Penalties are very heavy for late filing. These are the new rulings on penalties implemented since about middle of last year. It's 20% of the tax payable (I think it's crazy, so do it early). Another new ruling just came by is if the the tax return is filled incorrectly , the tax form will be returned to you and deemed as not filed and you run the risk of having filed the tax return late.

http://www.ga.com.my/ga/wp-content/uploads...ing-Penalty.pdf


So don't 'play play' with this.

This post has been edited by tchtax: Apr 3 2012, 12:58 PM

This may help

http://thestar.com.my/news/story.asp?file=...9510&sec=nation

"i got a question.
Though Im a sole proprieter and got a fren who helps me with my taxes (Borang B - with business income), I would like to know how to calculate the capital allowance for things I use in my business like airconds, furniture,etc. It'd like to do the calculation on my own if i canwithout having to ask my fren to do it, but i need to understand how to do it first.

In my understanding, for example, if a piece of furniture i use in my premise is bought at rm1000 , im entitled for a 20percent initial allowance, right? and that means 1000-200=800. Right? and every year I'm also entitled to 10percent annual allowance. So,if this is my third year of business, the calculation is rm1000 - 200 (initial allowance) - 100 -100 -100= rm 500. correct? I already try to read up stuff on it but would appreciate if someone can tell me what i calculated above is correct. thank u "

1st year

IA (Initial Allowance) = RM200
AA (Annual Allowance) = RM100


2nd year
IA = Nil
AA= RM100

3rd year
IA = Nil
AA = RM100

so on and so forth until its is full claimed in the 8th year. (Bearing in mind that if you dispose of the asset with a value, a balancing charge or balancing allowance may be incurred.)

For new assets less than RM1,000 you can read here :- http://www.hasil.gov.my/pdf/pdfam/PR4_2013.pdf

or have a look at hasil's elejar...it's like a bank statement...