hi guys, for business expense for sole proprietorship, I heard that there are expenses which can claim 40% and there are those which can claim 100%.

let's say I have a music studio, I bought a piano for RM10,000 to rent out for business. Is that considered full business expense? what about office supplies, like stationaries, computers , or company van for transportation of goods ?

Yes, in income tax term they call it as initial & capital allowances, which effectively allow you to deduct from your business profit in stages.

Here is the list as your reference.




Attached File(s)
 B6.pdf ( 65.73k ) Number of downloads: 121

Some expenses are split because not all is used for business purpose. Hence it is apportioned according to % use for business and private use. The piano you bought will be deemed more like an asset. So does the computers and company van. Assets can qualify for CA according to their own rates. Stationaries is not asset. Just allowable business expenses. Hope this info helps.

No need to fill up in BE form.

thanks shadow! even if the business income is generate by renting out the piano it is considered an asset? cause my business is mainly rental.

Why my SA(experience and top sales) said this is not life insurance. I asked Income tax also said not related to life insurance...

I think some ppl may say it as saving plan. you save money until maturity, then the insurance company pay you back with the profit after maturity until death.

Check our policy. If you konk off before maturity what happens? If beneficiary receives assured amount then by definition its a form of life policy. If beneficiary receives nothing then obviously its not.

From wiki

A life annuity is a financial contract in the form of an insurance product according to which a seller (issuer) — typically a financial institution such as a life insurance company — makes a series of future payments to a buyer (annuitant) in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (regular-payment annuity), prior to the onset of the annuity.
The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant. At this point the contract will terminate and the remainder of the fund accumulated is forfeited unless there are other annuitants or beneficiaries in the contract. Thus a life annuity is a form of longevity insurance, where the uncertainty of an individual's lifespan is transferred from the individual to the insurer, which reduces its own uncertainty by pooling many clients. Annuities can be purchased to provide an income during retirement, or originate from a structured settlement of a personal injury lawsuit.

This post has been edited by penangmee: Apr 16 2011, 01:25 PM

Is the Books purchased via MPHOnline, using the self printed receipt, valid to be used for claiming the Books & Magazianes Tax relief ?

hi there
just married.

which Type of Assessment i should go?

seperate or joint?

depend... i think better seperate... in e-lhdn u can try which one is better for u..

Is your wife taxable ? If yes, then go with separate assessment.
If your wife has zero income, go for joint assessment

why if taxable for for separate?

she is working but is not taxable at the moment

if she got income, seperate.

thanks

OMG..............
I forgot to key in PCB when submit the e filing................

What can i do>?
Go to Lhdn?
anybody done mistake b4 in submitting efiling?

As individual, you get an individual tax relief of RM9000 (you) + RM9000 (spouse)
If you opt for joint assessment you get RM9000 (you) + RM3000 (spouse)

For joint-assessment, you must add your total income + your wife total income DEDUCT RM12000, misc Tax Relief ... which as a matter of fact, makes you pay even more tax...

This post has been edited by ronnie: Apr 19 2011, 08:44 AM

That's kinda complicated. So if parents went to hospital with our money (without the payer) , you suggest they should put up a receipt claimed under our name and also mention the type of treatment/medicines with our parents name. Is that correct?

I think that should be ok.

So guys, another thing is what about the computer accessories that we bought after the purchase of the laptop for example battery charger (in case of not cover by guarantee)? Can it be exempted?

This post has been edited by hyzam1212: Apr 19 2011, 09:09 AM

Correct... as long as the receipt is for your name (i.e. you paid the amount) for your parents and the treatment details (if possible).
Even GP Clinic receipts can be used.

hey guys wana ask u about Yuran langganan perkhidmatan internet jalur lebar.

let said i use maxis 3g phone...i got subscribe 3g....
my.monly payment is 103++.(rm 50 is talk time)
that means my 3g is 53 per month...so can i deduct rm 500
in Yuran langganan perkhidmatan internet jalur lebar?

yes, bring ur pcb etc go to ur nearest LHDN n explain to them