Malaysia Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

Tax Relief for Transportation Allowance

Generally, fixed allowances provided by an employer are considered as taxable income while work-related expenses are generally not brought to tax.

Let say you went on an outstation trip and incurred expenses on accommodation, petrol and toll. You spent RM1k and company reimburses you the sum. Since you do not earn any extra, so you won’t be taxed on your allowance. However, if your company gives you RM1.2k, you should bring the difference of RM200 to tax because it’s above what you spent already.

Since Budget 2009, there’s an exemptions for travel/petrol allowances:

Up to RM2,400 for home/office travel
Up to RM6,000 for business travel

Example 1:

If you’re given RM1k allowance for you to travel from home to office, then this entire amount will be exempted in full. But, if you’re given RM4k, RM1.6k will be taxable (RM4k - RM2.4k) since exemption is only up to RM2.4k.

Read More …

What Happens If Paying Your Income Tax Late?

It’s advisable to pay your income tax on time as the IRB doesn’t provide us the time delay. If you can pay your income tax return on time then you can avoid the penalty charges. But, if you cannot have own discipline then you may face penalties.

For those who are under employed, they have to file their returns and pay their income taxes by April 30 whereas for those who are self-employed then they need to file their returns by June 30.

Penalty Charge for Late Payment of Income Tax

Read More …

Increase You Sales with Cydcor

Most of the people have an expectation to get higher level for their business, mostly they will know that having a good relationship to many companies can help and build their business well. One of the organizations that they may try out is Cydcor.

Cydcor is the leading global provider in outsourced face-to-face sales. It will provides you with the best outsourced sales team, which specialized in various marketing techniques, and it may increase your sales volume. They will certainly contribute their knowledge and skills for the company and arranging a marketing strategy for the products or service so that it can be marketed well.

Read More …

Do You Think PTPTN Defaulter Should Be Barred From Travelling Overseas?

As we known, those students who borrow PTPTN loan are mostly coming from low to middle class people. At the end of the day, most of them will end-up working with public and private sector, and there’s a minority of them will work as high level people. I personally do not agree PTPTN barred loan defaulters from traveling overseas. Instead of that, we should sit down and think of other alternative that can help them to pay during this current economy situation.

Besides that, barred defaulter from travelling overseas cannot really solve the problem as some of defaulter may works as travel agents, journalist and etc that require to travel overseas every month.

What Action Will Be Taken If Loan Defaulters Refuse to Payback?

Read More …

Enjoy Free Annual Fee with CIMB Basic Savings Account

I went to CIMB bank this morning to open a savings account. Before that, I have checked with my work colleagues about how much of the minimum initial deposit to open a CIMB savings account. However, I noticed most of them could not give me the exact answer for this. After doing some research and survey, I found out that there’ll have 4 types of CIMB savings accounts which are CIMB AirAsia Savers Account, Regular Savings Account, Basic Savings Account and Prime Savings Account.

Besides, I’ve emailed to CIMB bank call centre to get more details and some latest update on the savings account. Below is the email replied by 1 of the bank officer:

Read More …