if u wanna claim yr deductions (e.g magazines, PC, disabled individual, insurance etc) in monthly, quarterly, half-yearly etc instead of yearly then u have to fill up TP1 form.

As I know once you submit TP1 to your employer, your month's PCB will be reduced.
Eg. If submit ONCE on May 2009, your PCB for May 2009 will be lowered. Will PCB for subsequent months be lower too ?

it wont be lower for subsequent month if u dun wan to claim yr deductions or u dun have deductions. PCB will be reduced is becoz u claim yr deductions (e.g magazines, PC, disabled individual, insurance etc) in monthly, quarterly, half-yearly or any months instead of yearly.

Oh, TP1 for books deduction.

If I purchase books at the recent KLIBF @PWTC, but the give a handwritten normal-receipt with their company/distributor chop (e.g. Berita Publishing & Crescent News - I bought LAT comics ), is it valid/acceptable to LHDN ? Or they want official book store receipt like Kino, Borders, MPH, Popular, etc. ?

KL International Book Fair -> annual book fair @PWTC every year around mid-Apr for 10 days.

Can I project the relief for the whole year. Eg. RM1000 for books and magazines (which I will buy)

Let's say Jan '08 u oredi bought RM1k books, journals or magazines then from Feb'08 to Dec'08 u cant claim anymore coz RM1k is the maximum amount that u can claim in 1 year.

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Added on May 9, 2009, 1:10 amTP1 is not only for books deduction. medical exps, child relief, epf, insurance, supporting equipement for disabled, alimony, blah blah blah etc also can one.
Any book store also can. as long as not comics, newspapers or XXX books

This post has been edited by babychai: May 9 2009, 01:10 AM

So if I submit TP1 for May 2009 and maxed out at RM1000 for books, Jun-Dec 2009's PCB won't be reduced ?

Yea~

Let's declare max amount for all reliefs and get more cash flow now...and payback next year

if my company have a rental income , wat is the tax rate for it ??and wat kind of expenses can be deductable for it ??How to reduce it ...

company means Sdn Bhd?

rental can be assessed in either Section 4A or 4D, we must know how many properties are there for rent

the expenses available for deduction would be slightly different between 4A and 4D

generally the expenses deductible are

upkeep of premises(does not include renovation)
management fees
quit rent
assessment
fire insurance or other types
loan interest for the purchase of this property
renewal of rental agreement
etc....

This post has been edited by nothingz: May 10 2009, 10:27 AM

There isn't Section 4D
And Section 4A not about rental income

I filled my e-filing last month and need to pay some money. However i have not pay yet. Is there deadline and penalty?

Rental Income can be assessed in 2 ways, either as business income(4A) or other income(4D). That's my daily job, how can i get confused with that?

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Added on May 10, 2009, 11:12 amdeadline is same as your filing date. you are already late now, pay immediately and you may suffer less penalty

This post has been edited by nothingz: May 10 2009, 11:15 AM

how much is the penalty like?

maybe 10% of your outstanding tax balance, 5% extra if after 60 days. if i'm not mistaken

but some lucky fellas may run away with that

Then you are a useless tax consultant.

Section 4(a) income in respects of gains or profit from business
Section 4(d) income in respects of rents, royalties or premium

Section 4A is special classes of income in which tax is chargeable.

There isn't Section 4D in the Income Tax Act 1967

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Added on May 10, 2009, 1:03 pmThere is no running away. Late means late. Pay the penalty.

This post has been edited by wufei: May 10 2009, 01:03 PM

Thks....is the only one property of the company own and wish to rent to its related company to chare the cost/exp and as the only income of it ,is it the tax charge same as normal biz company tax rate ?? And i heard some ppl say can claim IBA is treated as factory for it...how its works and ref for it ...Thks

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Added on May 10, 2009, 2:24 pmSorry ,one more question...do i need to prepare rental agreement and for intercompany deal ?? and the rental rate shld not lower for mkt rate is it ?? if not the IRB may queiry on it...

This post has been edited by JESS03101983: May 10 2009, 02:24 PM

just the bracket problem... do you need to emphasized on that? i don't expect her to understand the sections, it's just a simple explanation

since you are not helping then better gtfo, don't try to come here just to increase post counts, the clever as whole

one more thing, i have seen some employment income tax payers ran away from late payment penalties due to they don't have business income, as prescribe by IRB officer. even so, i also don't advise people to take this kind of risk

IBA is applicable to manufacturing factory/warehouse only. generally, the expenses incurred can be charged on either side, both is tax deductible provided the factory/warehouse is being used(means not vacant). it is better to have a rental agreement and the rental charge should be a fair value/market rate to avoid any transfer pricing discrepancy

Who cares how I increase my post count

Wrong section means wrong section, just admit it. It is not the bracket, who cares about the bracket