Personal relief Income tax, legally, reduce income tax
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 Jan 13 2012, 11:09 PM
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#1
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Elite
5,608 posts Joined: May 2011 From: Here, There, Everywhere  
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QUOTE(David83 @ Jan 13 2012, 11:00 PM) May I know what is BIK? I'm still unclear over this as this term is my first time encounter such entry. "Benefits In Kind"  eg. company sold to U a demo car below market price by $10K, thus your BIK = $10K OR U are given a property to live in, with services and stuff, costing say $7K per month. Thus your BIK for the year = $7K *12 mths Er.. please correct me if i'm in lalaland ar fellow forumers. |
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May 7 2012, 08:07 AM
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#2
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Elite
5,608 posts Joined: May 2011 From: Here, There, Everywhere
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QUOTE(cdtavijit @ May 7 2012, 07:50 AM) Hi Everyone, Your S&P (Sales and Purchase) agreement - was it signed as per IRB's rules U shared and other T&Cs?Can I ask a question regarding Interest on housing loan under Tax Release? It says, "Interest on housing loan (must meet eligibility requirements) Sale and purchase agreements signed during the period 10/03/2009 - 31/12/2010 Interest on housing loan (Conditions for eligibility to claim must be fulfilled) The sale and purchase agreement has been Executed within 10/03/2009 - 31/12/2010" Now, I signed my S&P agreement in 2011, so does that mean I cant put it this year? Sorry for asking an obvious question but just wanted to be very sure before I submit. Thank you for your help If it does not, which it obviously doesn't, then your housing loan does not qualify for this particular item. Of course if your house was rented out, different item to knock-off mortgage interest then, IF lar  |
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Apr 30 2019, 10:56 AM
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#3
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Elite
5,608 posts Joined: May 2011 From: Here, There, Everywhere
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QUOTE(zellleonhart @ Apr 29 2019, 10:30 PM) Hi guys, just paid for my 2018 tax a month ago, newbie tax payer here. TP1 Form is optional.my company just gave us the new 2019 TP1 form, and I know it's optional to submit or not. Last year, after deductions I get RM400+ tax relief back. Do I need to submit the TP1 form? I am very confused that "terkumpul" and "bulan semasa" means. If say my total medical insurance is maxed out at RM3000 per year but this month itself I only pay RM300, does that mean RM3000 at "terkumpul" and RM300 at "bulan semasa"? Also, since it asks me to fill which month+year, so it will only affect this particular month (e.g. May 2019) and not the other months (Jan-Apr and June-Dec 2019)? If yes then what's the point to just fill in once per year :/ Please enlighten me sifus, I tried to google but can't really find any definitive answer. It is usually used by people that have significant tax relief executed that will impact their Potongan Cukai Bulanan (PCB), thus following months' PCB will be reduced. eg. Jan PCB paid $3K Feb PCB paid $3K .. Jun PCB paid $3K Filed TP1 form for tax relief of $XX,XXX Jul PCB paid reduced to $0.6k Aug PCB paid 0.6k etc for the calendar/tax year Personally, my yearly over-payment and claim back isn't HUGE, thus, didnt bother with TP1 though penny-pinchers and maximizers may want every cent back before the next year's filing  |
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