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 Taxable income for individuals, businesses

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kuntaker
post Mar 18 2008, 02:56 PM

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QUOTE(vin_ann @ Mar 18 2008, 12:10 AM)
1) as long as u can proved it's foreign source income, then it's income exempted when u remit it back to Msia. pls trust the article which publish in the newspaper.

2) partnership account is what u need to do.
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Income receive outside scope of Malaysia is non taxable...
u can check under paragraph 21 schedule 6

2, partnership account?
i think appropriation accont better..
^^

This post has been edited by kuntaker: Mar 18 2008, 03:02 PM
kuntaker
post Mar 19 2008, 04:33 PM

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QUOTE(wheimeng @ Mar 19 2008, 09:44 AM)
would you say export business are all now exempted from income tax?

is it for individual only or it applies for business too?
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Business 1 different le..if business 1 is consider under business income

for individual , Income derived from outside scope of Malaysia is non taxable,
example u work at Singapore but u bring back to Malaysia


i mean money come from outside lo ..
kuntaker
post Mar 19 2008, 08:34 PM

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QUOTE(Saigo @ Mar 19 2008, 08:04 PM)
Ah, thanks for the replies! That seemed to clear up doubts about the exemption.

I don't understand though what you guys meant by partnership account or appropriation account. Are these accounts in the banks or.. are they related to the IRB?
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erm the partnership account or appropriation account is made by ur own partnership business..
u can see how much profit u gain from ur investment to the partnership ,
becoz partnership is non taxable thats y the income receive by individual will be taxable..^^
kuntaker
post Mar 20 2008, 05:42 AM

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QUOTE(Saigo @ Mar 20 2008, 01:05 AM)
But my ad sales currently isn't a business of any kind. Should I start setting up a partnership first before declaring my income?
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but u should know that partnership is not a great thing either ...
if ppl sue u, u lose until really pocket 0!
wat we call as unlimited liability...
this is a risky part..
thats y a lot of ppl willing to open sdn.bhd as there are limited liability..
or in other word , u lose only ur investment money to the company..

Added on March 20, 2008, 5:44 am
QUOTE(maxximus @ Mar 20 2008, 02:07 AM)
Refer to the above statement, if a person's only income is from investment from oversea, how should the person provide the prove of income to financial institution when come to loan application?

Any sifu can enlighten me  icon_question.gif

Thank you  notworthy.gif
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actually , u no nid to prove de...
if im not wrong , when u do transaction into ur account from overseas , bank negara will know wan...
u think bank negara do ntg?
they hv all ur transaction under ur name wan le..
^^

why wanna take loan?

This post has been edited by kuntaker: Mar 20 2008, 05:44 AM
kuntaker
post Mar 26 2008, 06:30 PM

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profit sharing that u earn is taxable..

i think u check lhdn website n see on which form to fill..
^^
kuntaker
post Mar 27 2008, 11:51 PM

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QUOTE(cherroy @ Mar 27 2008, 02:38 PM)
All income are taxable unless stated otherwise. But if your total annual income doesn't exceed the taxable income then no tax, but still it is treated as your taxable income, just fall short of tax requirement.
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if after all calculated , still get nil at the end then no nid to pay tax lo
kuntaker
post Apr 1 2008, 05:53 AM

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this one is today Star paper 1 right?
saw at the bsn section there...
by LEE VOON SIONG
kuntaker
post Apr 1 2008, 09:26 PM

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QUOTE(4Rings @ Apr 1 2008, 06:35 PM)
Is income derived from foreign investment taxable?
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foreign income received from outside scope of Malaysia is non taxable le..
like u earn money in SG then bring to johor..
tak boleh kena tax under Malaysia..
but mayb tax under Sg
kuntaker
post Apr 2 2008, 07:52 AM

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suppose though..
but forex is dif thing..
kuntaker
post Apr 2 2008, 06:54 PM

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forex dif le..
i ask tax agent bfore , they say taxable wor..
kuntaker
post Apr 11 2008, 08:12 AM

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QUOTE(keith6668 @ Apr 10 2008, 01:21 AM)
For joint assessment for husband with non-working wife - need to submit only one or separate BE form?

In this case, the wife is not working but has an income tax file because she has previously worked before deciding to be a full time mother. So, need to fill only one BE form, or separate BE form?
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if ur wife not working , u can ask ur wife to elect for joint assesment with u..
BE form
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