any1 got company tax problem?
This post has been edited by xcrue: Nov 25 2006, 10:48 PM
Personal relief Income tax, legally, reduce income tax
Personal relief Income tax, legally, reduce income tax
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Nov 25 2006, 10:48 PM
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Senior Member
2,143 posts Joined: Jan 2003 |
any1 got company tax problem?
This post has been edited by xcrue: Nov 25 2006, 10:48 PM |
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Nov 26 2006, 11:38 AM
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Junior Member
129 posts Joined: Jul 2005 |
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 : 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?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 |
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Nov 26 2006, 11:56 AM
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Senior Member
1,336 posts Joined: Jan 2003 |
guys.. wat is the requirement that have to pay for tax?? for example.. an employee..
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Nov 26 2006, 01:46 PM
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Senior Member
1,294 posts Joined: Jan 2003 From: Kepong |
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.
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Nov 27 2006, 09:47 AM
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Senior Member
1,905 posts Joined: Jul 2005 |
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. This post has been edited by Singh_Kalan: Nov 27 2006, 09:52 AM |
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Nov 27 2006, 04:34 PM
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Senior Member
3,777 posts Joined: Jun 2005 |
QUOTE(dreamer101 @ Nov 23 2006, 10:33 AM) Lucifah, how true is this? for non listed company, do we need to give 30% for bumi in equity?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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Nov 28 2006, 02:44 AM
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Elite
15,855 posts Joined: Jan 2003 |
QUOTE(ts1 @ Nov 27 2006, 04:34 PM) 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 |
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Nov 28 2006, 01:55 PM
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Senior Member
3,777 posts Joined: Jun 2005 |
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. well, i know some company is 100% owns by chinese with P/U RM1M...unlisted...2) Make sure your paid up capital is less than 250K. Dreamer 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? |
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Nov 28 2006, 07:01 PM
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Junior Member
25 posts Joined: May 2006 |
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? |
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Nov 28 2006, 10:17 PM
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Senior Member
2,143 posts Joined: Jan 2003 |
no... EPF is not taxable if under Approved fund.
Ur employer can even deduct up to 19% EPF against biz income |
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Nov 28 2006, 10:19 PM
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Senior Member
2,143 posts Joined: Jan 2003 |
QUOTE(Singh_Kalan @ Nov 27 2006, 09:47 AM) Here a table to sumarise all: Good1Salary (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. This is the summary after deduct only personal relief of RM8000. <Rm35k chargeable income got Rm350 rebate as well. |
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Nov 28 2006, 10:37 PM
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Elite
15,855 posts Joined: Jan 2003 |
QUOTE(ts1 @ Nov 28 2006, 01:55 PM) well, i know some company is 100% owns by chinese with P/U RM1M...unlisted... Ts1,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? 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 |
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Nov 28 2006, 11:25 PM
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Senior Member
633 posts Joined: Jan 2006 |
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. If loss making Co sure not enforce onelah but if highly profitable sure kena give 30%.2) Make sure your paid up capital is less than 250K. Dreamer |
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Nov 29 2006, 12:25 AM
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Senior Member
6,238 posts Joined: Sep 2005 From: Kuala Lumpur |
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 . . .
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Nov 30 2006, 09:54 PM
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Senior Member
3,777 posts Joined: Jun 2005 |
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 |
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Dec 1 2006, 03:45 PM
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Senior Member
1,905 posts Joined: Jul 2005 |
QUOTE(xcrue @ Nov 28 2006, 10:19 PM) Good1 Include EPF contribution deduction also. This is the summary after deduct only personal relief of RM8000. <Rm35k chargeable income got Rm350 rebate as well. 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) |
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Dec 1 2006, 06:25 PM
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Senior Member
2,787 posts Joined: Jan 2003 |
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 |
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Dec 1 2006, 10:52 PM
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Elite
15,855 posts Joined: Jan 2003 |
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Dec 10 2006, 07:28 PM
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Junior Member
318 posts Joined: Dec 2006 From: israel |
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 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?that leaves about rm 9,500+ to pay the govt |
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Dec 10 2006, 08:01 PM
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Junior Member
178 posts Joined: Nov 2004 From: malaysia |
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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