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

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GrumpyNooby
post Nov 28 2020, 08:51 PM

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QUOTE(Leroi2x @ Nov 28 2020, 08:48 PM)
i have 2 example

first is mine own policy that i buy last year around november
and i pay by monthly mode
so early year i received the annual statement is only capture for 2 month premium which i been paid

second is my friend policy , which buy mid of year
he make payment by annually
and the next year when he received the annual statement is show the annual premium he been paid

so im curious , should we follow the statement as stated yearly premium been paid
or we need to divided the month we been serve the premium ....

as one of my friend-friend work accountant say we need count divided
im confuse now
rclxub.gif
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Yes, need to refer to the statement.

user posted image

If your policy is ILP, the eligible amount for tax relief is not so straightforward.

The annual statement will breakdown the amount accordingly.

This post has been edited by GrumpyNooby: Nov 28 2020, 08:53 PM
GrumpyNooby
post Dec 2 2020, 08:29 AM

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MyTax can minimise leakage, improve revenue collection — IRB

KUALA LUMPUR (Dec 1): The Inland Revenue Board’s (IRB) information gateway and one-stop centre for tax payers, MyTax, is capable of minimising the country’s revenue leakage, while simultaneously boosting revenue collection.

Director of Tax Operation Department Datuk Adenan Che Semail said MyTax provides safe and user-friendly access to services and products under the IRB.

“MyTax will also make it easier for taxpayers to access their latest information without having to come to the IRB office, especially amidst the Covid-19 pandemic,” he said, adding that the portal prioritizes taxpayer information protection.

https://www.theedgemarkets.com/article/myta...n-%E2%80%94-irb
GrumpyNooby
post Dec 4 2020, 06:25 AM

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QUOTE(1234_4321 @ Dec 4 2020, 01:19 AM)
I would like to get some advise on the tax return from PCB.
Would you buy something that you don't really need, to get the tax return?

Example 1: the additional RM2500 relief for smartphone.
My smartphone is 3 years old and still in good working condition, if I would buy the new Iphone 12 to utilize the rebate, I can get a RM 500++ tax rebate.
Would you buy a new phone (additional spending) just to get the rebate?

Example 2: PRS
In my personal opinion and bias, I dont think PRS can perform much better than the EPF, and there's the management fee and sales charge etc, so I rather keep the money within the EPF account.
But every MYR 1000 deposit can get me about Rm200 tax refund , would you put in the money into PRS just to get the RM200 refund?
Thanks for all the advises, and would like to consider the spending before the 31th Dec. smile.gif
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Example 1: It depends on your need and your tax saving. If you have the need for a new phone, you can take advantage with the tax saving.

Example 2: It depends on your tax bracket. The higher your tax bracket, the higher the saving will be.

user posted image
GrumpyNooby
post Dec 4 2020, 07:22 AM

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QUOTE(debonairs91 @ Dec 4 2020, 07:04 AM)
This is tax savings for 3k max relief in PRS?
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Yes. PRS tax relief entitlement is just RM 3k max of contribution. Contributing beyond won't have additional tax saving.
GrumpyNooby
post Dec 4 2020, 03:05 PM

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QUOTE(NGV22 @ Dec 4 2020, 03:03 PM)
Sorry if this has been asked, couldnt search. Can the health screening done in labs like Pathlab and BP eligible for the RM500 max full medical checkup tax claim?
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Yes you can claim but only for full health medical checkup.
Not for just simple check or certain subset of tests.
GrumpyNooby
post Dec 4 2020, 08:32 PM

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QUOTE(BacktoBasics @ Dec 4 2020, 08:29 PM)
Does fertility clinics qualify for medical expenses??
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I believe no.

Medical treatment, special needs and carer expenses for parents (Medical condition certified by medical practitioner)-> RM 5000 (limited)

Medical expenses for serious diseases for self, spouse or child -> RM 6000

user posted image

http://lampiran1.hasil.gov.my/pdf/pdfam/07_2017_2.pdf

This post has been edited by GrumpyNooby: Dec 4 2020, 08:34 PM
GrumpyNooby
post Dec 4 2020, 08:35 PM

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QUOTE(BacktoBasics @ Dec 4 2020, 08:34 PM)
I did a Google search and it says it does but not directly from lhdn website.

But my question is I have fertility clinic receipts but not for IVF
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*Increase in tax relief to RM6,000 for medical expenses including fertility treatment.

https://www.thestar.com.my/business/busines...-2020-proposals

Under clause for Medical expenses for serious diseases for self, spouse or child -> RM 6000

Lim also added that income tax relief of up to RM6,000 given on expenses incurred for medical treatment of serious illnesses will be expanded to include expenses incurred on fertility treatment.

https://www.thestar.com.my/news/nation/2019...-ivf-treatments

Receipts must be under your or your spouse name.

This post has been edited by GrumpyNooby: Dec 4 2020, 08:43 PM
GrumpyNooby
post Dec 6 2020, 06:13 AM

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QUOTE(debonairs91 @ Dec 5 2020, 01:31 PM)
How to find good performance prs? All I know is register with bank but that one seems limited in options
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Read in the PRS thread:
https://forum.lowyat.net/topic/2064127/+4620#entry99175811
GrumpyNooby
post Dec 16 2020, 11:14 AM

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QUOTE(doppatroll @ Dec 16 2020, 11:11 AM)
Guys, Just want to ask if the officer request for car information? What letter do i need to show them? Geran?
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Shouldn't you ask back the officer regarding what kind of supporting document that he/she wanted?
GrumpyNooby
post Dec 16 2020, 02:28 PM

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QUOTE(jian5481 @ Dec 16 2020, 02:06 PM)
For the RM1500 tax relief for father and another RM1500 for mother, I am aware that it's only applicable for parent above age 60 and earning less than RM24k per annum.

Question is, if let's say my mother turns 60 this year, back in November. Can I get the relief for assessment year 2020? Or can I only claim this for assessment year 2021?
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Age refers to calendar year only. No need to be super precise.
GrumpyNooby
post Dec 25 2020, 01:16 PM

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This is popped out from The Star Online:

user posted image

LHDN needs to do marketing too? blink.gif
GrumpyNooby
post Dec 30 2020, 09:19 AM

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QUOTE(prophetjul @ Dec 30 2020, 09:15 AM)
Can one still file in online tax returns for 2017?
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You can file for back dated income only but cannot claim for tax relieves.
You can do that in next year e-BE/E under PENDAPATAN BUKAN PENGGAJIAN BAGI TAHUN KEBELAKANGAN YANG BELUM DILAPORKAN
GrumpyNooby
post Dec 30 2020, 09:24 AM

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QUOTE(prophetjul @ Dec 30 2020, 09:23 AM)
So you cannot actually file in for 2017?
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If you're part of the being audited process, you should consult the tax agent to assist on this matter.
GrumpyNooby
post Dec 30 2020, 09:30 AM

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QUOTE(prophetjul @ Dec 30 2020, 09:27 AM)
The income tax sent a letter for income tax payment based on section 90(3) for estimated assessment for non submission of return for 2017.
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Maybe it needs you to do a manual filing.
It's better for you to check with the branch tax office where your tax file is being maintained with.
GrumpyNooby
post Jan 1 2021, 06:10 PM

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QUOTE(christ14 @ Jan 1 2021, 05:28 PM)
transportation expenses incurred? like petrol? i got confused on these general terms lol
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Only accommodation and entrance ticket fee.
GrumpyNooby
post Jan 4 2021, 03:24 PM

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IRB uploads Return Form Filing Programme on official portal

KUALA LUMPUR (Jan 4): The Inland Revenue Board of Malaysia (IRB) uploaded the Return Form (RF) Filing Programme for year 2021 on its official portal at www.hasil.gov.my today.
Link: http://phl.hasil.gov.my/pdf/pdfam/ProgramM...ilBN_2021_2.pdf

The IRB in a statement said the RF was uploaded to serve as a reference for taxpayers to submit their return forms this year, and that the document can be accessed and downloaded at the website.

Any queries can be forwarded to the IRB via the HaSil Care Line at 03-8911 1000/603-8911 1100 (for overseas callers) or the HASiL Live Chat, while the feedback form on the IRB's official portal can be accessed through the hyperlink at https://maklumbalaspelanggan.hasil.gov.my/MaklumBalas/en-US/.

https://www.theedgemarkets.com/article/irb-...official-portal

This post has been edited by GrumpyNooby: Jan 4 2021, 03:26 PM
GrumpyNooby
post Jan 6 2021, 06:24 PM

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Active Cryptocurrency Traders Are Required To Declare Their Gains For Income Tax

The Inland Revenue Board (LHDN) has clarified that cryptocurrency investors who actively trade their assets at the digital asset exchange (DAX) are required to declare their gains for their annual income tax.

According to a report by The Malaysian Reserve, LHDN said that it will treat income earned through digital platforms similarly to income generated through conventional businesses. It also highlighted Section 3 of the Income Tax Act 1967 to justify why active cryptocurrency traders need to declare their DAX earnings in their income tax as well. The provision clarified that tax will be charged upon the incomes that are accrued in or derived from Malaysia, or received in Malaysia from abroad.

https://ringgitplus.com/en/blog/income-tax/...income-tax.html
GrumpyNooby
post Jan 7 2021, 08:03 PM

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QUOTE(iamloco @ Jan 7 2021, 08:00 PM)
Can I claim tax relief for home fibre if the bill is not under my name? (E.g spouse's name)
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No.


GrumpyNooby
post Jan 7 2021, 08:18 PM

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QUOTE(iamloco @ Jan 7 2021, 08:16 PM)
Oh man.. but I was the one paying the bill all this while. Haha
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You need proof or documentation in the event of audit.

Usually, LHDN accepts tax invoice/ receipt bearing the taxpayer name as proof.
GrumpyNooby
post Jan 8 2021, 10:04 AM

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QUOTE(iamloco @ Jan 8 2021, 10:00 AM)
Can I claim tax relief for both mobile broadband (i.e Celcom postpaid) and home broadband (i.e maxis fibre) ?
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Yes as long as it is within the cap of RM 2500 per calendar year per tax payer.

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