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Income Tax Issues v3, Anything related to Personal Income Tax
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splurker
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 Mar 6 2014, 12:29 PM
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New Member
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QUOTE(Doc1666 @ Mar 6 2014, 01:19 AM) A person income rm10k per month.never declare for 8 years.how much is the penalty if he/she declare now.? Note: he/she pay pcb every month already Actually, I think no penalty. But you may have overpaid your taxes already (BN loves you!!). Usually ppl paying PCB and they declare cause they want to claim back over paid taxes, got all these deductions here and there. This post has been edited by splurker: Mar 6 2014, 12:30 PM |
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splurker
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Mar 6 2014, 12:34 PM
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New Member
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QUOTE(evolutionize @ Mar 6 2014, 10:17 AM) Hey all, I need a consult. Bought many sports equipment online from overseas last year. Can I claim it under my tax reduction? If yes, how do I go about the currency conversion? Thanks. If you still have a receipt of your exchange rate back then, use it. Otherwise, pluck a figure from Forex Historical charts + 30% on the rate. (this is for estimation) Why add 30% ? Banks usually profit from here, so that's their published selling price. If credit card, its easy to see how much its in RM. This post has been edited by splurker: Mar 6 2014, 12:35 PM |
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splurker
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Mar 7 2014, 01:06 PM
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New Member
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QUOTE(KOHTT @ Mar 6 2014, 03:03 PM) 30%??  Anyway, I saw this in the LHDN website....Yearly Forex Average. http://www.hasil.gov.my/pdf/pdfam/KadarPer...anWangAsing.pdfCould be the rate for convertion. Feel free to correct me if wrong. It's supposed to be based on the exact price you made your exchange. But if you don't have one, the best bet is from the charts. Average is for the entire year, what if you made the change at a higher price than the average ? You'd be loosing out on the deductions. Sorry, its 3%  . Wrong calculation. |
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