Anyone can show me example on how to calculate car loan interest for tax exemption? Car loan can be exempted for self employed right?? please help.

Hi, i think you do not need to pay malaysia tax because your source of income is derived from overseas. Having said that, there is also a treshold (how many mths spent in msia/overseas) used by LHDN to determine if you are actually on business trip overseas or really working overseas. If on business trip, that will definitely attract msia tax. Hope this give you some idea. Suggest you visit lhdn website for more info.

if the car is used in the business,u can claim qualify plant expenditure(QPE) under capital allowance...

Question: Personal income tax

My tax filing was done online and completed. They notified I still owe them cash because tax I am liable for 2011 is not fully covered by my PCB deductions for 2011.

Thus I wired the cash amount via maybank2u. Last week LHDN sent me a check to refund money- this amount is >the cash amount wired.

I am afraid that this is a case of "bank error in your favor". Any expert opinion on this?

Check your E-Lejar for details....

i got a question.
Though Im a sole proprieter and got a fren who helps me with my taxes (Borang B - with business income), I would like to know how to calculate the capital allowance for things I use in my business like airconds, furniture,etc. It'd like to do the calculation on my own if i canwithout having to ask my fren to do it, but i need to understand how to do it first.

In my understanding, for example, if a piece of furniture i use in my premise is bought at rm1000 , im entitled for a 20percent initial allowance, right? and that means 1000-200=800. Right? and every year I'm also entitled to 10percent annual allowance. So,if this is my third year of business, the calculation is rm1000 - 200 (initial allowance) - 100 -100 -100= rm 500. correct? I already try to read up stuff on it but would appreciate if someone can tell me what i calculated above is correct. thank u.

Does anyone know the answer to this?
I filed 50:50 previously but would like to switch to 100:0 for next filing.

Thanks in advance.

Is PCB calculated based on fixed rate? (example rate for 2011, 10-20k 3%, 5-10k 3%, less than 5k 1% etc). seems like i got charged more than the 1% every month for my PCB. why ya?

According to earlier replies, if S&P both names, then 50-50. Unless you have specifically mention in S&P that, e.g. you own 2/3 and wife 1/3. Or other %.

It's fixed amount, based on your monthly salary. Similiar like how EPF deduction works.
Refer PDF below.

[URL=http://www.hasil.gov.my/pdf/pdfam/SCHEDULESTD2010.pdf]JADUAL POTONGAN CUKAI BULANAN
SCHEDULE OF MONTHLY TAX DEDUCTIONS[/URL]

thanks alot!

so when next year file for income tax i can submit and request refund if got extra? or they will auto do it?

Next year you need to fill up assessment for year 2012, do all the calculations, and submit. Then wait LHDN confirm, and will bank-in or send you the cheque.
On your side, make sure all declarations are correct and no evade, under declare, etc. anything illegal. If get caught and audit, kantoi ...

I am a estate agent. Recently I just sold a RM 20 mil property.

The commission I'll get direct from the property owner is about RM800k.

What can I do with the future tax planning.

or is there any way to reduce the taxes?

Please advise ,thanks.

Latest from Budget 2013

■ Child tax relief be increased from RM4,000 to RM6,000 per child for children aged 18 and above and receiving receiving full-time tertiary education.

■ The current relief of RM3,000 for savings in the National Education Savings Scheme (SSPN) will be increased to RM6,000.

This post has been edited by ronnie: Sep 28 2012, 11:16 PM

useful thread. will have a proper look when i free =)

For BE, an insurance plan can reliex tax up to RM12,000. If your tax bracket is let say 20%, you can save up to RM2400 per annum. If you still have 30 years left to work before you retire, the amount that you would have saved is a whopping 30 x RM2400 = RM72,000.
PM me for details.

sorry ya, what is BE? @.@

remove

This post has been edited by BlackPen: Feb 4 2013, 10:49 AM

BE form is a form that show your how much you earn in 1 years..including Salary, EPF, Bonus, allowance and etc..

emm... so pm u for...?
sorry ya, not so proffesional in this field. tq
i m going to find accountant and start to pay this yr

I mean if you are not sure of how much you can relief your tax from your existing insurance plan then you can ask me.

For example, you can get a tax relief statement from your insurance company to see how much tax you can relief.