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

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toiletroll
post Nov 20 2015, 04:09 PM

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QUOTE(Charmaine88 @ Nov 11 2015, 12:01 PM)
Hi sifus, I was wondering how should I file my income taxes for shares I have in other companies? Do I just file the difference in start of year vs end of year price difference?
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at personal level, you do not need to declare the shares you hold in other companies and even if the share value has gone up, you are not subject to tax.

toiletroll
post Nov 23 2015, 06:43 PM

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QUOTE(Kazachok @ Nov 23 2015, 04:16 PM)
Hi all. Hopefully somebody could clear this up. I a part time insurance agent and every year I receive my CP58 form.

So how do I fill up e-filing? Where to put the income stated in CP58 apart from my full-time job salary?
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Declare your salary income shown on your EA form under pendapatan berkanun pengajian (if you have more than one EA form, then combine the total)

For all sorts of commission as shown in your CP58, declare it under pendapatan berkanun faedah, diskaun..... etc


toiletroll
post Dec 1 2015, 05:54 PM

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QUOTE(LouisLord @ Nov 30 2015, 09:18 PM)
Huh? What? I bought bulk from alibaba supplier.
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You buy in bulk and constantly sell it online. This will satisfy badges of trade principle as you are doing it to make profit .. You may argue you are doing it as a hobby but this is not a valid reason and you will never win.

You need to declare this income as your business income. You will need to prepare a proper set of account and keep all the receipts and expenses that you incurred for this business and make proper tax filing together with your personal income tax either Form BE or Form B.

Whether you will be subject to tax or not , that will depends whether you have any other source(s) income and how much in total.
toiletroll
post Dec 1 2015, 06:17 PM

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QUOTE(LouisLord @ Dec 1 2015, 06:04 PM)
Well, I only sell one thing only, and that is cable. And will sell like 10-70 pieces per month only. The earning of this is like allowance.
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Hi.. I understand it is just to earn some allowances.. But still it is a business to you and you should declare the money you made. If your margin is super high, then you probably will feel the impact of the additional tax you have to pay, otherwise it will be just minimal impact.


toiletroll
post Dec 1 2015, 06:41 PM

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QUOTE(LouisLord @ Dec 1 2015, 06:24 PM)
So any business or any small business, you need to declare no matter what?
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Technically yes.. Any profit or loss you made from your business should declare it and whether you need to pay tax is another question ...

 

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