Income Tax Issues v4, Scope: e-BE and eB only
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 Nov 23 2017, 02:22 PM
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#1
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Senior Member
4,954 posts Joined: Jul 2010  
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Dear All, appreciate your advice here.
Registered a partnership for online business say, on 15 April this year, with no other employment income. For tax filing, how should I include the income earned by this online business from Jan to April 14th this year (before I registered the business with SSM)? I do have my own P&L calculation sheet for Jan to April 14th. |
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Nov 23 2017, 09:43 PM
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#2
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(rapple @ Nov 23 2017, 03:55 PM) 1 Jan - 15th Apr - Other Income OR Business Income if you did register a Sole Prop with ROB. Thank you for your reply. |
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Nov 30 2017, 12:13 PM
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#3
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Senior Member
4,954 posts Joined: Jul 2010
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Dear all,
For a partnership P&L preparation, do we have to get a Chartered Accountant to do it or can we let someone, say, an accounts clerk do it? |
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Nov 30 2017, 12:35 PM
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#4
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(rapple @ Nov 30 2017, 12:21 PM) Any accounts person can do it for you. Thank you for your answer. My concern is the requirement when I need to submit the balance sheet and P&L account to LHDN and banks when I apply for housing loan in future. Will they require the documents to be attested by a Chartered Accountant? |
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Dec 26 2017, 11:18 PM
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#5
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Senior Member
4,954 posts Joined: Jul 2010
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Dear all, my first year of business (partnership).
Q: for expenses incurred in December (say, supplier and freight forwarding fees), can I pay them in January if there is a credit term of one month or must I follow the invoice date which is in Dec? Reasons for asking are: 1. I expect our revenue to increase next year, hence this will lower next year's profit and hence tax. 2. I want to pay more tax this year so that my financial situation looks good (in case I want to apply housing loan). Thank yo. |
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Dec 27 2017, 11:02 PM
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#6
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(rapple @ Dec 27 2017, 08:56 AM) Whether you pay your supplier in Jan 2018 or March 2018 it does not matter, cost/expenses must follow the invoice date and recognized as cost for that year. What you wrote makes sense. Thank you for taking the time to reply. Much appreciated.I.e - invoice dated 31/12/2017 is cost for 2017. |
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Jan 1 2018, 12:28 PM
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#7
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Senior Member
4,954 posts Joined: Jul 2010
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Can someone advise:
1. Smartphone purchase: can I submit more than one phone claim per year? Understand we can buy for spouse, children, etc. 2. Can we claim relief for fitness band (I bought a MOOV) under sports category? 3. I registered my partnership online biz mid of this year. Before registering with SSM, I did receive payments to my individual bank account for that online biz. I intend to declare profits prior to my biz registration as additional income. Will LHDN ask me for the paperwork to see how I arrived at the declared profit? |
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Jan 2 2018, 09:51 PM
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#8
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(David83 @ Jan 2 2018, 11:21 AM) 1. As long as total amount is <= RM 2.5k Thank you for your clarification.2. Fitness band doesn't qualify as sports equipment |
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Apr 11 2018, 03:34 PM
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#9
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Senior Member
4,954 posts Joined: Jul 2010
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Hi all, appreciate if anyone can help on tax relief on the following cases.
1. I visited an eye doctor for checkup, cost me RM500-plus for the examination and specialist's consultation. Can I claim this under the RM500 medical examination relief? 2. For vaccination for cervical cancer, can this be claimed under the above category (different person from No.1) 3. For parent's medical bills (flu vaccination and normal GP consultation), can this be claimed under medical expenses for parents? |
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Apr 12 2018, 10:41 AM
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#10
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(thinkgoodpositive @ Apr 12 2018, 09:34 AM) 1. Does the checkup fulfill the following conditions with proof of receipt from Hospital or Medical Practitioner? 1. No Complete medical examination refers to thorough examination as defined by Malaysian Medical Council (MMC) including both physical and mental examination and laboratory test (blood and urine test) together with doctor consultation as follows: i. Physical examination refers to examination for weight, blood pressure, eye, ears, nose and throat, examining your neck for the size of the thyroid gland and enlarged lymph nodes, listening to your chest and heart, breast examination, abdominal examination, looking at your arms and legs and pelvic examination (pap smear). ii. Lab examination refers to blood test, urinalysis and Pap smear. Blood test checking on your cholesterol level, thyroid hormones, complete blood count. iii. Consultation after examination. 2. No. 3. Flu vaccination I think No. Normal GP not sure. |
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Jun 12 2021, 02:25 PM
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#11
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Senior Member
4,954 posts Joined: Jul 2010
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QUOTE(gordonchin @ Jun 10 2021, 04:31 PM) Just realised what I was trying to comprehend repeatedly was for audits/investigations. So it's an automatic extension like last year. Last year was until Aug 31. This year (for FY2020) is until 31/7. But at least better than the original date of 30/6, especially with many people not able to go to work this month.Got it. Thanks! |
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Mar 1 2025, 02:31 PM
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#12
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Senior Member
4,954 posts Joined: Jul 2010
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Dear all, sorry if this has been asked before (can't find it).
For condo rental income declaration, Q1) is sinking fund paid monthly qualified as allowed deductible? I know maintenance fee is. Q2) if deductibles like monthly loan interest + maintenance fee + etc are *more than* the rental amount, does the LL still need to declare this rental income to lhdn since he's not making any net profit? Q3) if answer to Q2 is yes, will the LL be penalised with not declaring the total annual income and no deductibles are allowed? Q4) for continuing to rent out without valid TA (original TA expired), are these deductibles still allowed, or are deductibles allowed only if there's valid TA? |
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