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 Personal relief Income tax, legally, reduce income tax

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wil-i-am
post Jan 11 2014, 08:20 PM

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QUOTE(ExHellSing @ Jan 11 2014, 03:11 AM)
Can we relief tax with foreign currency receipt? Eg: USD
And how?
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Can
Furnish equivalent amt in RM
Notoriez
post Mar 8 2014, 01:49 AM

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I signed S&P on Nov 2011, am i eligible to apply for the house interest loan rebate of RM10k? It says only applicable for S&P signed from 2k9 to 2k10

Been paying interests since June last year and been paying full since October.
SUSDavid83
post Mar 8 2014, 08:10 AM

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QUOTE(Notoriez @ Mar 8 2014, 01:49 AM)
I signed S&P on Nov 2011, am i eligible to apply for the house interest loan rebate of RM10k? It says only applicable for S&P signed from 2k9 to 2k10

Been paying interests since June last year and been paying full since October.
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Of course no!
Notoriez
post Mar 8 2014, 11:30 AM

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Any chance i can claim it maybe next year or something?
penangmee
post Mar 8 2014, 02:48 PM

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QUOTE(Notoriez @ Mar 8 2014, 11:30 AM)
Any chance i can claim it maybe next year or something?
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Only with 45% tax evasion penalty whistling.gif
SUSDavid83
post Mar 8 2014, 05:27 PM

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QUOTE(Notoriez @ Mar 8 2014, 11:30 AM)
Any chance i can claim it maybe next year or something?
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First of all, your S&P is not even qualified unless you fake the date.


Notoriez
post Mar 12 2014, 12:29 PM

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Aw, so meaning is even for next year it is only applicable for S&P signed on 2k9 to 2k10
SUSyklooi
post Mar 12 2014, 01:05 PM

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QUOTE(Notoriez @ Mar 12 2014, 12:29 PM)
Aw, so meaning is even for next year it is only applicable for S&P signed on 2k9 to 2k10
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latest available criteria is "YES" to yr question.
BUT you will have to keep a constant look out for latest changes to its criteria.
as to when it might happens...your guess is as good as mine.
whyme
post Mar 13 2014, 10:23 AM

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Has anyone noticed that 1 item has been taken away from this year BE Form (online version)?

Broadband (was limited RM500)


Look like government has done it purposely. For item 1, refer to http://www.thestar.com.my/Opinion/Le...cription.aspx/

This post has been edited by whyme: Mar 13 2014, 12:25 PM
sakpn2000
post Mar 22 2014, 04:23 PM

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buying medication (diabetes, hypertension for parents) from pharmacy claimable?

any clause mention specifically?

thank you guys.
wil-i-am
post Mar 22 2014, 08:54 PM

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QUOTE(sakpn2000 @ Mar 22 2014, 04:23 PM)
buying medication (diabetes, hypertension for parents) from pharmacy claimable?

any clause mention specifically?

thank you guys.
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Yup subject to official letter from doctor
areankim
post Mar 23 2014, 01:34 PM

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how to do a family employee "trick"??
SUSDavid83
post Mar 23 2014, 04:15 PM

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QUOTE(whyme @ Mar 13 2014, 10:23 AM)
Has anyone noticed that 1 item has been taken away from this year BE Form (online version)?

Broadband (was limited RM500)
Look like government has done it purposely. For item 1, refer to http://www.thestar.com.my/Opinion/Le...cription.aspx/
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It has expired on YA2012. Not a surprised.

I believe it was started back in Budget 2010/.
ar188
post Mar 23 2014, 09:21 PM

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QUOTE(lucifah @ Nov 22 2006, 03:25 PM)
OK. this thread is not for the faint at heart.

This thread serves the purpose to help those with an annual income exceeding RM70,000 or businessess where you can't alter your profit or loss

the question:

How do I reduce my income tax?

Of course, some of my ways would be:

1. Increase expenditure
2. Buy lots of assetts - vehicles h&p, building s&p, etc
3. Pay high salary to "family employees"
4. pay zakat
5. computer - rm 3,500 insta-rebate (sadly, every 3 yrs only)

any of you got any more ideas? i do hope LYN hs some real accountants / editors who can share their thoughts on how to reduce the taxes without breaking any law
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how is it coming along for 2014? biggrin.gif
TSlucifah
post Mar 23 2014, 10:06 PM

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QUOTE(ar188 @ Mar 23 2014, 09:21 PM)
how is it coming along for 2014? biggrin.gif
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wow... this thread is still alive? laugh.gif

last yr overpaid. didn't even bother to claim for any reliefs (book purchases, broadband, sports equip). only claim for zakat (which caused me to overpay) and some approved donations
SUSDavid83
post Mar 24 2014, 08:29 AM

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QUOTE(lucifah @ Mar 23 2014, 10:06 PM)
wow... this thread is still alive?  laugh.gif

last yr overpaid. didn't even bother to claim for any reliefs (book purchases, broadband, sports equip). only claim for zakat (which caused me to overpay) and some approved donations
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It'll back to alive around this period each year. laugh.gif
silkysilk
post Mar 24 2014, 03:42 PM

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Anyone already received tax paid in excess from them yet?
bluerose
post Mar 24 2014, 06:54 PM

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QUOTE(silkysilk @ Mar 24 2014, 03:42 PM)
Anyone already received tax paid in excess from them yet?
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Yup, I received mine last week. Filed first week of March blush.gif
SUSSammich!
post Mar 24 2014, 08:28 PM

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QUOTE(lucifah @ Nov 22 2006, 03:25 PM)
OK. this thread is not for the faint at heart.

This thread serves the purpose to help those with an annual income exceeding RM70,000 or businessess where you can't alter your profit or loss

the question:

How do I reduce my income tax?

Of course, some of my ways would be:

1. Increase expenditure
2. Buy lots of assetts - vehicles h&p, building s&p, etc
3. Pay high salary to "family employees"
4. pay zakat
5. computer - rm 3,500 insta-rebate (sadly, every 3 yrs only)

any of you got any more ideas? i do hope LYN hs some real accountants / editors who can share their thoughts on how to reduce the taxes without breaking any law
*
Did u ever think in the end you are spending more unnecessary than paying the tax? As far as I know it is only deduct your taxable income which is about few percent up to 20+%.

I mean for example if you dont need the stuff but buy to reduce tax u might be spending more than giving the tax to gommen. FOr example u spend rm1000 to reduce the tax then reduce until pay rm0 for tax. But if u not spend then just pay tax, u might only need pay rm300. In the end u net gain rm700. COrrect?



QUOTE(dreamer101 @ Nov 23 2006, 10:33 AM)
Lucifah,

1)  There is a difference.  A director can still be working for someone else.  Let say your son is working for company XYZ now.  You can appoint your son to be director of your company while he is working for company XYZ.  He cannot be a worker for both your company and XYZ company at the same time.

2) Unless you are a bumi, if your paid-up capital is 250K or higher, you have to give 30% of your company to a bumi.  NEP applies.

3) What you need is a good accountant.

Dreamer
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Is the pay famly members hgih salary in business thing only applicable to sdn bhd? Is it able to do for sole proprietor?


QUOTE(??!! @ Nov 23 2006, 02:44 PM)
Make sure the "family employees" tax rate is lower than that of your co.  smile.gif

1 often used technique. Time your holidays during some conference/seminar related to your business. Fly first class, stay in the most expensive hotel money can get you ( all this as stated in the invoice. Where you eventually stay or exchange your 1st class tkt to economy class for 2 pax, well,... ...

Charge it all to the Co...all expenses paid holiday!
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How can free expenses paid? U still need pay for the holiday but only reduce the taxable income.
TSlucifah
post Mar 24 2014, 08:41 PM

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QUOTE(Sammich! @ Mar 24 2014, 08:28 PM)
Did u ever think in the end you are spending more unnecessary than paying the tax? As far as I know it is only deduct your taxable income which is about few percent up to 20+%.

I mean for example if you dont need the stuff but buy to reduce tax u might be spending more than giving the tax to gommen. FOr example u spend rm1000 to reduce the tax then reduce until pay rm0 for tax. But if u not spend then just pay tax, u might only need pay rm300. In the end u net gain rm700. COrrect?
Is the pay famly members hgih salary in business thing only applicable to sdn bhd? Is it able to do for sole proprietor?
How can free expenses paid? U still need pay for the holiday but only reduce the taxable income.
*
that was like 8 yrs ago and u replied today... sweat.gif

anyway, think of the expenditures like a 26% discount

if it is tax deductible, you get 26% discount

for example: buying books. if u spend RM 500 on the books that u like, u get RM 130 discount by NOT having to pay the taxes for it (assuming you are at the 26-percentile bracket) nod.gif

same goes to the holiday expenses. u get 26% discount wink.gif

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