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

terryfu
post Oct 11 2018, 10:19 AM

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QUOTE(MUM @ Oct 11 2018, 09:41 AM)
hmm.gif read somewhere in LYN before...just not sure it that is valid....

not just the amount...but also the frequencies of those transfers....
RM 10k should be no problem...but if do it 7 days a week...then ......

lhdn would not step in...the banks are required to report those transaction to BNM

how much is the thershold...
try search in this AMLA Act.....?
http://www.bnm.gov.my/documents/act/en_amlatfa_v3.pdf
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Thanks. It’s more of one off transactions rather than regular. Examples would be if someone strikes 4D or wins money and promises to share amongst friends (could be because they share the purchase as well). While not as small as few hundreds , I’m referring to instances in the tens of thousand (not over 100k)
MUM
post Oct 11 2018, 10:25 AM

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QUOTE(terryfu @ Oct 11 2018, 10:19 AM)
Thanks.  It’s more of one off transactions rather than regular. Examples would be if someone strikes 4D or wins money and promises to share amongst friends (could be because they share the purchase as well). While not as small as few hundreds , I’m referring to instances in the tens of thousand (not over 100k)
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if the story is true...then nothing to be fearful....
if strike lottery...got receipt......then if asked by BNM to confirm your story....your friend can be alibi with the proof.
Jack&Guild
post Oct 11 2018, 11:48 AM

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Do we have to declare rental collected and be taxed in the case the rent collected is not enough to cover the monthly bank installment?
MUM
post Oct 11 2018, 11:53 AM

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QUOTE(Jack&Guild @ Oct 11 2018, 11:48 AM)
Do we have to declare rental collected and be taxed in the case the rent collected is not enough to cover the monthly bank installment?
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if as individual tax.....i think they are not related.....
if related....many will not declare as most rental is less then the bank loan repayment

http://lampiran2.hasil.gov.my/pdf/pdfam/PR4_2011.pdf
Jack&Guild
post Oct 11 2018, 12:05 PM

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QUOTE(MUM @ Oct 11 2018, 11:53 AM)
if as individual tax.....i think they are not related.....
if related....many will not declare as most rental is less then the bank loan repayment

http://lampiran2.hasil.gov.my/pdf/pdfam/PR4_2011.pdf
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Based on the example in the document, as long as the rental collected is below the annual assessment fee, interest fees, it will not be taxed.
MUM
post Oct 11 2018, 12:09 PM

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QUOTE(Jack&Guild @ Oct 11 2018, 12:05 PM)
Based on the example in the document, as long as the rental collected is below the annual assessment fee, interest fees, it will not be taxed.
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there are other deductable & non deductables too....

mostly like....this rental income + personal income - deductables - tax rebate - tax relief = determines if one income is taxable

http://lampiran1.hasil.gov.my/pdf/pdfam/Ta...ropertyrent.pdf

This post has been edited by MUM: Oct 11 2018, 12:10 PM
postfishcracker
post Oct 12 2018, 12:22 PM

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QUOTE(terryfu @ Oct 11 2018, 10:19 AM)
Thanks.  It’s more of one off transactions rather than regular. Examples would be if someone strikes 4D or wins money and promises to share amongst friends (could be because they share the purchase as well). While not as small as few hundreds , I’m referring to instances in the tens of thousand (not over 100k)
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in year 2018, you can put your rental income half (if the rental income not more than rm2000 per month).
lkg1207
post Oct 13 2018, 11:33 AM

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Guys, would like to check if Audiobook can be considered as reading materials (1k tax relief)?
MUM
post Oct 13 2018, 11:50 AM

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QUOTE(lkg1207 @ Oct 13 2018, 11:33 AM)
Guys, would like to check if Audiobook can be considered as reading materials (1k tax relief)?
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that RM1000 category had been combined and enlarged to RM2500...
under lifestyle tax relief,,,,

LHDN introduced the lifestyle section which provides tax reliefs for items like newspapers, journals and magazine ( ........ and .........) as well as personal computers, tablets and smartphones. However, one of the few items that are not tax deductible .............
https://ringgitplus.com/en/blog/Personal-Fi...ly-Are-Not.html



This post has been edited by MUM: Oct 13 2018, 11:56 AM
shahrul09
post Oct 16 2018, 03:03 PM

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One question, If I sell shares syarikat private, do i need to declare that deal/money also?
cherroy
post Oct 16 2018, 03:57 PM

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QUOTE(shahrul09 @ Oct 16 2018, 03:03 PM)
One question, If I sell shares syarikat private, do i need to declare that deal/money also?
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No need, selling shares of a company is a form of capital gain/loss, and capital gain is not a taxable income.


shahrul09
post Oct 16 2018, 10:14 PM

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QUOTE(cherroy @ Oct 16 2018, 03:57 PM)
No need, selling shares of a company is a form of capital gain/loss, and capital gain is not a taxable income.
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Okay thank you, hopefully the new tax GOV want to announce is not capital gain tax
zfc
post Yesterday, 08:41 AM

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Since MLTA is a type of insurance, can we claim income tax for that?
MUM
post Yesterday, 08:58 AM

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QUOTE(zfc @ Oct 21 2018, 08:41 AM)
Since MLTA is a type of insurance, can we claim income tax for that?
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Going by that insurance logic....then do you mean car insurance ,.also?.....

the guide to the income tax submission form did state what insurance can be claimed...

This post has been edited by MUM: Yesterday, 09:14 AM

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