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 Personal relief Income tax, legally, reduce income tax

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de.crystal
post Apr 14 2009, 06:46 PM

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I came to know that we, as employee is entitled for the relief for petrol for the sum of RM6k. I was just wondering if we could use the receipts to double claim it, i.e. to use it for personal relief, and also for business account relief.

Would the inland revenue department trace the 2 receipts submitted in 2 different account as mentioned above.
de.crystal
post Apr 14 2009, 06:54 PM

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I know if i say this sure will kena from all of u.

wondering if there is a summary of the personal relief page for our lazy's man reference instead of going pages to pages.
de.crystal
post Apr 15 2009, 10:13 PM

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I understand that we are entitled for the hp and petrol allowance rite? How does it work?


Added on April 15, 2009, 10:14 pm
QUOTE(Trevor Keegan @ Apr 15 2009, 09:45 PM)
Hi,

This question was answered in http://taxsaya.com/smf/index.php?topic=206.0

If you are using the FREE TAXSAYA, then you just need to enter in the information that is in your EA form, and the system will do the rest for you you.

Regards
Trevor Keegan
www.taxsaya.com
Malaysia's First FREE Mutli-lingual Tax Software
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Mind explain abit how does it work?

This post has been edited by de.crystal: Apr 15 2009, 10:14 PM
de.crystal
post Apr 15 2009, 10:26 PM

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QUOTE(ronnie @ Apr 15 2009, 10:17 PM)
Did your employer give you these benefit in year 2008 ?
If yes, these benefit is now tax exempted for YA2008. No need to put into the form.
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they didnt. I paid out of my own pocket money. So can i still claim?
de.crystal
post Apr 15 2009, 10:31 PM

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QUOTE(ronnie @ Apr 15 2009, 10:29 PM)
Did your company reimbursed the amount back to you ?
Normally this benefit need to be added to your Income...but for YA2008, it will be tax-exempted.

Eg.
In Year 2007, you receive RM2,400 as travel allowance from company
You need to add RM2,400 to your total income for YA2007

In Year 2008, you receive RM2,400 as travel allowance from company
You DO NOT need to add RM2,400 to your total income for YA2008
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They did not reimburse me.

MB i should put my question clear. Whether am i entitled to use my petrol receipt to claim for tax rebate-wherein it was not a benefit granted by my company. Purely out of pocket expenses.
de.crystal
post Apr 15 2009, 10:36 PM

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QUOTE(ronnie @ Apr 15 2009, 10:34 PM)
If company don't reimburse, means they do not provide travel allowance to you as an employee. Thus nothing do with Income Tax.
You can't use these receipts as tax relief...
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Ic.

What else is the new relief/uncommon item?
de.crystal
post Apr 15 2009, 10:45 PM

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QUOTE(ronnie @ Apr 15 2009, 10:42 PM)
Sports equipment is the newest item which you can claim as tax relief for YA2008.

Racquet, Shuttlecocks, Golf ball, ping-pong ball, ..... are claimable.
Basically without that item the sport will not happen.

Sport Shoes, Sports Attire, Swimsuits cannot claim sad.gif
Why it cannot be claim ?
- You can run bare foot
- You can swim naked whistling.gif
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So basically this is the only one?

I like your statement "- You can swim naked" wonder if you do drool.gif
de.crystal
post Apr 22 2009, 11:33 PM

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Hi i have 2 questions to ask:

(i) my fren is an artist, so he falls under artist category. Under artist category, he is entitled to deduct his expenses for conducting performances for public viewing. May i know is there a maximum limit that he can seek to deduct under this heading?

(a) if the shirt bought in overseas can claim? must convert to RM currency?

(ii) I have done a calculation for my insurance, which is to be as the relief together with EPF. If my insurance premium is fixed, can i use back the figure that obtained the previous year to claim relief with the revised EPF figures?

thanks

This post has been edited by de.crystal: Apr 22 2009, 11:38 PM
de.crystal
post Apr 23 2009, 11:25 PM

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QUOTE(de.crystal @ Apr 22 2009, 11:33 PM)
Hi i have 2 questions to ask:

(i) my fren is an artist, so he falls under artist category.  Under artist category, he is entitled to deduct his expenses for conducting performances for public viewing.  May i know is there a maximum limit that he can seek to deduct under this heading?

(a) if the shirt bought in overseas can claim?  must convert to RM currency?

(ii) I have done a calculation for my insurance, which is to be as the relief together with EPF.  If my insurance premium is fixed, can i use back the figure that  obtained the previous year to claim relief with the revised EPF figures?

thanks
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could anyone answer my question cry.gif
de.crystal
post Apr 24 2009, 02:04 PM

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QUOTE(legiwei @ Apr 24 2009, 01:06 AM)
I'll try to help out

i) If he is self employed, it will be business income. Being taxed under this category allows a person to deduct all expenses that is incurred against his business income provided the expense is used wholly and exclusively in the production of his gross income. It must not have any personal element in it. No limit as to the expenses he can incurr. But it doesn't make sense to spend more than what you can earn. All claims must be with a receipt, otherwise you risk getting penalise in event of a field audit.
Thanks. But he is not self employed. He is contracted to a management company. so how to I do the calculation for him? Also, which class to choose under the E-filing system?


QUOTE(legiwei @ Apr 24 2009, 01:06 AM)

ii) Your claim must be substantiated. The premium must be paid at 2008 in order for you to claim a deduction. I don't think the actual amount paid is fixed as there is always a discount on it, more as the years go by. So, I don't think you can use the prev year figures.
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The problem is everyyear I am paying the same premiun. So can I use back to same figure, save as, my EPF contribution which will have to work out differently, to see if by adding both items, it is more than RM6000.00?

thanks for the reply

de.crystal
post Apr 24 2009, 03:24 PM

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QUOTE(de.crystal @ Apr 24 2009, 02:04 PM)
I'll try to help out

i) If he is self employed, it will be business income. Being taxed under this category allows a person to deduct all expenses that is incurred against his business income provided the expense is used wholly and exclusively in the production of his gross income. It must not have any personal element in it. No limit as to the expenses he can incurr. But it doesn't make sense to spend more than what you can earn. All claims must be with a receipt, otherwise you risk getting penalise in event of a field audit.
__________________________________________________________________________________________________________

Thanks. But he is not self employed. He is contracted to a management company. so how to I do the calculation for him? Also, which class to choose under the E-filing system?


Answer please thanks.


Added on April 24, 2009, 3:24 pm
QUOTE
ii) Your claim must be substantiated. The premium must be paid at 2008 in order for you to claim a deduction. I don't think the actual amount paid is fixed as there is always a discount on it, more as the years go by. So, I don't think you can use the prev year figures.

The problem is everyyear I am paying the same premiun. So can I use back to same figure, save as, my EPF contribution which will have to work out differently, to see if by adding both items, it is more than RM6000.00?
Also for this.

Cheers.

This post has been edited by de.crystal: Apr 24 2009, 03:24 PM
de.crystal
post Apr 25 2009, 05:06 PM

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QUOTE(legiwei @ Apr 25 2009, 12:22 AM)
You will have to look at the terms of the contract. However, from my interpretation, he seems to be more of an employee. Does he have a EA? Just a guide, the word "employee" is defined in the act as :

“Employee” in relation to an employment means -
a. the servant, where the relationship of master and servant subsists;
b. where the relationship of master and servant does not subsist, the holder of the appointment or office which constitutes the employment.

If he is a contracted employee, he is not allowed to deduct any of his direct expenses.
Yes. He is an employee. He is has an EA form.

I was told by the him, the previous accountant who did the submissions for him, advised him that he is entitled to deduct the expenses as such, hair cut, shirts etc as these are 'tools' which are necessary for him to carry out his duty effectively. As the previous accountant charged him to accessively, he came to me. FYI, I am doing it FOC for him seeing that he is my closed fren and I am just trying my best to assist him. I am not an accountant btw.

So how much is the limit set for this category?

Thanks.



de.crystal
post Apr 27 2009, 10:00 PM

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I wana ask the following insurance which is deductable for personal relief:

(a) Prestige Care,
(b) Critical Premium,
© Living care Plus Rider
(d) Flexicare
(e) Hospital Benefit

If so, whether it falls under life/medical insurance.

thanks.
de.crystal
post Mar 10 2011, 07:38 PM

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1. has anyone here done the draft statement?
http://ekl.hasil.gov.my/pcbcalc/pcb_calc_2...&curr_year=2011

When i put RM6k under
Accumulated EPF and Other Approved Funds [not exceeding RM6000 per year] , the error msg appears

2. what is the CURRENT MONTH’S REMUNERATION under the draft form?

3. is it that we are entitled up to 7k rebate under kwsp and insurance?

4. what are the items which we should watch out under relief since the announcement of budget 2010?

This post has been edited by de.crystal: Mar 10 2011, 07:40 PM
de.crystal
post Mar 10 2011, 07:50 PM

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QUOTE(David83 @ Mar 10 2011, 07:40 PM)
RM 6k max and another RM 1k as annuity:

Insurans nyawa dan KWSP | Terhad | a
Life insurance and provident fund | Restricted to 6,0000 
Anuiti tertunda ('Deferred annuity') | b
Deferred Annuity   

Jumlah a + b | Terhad
Total a + b  | Restricted to 7,000
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what is annuity?
why when i put only 6k it says error even put 5.9 oso cant
de.crystal
post Mar 10 2011, 10:21 PM

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QUOTE(David83 @ Mar 10 2011, 07:53 PM)
I'm not sure what system/software you used to key in that figure but e-BE has not error for putting that.

https://e.hasil.gov.my/
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i used this link
http://ekl.hasil.gov.my/pcbcalc/pcb_calc_2...&curr_year=2011

what is anuity? how does it work

this is the definition that i got
but i stil dont know how does it work

3. What is a deferred annuity?

A deferred annuity is one in which the annuity payments will commence only at the end of a specified period of years.

The specified period of years is known as the deferred period. The purchase price may be paid either by premiums during the deferred period or by a single lump sum payment at the start.

Premiums are usually refundable with or without interest if the annuitant dies during the deferred period. In addition, there will be surrender values available during the deferred period.

Like immediate annuity, depending on period of payments, a deferred annuity may also be classified as life, guaranteed or period certain annuity.



This post has been edited by de.crystal: Mar 10 2011, 10:28 PM
de.crystal
post Mar 11 2011, 10:34 AM

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QUOTE(David83 @ Mar 10 2011, 10:23 PM)
does that mean if life premium is RM4k but KWSP is RM3k
under life+KWSP, we can only claim for RM6k
then the extra from life premium can be claimed under annuity?
de.crystal
post Apr 20 2011, 11:07 PM

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hi, can we claim for relief for purchasing nutrition products for parents under the category of "medical expenses for parents"?

tq
de.crystal
post Apr 20 2011, 11:41 PM

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QUOTE(David83 @ Apr 20 2011, 11:10 PM)
Nope because it's not medicine prescribed by medical practitioner.
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tq. why did the tax expert in 988 say can?
de.crystal
post Apr 21 2011, 10:10 AM

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QUOTE(David83 @ Apr 20 2011, 11:46 PM)
They're not tax expert. Always refer back to LHDN website or other reliable sources.
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he, the Dr, is a tax expert. I reffered to the speaker not the DJayss. Very useful information, thankx.

1 more q, how do we know if we are qualified as "skill worker" and hence, entitled to fix 12% income tax levied?

tq

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