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 Income Tax Issues v4, Scope: e-BE and eB only

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cherroy
post May 1 2019, 03:01 PM

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QUOTE(Human Nature @ May 1 2019, 01:41 PM)
cybpsych
Thanks for the cool tips. Get cashback for the 0.8% fee too biggrin.gif

Looks like paying tax manually is better than PCB. I wonder if we can ask our monthly PCB to be reduced..
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Employer is required to follow PCB ruling/table/calculation, aka deduct based on the income received (- any other relief that submitted by employee in the TP1 form), and cannot simply reduce the amount.

If there is no other special circumstance, PCB amount should be always close to the final tax amount, this is the purpose of PCB.
A high discrepancy between PCB amount and final tax amount will only highlight the PCB is incorrect computed.
Employer may be penalised if not following the calculation.
cherroy
post Jun 4 2019, 03:52 PM

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QUOTE(ahbenchai @ Jun 4 2019, 02:12 PM)
does the scheduler tax from our current payslip calculate based on ur salary+bonus only and no deduction yet? normally claim back by next year is it
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QUOTE(ahbenchai @ Jun 4 2019, 03:39 PM)
can i do this online, can i fill in for 2019 tax relief aldy, huhu
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LOL, how can you fill in 2019 tax relief when 2019 has not ended? laugh.gif

PCB is between you and your employer.
Just inform your employer through TP1 form (which normally given by employer) about your eligible relief by then employer will recalculate the PCB amount (based on formula/table) that will be matching more closely your next year annual filing.
cherroy
post Jun 6 2019, 11:24 AM

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QUOTE(cinlky @ Jun 5 2019, 12:02 AM)
Received email that I MUST make ansuran payment every 2 month for year 2019 already and honestly its a hassle. I always forgot the due date  and im worried Im getting fined.

Can we actually call income tax department and change it to yearly pay, like after submit e-filling for the year only make 1 time payment?
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You can't opt to pay after.

Companies, individual are required to pay CP204, PCB, CP500 etc in installment on their estimated income for next financial/annual year.
So that there won't be a sudden big sum needs to be paid when submitting the annual filing. This is actually a good thing especially for some do not have good cashflow planning.

If worry on forgetful issue, may be can opt for hiring tax consultant/service , or opt for early lump sum payment. I guess they don't mind for early payment that is way before the due date.
cherroy
post Jun 24 2019, 04:21 PM

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QUOTE(usin_kangkong @ Jun 24 2019, 12:17 PM)
My gross salary has just been adjusted to RM4235 from 3683 this month (June).

Upon checking my salary statement, there are RM100.90 of tax paid.

My spouse is not working and I have 3 children aged 5, 3 and 1.

There should be no PCB to be paid right according 2019 Jeremi Song PCB Calculator.

Sorry that I am a newbie in this matter.

Very much appreciated!

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You need to inform your employer your entitled relief, via TP1 form.

If not, mostly employer just use the basic PCB table/calculation without other relief to determine the PCB.
cherroy
post Aug 5 2019, 11:24 AM

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QUOTE(yklooi @ Aug 3 2019, 06:10 PM)
My friend is a director of a sdn bhd company...he swifted the profit out as director fees dividends.....he did not input into his be form
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All dividend nowadays are required being declared as single tier.
Single tier dividend is already taxed at company (the leftover profit after tax being paid), and is tax exempted in the hand of shareholders.
Hence there is no need to declare the dividend as there is no place to declare tax exempted income.

But director fee is taxable, because it is deductible against company profit.
cherroy
post Aug 6 2019, 03:15 PM

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QUOTE(IceQTurbo @ Aug 6 2019, 02:04 PM)
Using the same principal, does it mean that partners from LLP who receive profit sharing (the leftover profit after tax being paid at company level), no need to declare the tax exempted income in their individual tax filing?
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I am not familiar with LLP structure.
But normally there won't be double taxation.

If not mistaken, LLP tax structure is more similar to sdn bhd, instead of ordinary partnership, aka they are taxed at flat corporate level, instead of individual tax in sole proprietorship/partnership.

Also, please ensure the form of income/money received.
There is big different if the company/LLP give income to partner in the form of remuneration or wages vs distributing retained profit or capital.

Remuneration, wages, BIK received are taxable at individual level.

Please consult professional tax consultant if unsure.
It is not expensive. Ensure tax is done right, as even if an income is non-taxable, one must do the paperwork right.

This post has been edited by cherroy: Aug 6 2019, 03:15 PM
cherroy
post Apr 6 2020, 09:28 AM

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QUOTE(MUM @ Apr 6 2020, 09:10 AM)
isn't that already taxed at source?
like withholding taxes?

unless there is not double taxation agreement with Malaysia, then  hmm.gif  hmm.gif
i also don't know
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It is about CRS, not related to taxes on trading or dividend issues.

Whenever one or foreigner has overseas depository account, banks or finance institution are required to report to respective country tax authorities as required in CRS.






cherroy
post Apr 6 2020, 09:44 AM

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QUOTE(MUM @ Apr 6 2020, 09:32 AM)
so for the below post,....does he need to tick "yes" too?
btw, what is CRS?
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CRS -
When you have an bank or depository account in any countries that participate in CRS eg like Sg, (most countries nowadays one can google the countries already joined), the bank or FI will send your account info to your tax resident country authorities every year.

It depends on the broker whether it is considered as FI.
FI- an entity accept depository money.
cherroy
post Jun 22 2020, 12:30 PM

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QUOTE(guanteik @ Jun 20 2020, 11:00 AM)
Anyone submitted TP1 form, do you still have to file for Income tax return in April?
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TP1 form is between you and employer, so that employer will know your relief and deduct PCB correctly every month.

TP1 is not a replacement of BE submission.
cherroy
post Jun 26 2020, 03:28 PM

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QUOTE(mrvex @ Jun 26 2020, 02:35 PM)
Hi, if i receive director fee from a family business that i do not involve myself in the business activity, whilst working as an employee for another company, do i report the director fee under borang Be or borang B?
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Director is also considered as an employee, so under BE.
cherroy
post Jun 30 2020, 03:44 PM

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QUOTE(X_hunter @ Jun 30 2020, 03:31 PM)
Hi guys.

If A is doing business (Sdn Bhd), and at the same time has one employment (taking salary) since June 2019. So his form is B form right? When login to the ezhasil, only got B form. So he need to fill in the B form accordingly right? In the B form first page where it displayed personal details, they require to fill in “address of business premise”. Then the subsequent pages, there are column of “income from business” and also “employment”. For employment one it’s straight forward. Just fill up accordingly according to EA form. But for the business one, tons of info is needed. Is it possible to just fill up employment one and skip the business one? He’s planning to close the business soon as well. In this case, when will be the deadline of this efiling submission? Today or 30th Aug?

Geng B, appreciate if you can advise.

Thanks!
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Sdn Bhd pay CP207, and submit form C at its financial year.
So Sdn Bhd pays its own tax. Not related to personal tax.

A if is director and getting director fee, it is still under employment, so form BE will do.

Form B is applicable to sole proprietor or partnership company, not sdn bhd.

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