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 Personal relief Income tax, legally, reduce income tax

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xcrue
post Nov 25 2006, 10:48 PM

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any1 got company tax problem?

This post has been edited by xcrue: Nov 25 2006, 10:48 PM
Bodhi
post Nov 26 2006, 11:38 AM

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Hiya, I am about to work in a months time and have been wondering about tax. I got a couple of questions to ask which I will be highlighting in bold in the following quote.


QUOTE(mxxuang @ Nov 22 2006, 11:23 PM)
Here's a list of personal relief which might help you :

This only apply to resident individuals. These relief are not available to you if you're not an resident individual.

Section 46
a)  Personal relief : RM8000
b)  (i) Medical expense for parents : RM5000(max)
    (ii) Medical expense for taxpayer(you), spouse and children in respect of serious diseases : RM5000(max)*
c)  Basic supporting equipment(i.e. wheelchairs, crutches for disabled taxpayers, spouse or child) : RM 5000
d)  Disabled tax payer(Hopefully you don't make yourself one) : RM6000
e)  Fees for education in law, accounting, technological, vocational or industrial fields scientific and ICT : RM5000(max)
f)  Expense on a complete medical examination : RM500(max)*
g)  Purchase of books : RM700

*Total of (f) and (b)(ii) should not exceed RM5000

Section 47
a) Wife/Husband relief(Only for combined assesment) : RM3000
b) Alimony payment(only males can claim) : RM 3000  what is this?
c) Disabled person(only for combined assesment) : RM 3500

Section 48
This section covers reliefs related to your child/children

a) Normal relief : RM1000 per child
b) Disabled child : RM5000 per disabled child
c) 1) For child studying in overseas(degree level and above) : RM4000
    2) For child studying in local institution(Diploma level and above) : RM4000
d) Disabled child satisfying criteria (C) above : RM9000

Section 49
a) EPF & Life insurance premium : RM6000 Total contribution in a year?
b) Medical and education premium : RM 3000 Is this insurance as well?
c) Purchase of an insurance policy utilising his credit in his EPF account : RM1000

*
Just another question in mind. How much life insurance does one actually buy? Anyway to calculate like say 10%of gross salary or something like that?
Austin123
post Nov 26 2006, 11:56 AM

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guys.. wat is the requirement that have to pay for tax?? for example.. an employee..
Darren
post Nov 26 2006, 01:46 PM

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I think most ppl who earn around RM2.5-3k will start to pay income tax. They got a formula for you to calculate one. Once your average monthly income exceed the minimum amount required to pay, then you must pay lor. Simple as that. No shortcut.
Singh_Kalan
post Nov 27 2006, 09:47 AM

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QUOTE(Darren @ Nov 26 2006, 01:46 PM)
I think most ppl who earn around RM2.5-3k will start to pay income tax. They got a formula for you to calculate one. Once your average monthly income exceed the minimum amount required to pay, then you must pay lor. Simple as that. No shortcut.
*
Here a table to sumarise all:

Salary (p.m) - Chargeable Income - Tax Payable
2,000 - 15,360 - 0.00
2,200 - 17,696 - 55.88
2,400 - 20,032 - 127.24
2,600 - 22,368 - 290.76
2,800 - 24,704 - 454.28
3,000 - 27,040 - 617.80
3,200 - 29,376 - 781.32
3,400 - 31,712 - 944.84
3,600 - 34,048 - 1,108.36
3,800 - 36,384 - 1,704.92
4,000 - 38,720 - 2,008.60

Salary based on 12 months pay + 1 month Bonus
Deductible on Self Relief and EPF contribution only
Only those with Chargeable Income of at least RM15,834 may be taxable.

IMPORTANT: The table should be used as reference only. Do not submit your tax return based solely on this figure. laugh.gif

This post has been edited by Singh_Kalan: Nov 27 2006, 09:52 AM
ts1
post Nov 27 2006, 04:34 PM

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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
*
how true is this? for non listed company, do we need to give 30% for bumi in equity?
dreamer101
post Nov 28 2006, 02:44 AM

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QUOTE(ts1 @ Nov 27 2006, 04:34 PM)
how true is this? for non listed company, do we need to give 30% for bumi in equity?
*
1) Yes, it is true. Check with your accountant. The rule is in the book. The question is whether it is enforced or not, I have NO idea.

2) Make sure your paid up capital is less than 250K.

Dreamer
ts1
post Nov 28 2006, 01:55 PM

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QUOTE(dreamer101 @ Nov 28 2006, 02:44 AM)
1)  Yes, it is true.  Check with your accountant.  The rule is in the book.  The question is whether it is enforced or not, I have NO idea.

2) Make sure your paid up capital is less than 250K.

Dreamer
*
well, i know some company is 100% owns by chinese with P/U RM1M...unlisted...
when u said enforce or not, wat u mean? there is no such rule imposed on non listed company in general..the rule in the book?> wat book? icon_question.gif
medicontherun
post Nov 28 2006, 07:01 PM

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if the company pays epf to its ppl.. that money is not taxable right?
i mean gov wont tax ur epf money.. will they tax the company for giving u the money?

xcrue
post Nov 28 2006, 10:17 PM

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no... EPF is not taxable if under Approved fund. smile.gif
Ur employer can even deduct up to 19% EPF against biz income smile.gif
xcrue
post Nov 28 2006, 10:19 PM

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QUOTE(Singh_Kalan @ Nov 27 2006, 09:47 AM)
Here a table to sumarise all:

Salary (p.m) - Chargeable Income -  Tax Payable
2,000 -              15,360 -        0.00
2,200 -              17,696 -        55.88
2,400 -              20,032 -      127.24
2,600 -              22,368 -      290.76
2,800 -              24,704 -      454.28
3,000 -              27,040 -      617.80
3,200 -              29,376 -      781.32
3,400 -              31,712 -      944.84
3,600 -              34,048 -    1,108.36
3,800 -              36,384 -    1,704.92
4,000 -              38,720 -    2,008.60

Salary based on 12 months pay + 1 month Bonus
Deductible on Self Relief and EPF contribution only
Only those with Chargeable Income of at least RM15,834 may be taxable.

IMPORTANT: The table should be used as reference only.  Do not submit your tax return based solely on this figure.  laugh.gif
*
Good1
This is the summary after deduct only personal relief of RM8000.smile.gif
<Rm35k chargeable income got Rm350 rebate as well.

dreamer101
post Nov 28 2006, 10:37 PM

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QUOTE(ts1 @ Nov 28 2006, 01:55 PM)
well, i know some company is 100% owns by chinese with P/U RM1M...unlisted...
when u said enforce or not, wat u mean? there is no such rule imposed on non listed company in general..the rule in the book?> wat book? icon_question.gif
*
Ts1,

1) Is it a private limited company??

2) I talked with accountant and there is such a rule and some times the government choose not to enforce this rule. This is Malaysia.

3) It might be officially 4 to 5 companies that split the 1 million paid up capital.

Dreamer
penangmee
post Nov 28 2006, 11:25 PM

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QUOTE(dreamer101 @ Nov 28 2006, 02:44 AM)
1)  Yes, it is true.  Check with your accountant.  The rule is in the book.  The question is whether it is enforced or not, I have NO idea.

2) Make sure your paid up capital is less than 250K.

Dreamer
*
If loss making Co sure not enforce onelah but if highly profitable sure kena give 30%.
karhoe
post Nov 29 2006, 12:25 AM

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If everyone is trying to reduce their income tax, then the government will have no choice but to increase the tax. If everyone pays their tax, still pointless, because the money is always used for wrong purpose, corruption, etc, if only corruption is not around . . .
ts1
post Nov 30 2006, 09:54 PM

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i realli unaware of it..if there is a link or acts i can read...more convincing..company acts dun know got or not

will ask company secretary if free
Singh_Kalan
post Dec 1 2006, 03:45 PM

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QUOTE(xcrue @ Nov 28 2006, 10:19 PM)
Good1
This is the summary after deduct only personal relief of RM8000.smile.gif
<Rm35k chargeable income got Rm350 rebate as well.
*
Include EPF contribution deduction also.

TIPS of the DAY:-
If your chargeable income is around RM35k, buy more books or get a computer to make sure its below that amount in order to get a RM350 rebate.
Deduction:-
Books - Rm1000 max
Comp - RM3000 max (once in 3 year only)
ThanatosSwiftfire
post Dec 1 2006, 06:25 PM

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Can anyone clarify about how this NEP is implemented?

I mean, the 30% equity comprises of what, and how, actually?



This post has been edited by ThanatosSwiftfire: Dec 1 2006, 06:26 PM
dreamer101
post Dec 1 2006, 10:52 PM

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QUOTE(ThanatosSwiftfire @ Dec 1 2006, 06:25 PM)
Can anyone clarify about how this NEP is implemented?

I mean, the 30% equity comprises of what, and how, actually?
*
Please start a new thread. This is OT. I know I am guilty of that too.

Dreamer
mucklampir
post Dec 10 2006, 07:28 PM

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QUOTE(lucifah @ Nov 22 2006, 10:45 PM)
educational books or even comic books are considered under the rm500 rebate for books, which i have maxed out since early of the year

that leaves about rm 9,500+ to pay the govt wink.gif
*
any book also can ah? i read somewhere onli self improvement book onli consider for such relief. it mean if it directly can improve ur service then its apply. if it indirectly related to our job, then cant apply. they give example if an engineer buy accounting book, then cannot get that relief la. neway is it relief or rebate?




c2v4l
post Dec 10 2006, 08:01 PM

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ok..what's the different between relief and rebate.im not in the working force.still studying.but this thread is interesting.sorry if the question seems dumb

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