? Is there any other methods I could use?

Lastly, I have no idea how, but about 6 or 7 years ago my tax guy manage to make up quite a substantial loss for my business, and the losses were carried forward for 2 or so years. Since we are only required to keep our financial documents for 7 years, will they be able to demand to audit my accounts (which has business loss) after this 7 years?

Thanks for any input on this matter.
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the method u using must be consistent year by year, let say first year using cash basis, next year u must apply cash basis.

Your business is fall under business income, can try to reduce by those allowable expenses, or claim Capital allowance by purchasing office equipment etc.

QUOTE(jes88 @ Dec 8 2012, 10:48 AM)
regarding the broadband claim, my broadband aka postpaid contract from julai 2012-jun 2013, can i claim it on next year? need to collect every month bill as prove?
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U can claim your broadband from July-Dec 2012 under YA 2012, Jan-Jun 2013 will fall under YA 2013
yhtan
post Dec 29 2012, 12:27 PM

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QUOTE(clivengu @ Dec 29 2012, 11:29 AM)
Ic. OK that's good. But is it case to case basis? or confirm they will allow?
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most likely they will allow, AFAIK most business under tax penalty are allowed to pay by instalment
yhtan
post Jan 2 2013, 05:30 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! smile.gif
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u still need to retain the original one, of course the photocopy can be a reference due to some receipt printed by thermal machine.

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