Income Tax | Malaysia's Financial Blogger | Financial Freedom Ideas

How To Re-submit Your Income Tax Form If You Did It Wrong?

As everybody known, e-Filing is an online system introduced by LHDN that allows you to submit your income tax online, which is an alternative to the manual form submission. Although e-Filing has undergone a progressive improvement but it still not yet fully robust free. The issue that I discovered was when you click on ‘setuju’ to submit the form, you will not have chance to re-edit and modify your form details anymore.

efiling

You can see that around 1.5 million Malaysian taxpayers have used LHDN e-filing system this year and more are expected to do so for coming year. So, just imagine how many potential victims are there! So, i suggest our government should take a quick action to address the issues and resolved it in timely manner.

Is It Possible to Re-submit Your Income Tax Form Through e-Filing?

May 3rd, 2010 | 6 Comments

Individual Income Tax Relief for Assessment Year 2010

Many people still do not know clearly about the income tax for the assessment year 2009. Some of them was asking that why personal relief did not increased from RM8,000 to RM9,000 which is under Budget 2010.

LHDN Malaysia

Besides that, most of the people will confuse and asked why we do not have tax relief for the Internet broadband subscription, which was announced by our government in the beginning of the year under Budget 2010.

To make the clarification, I would like to re-emphasize that those relief supposed to be given for the year of assessment 2010. In the other words, LHDN Malaysia will have some changes on personal income tax for next year income tax filing. It concludes that our government is actually working towards recovery of our country economic by reducing the tax rates. This is also welcome message to Malaysian as we are facing a tough time following the economic downturn in year 2008.

Income Tax For the Year of Assessment 2010

April 26th, 2010 | 10 Comments

Calculate Your Income Tax For the Year of Assessment 2009

The last day to submit individual income tax is 30th April 2010 and it’s advisable to use e-Filling system to submit your e-BE form so the IRB of Malaysia will not chase you after that due to late submission.

e-Be form

income_tax_2009

Make sure that you read all the income tax FAQ and help before filling the form so that you are not getting into trouble with the income tax laws.

I noticed that still many people do not know why we need to pay income tax. Almost everyone who has to pay income tax is reluctant to pay it. We pay income tax is to allow our government to make use of our money to build the schools and public hospitals, public library, sidewalks, and other infrastructure, which are important to each one of us.

How To Calculate Income Tax Malaysia ?

April 23rd, 2010 | 2 Comments

Calculate How Much Monthly Income Tax Do You Need To Pay ?

If you are an employee with taxable income, have you notice from your monthly payslip that the Potongan Cukai Bulanan(PCB) rate starting from year 2009 is different than previous?

lhdn malaysia

Comparing the old schedule PCB 2004 with the new one PCB 2009, we can notice that there are the differences for:

i) A single person with monthly income of RM2,401 and above will be taxable and eligible for the PCB deduction scheme, whereas previously was RM2,551 and above.
ii) A married person with RM3,251 and above will be taxable and eligible for the PCB deduction scheme, whereas previously was RM3,401 and above.

How to Calculate Monthly PCB Income Tax in Malaysia?

March 28th, 2010 | 3 Comments

How To Register Malaysia Income Tax Online?

As everybody known, Malaysia had introduces the use of income tax e-filing since many years ago. But, there are still a lot of Malaysian do not know how to make use of it. Today, I will teach you step by step on how to do your online register income tax so that you can save a lot of time and trouble.

Steps On How To Do Register Malaysia Income Tax Online

Step 1: Get your PIN number through email. The PIN number is a 16 digit number. Please make sure that you have all the information together so that you no need to do double job:

i) Tax Reference Number
ii) Latest Home Address
iii) Copy of Identification Card (front and back)
iv) Phone Number

Send your application to pin@hasil.gov.my

Step 2: While waiting for your request PIN Number to be processed, you can try log on to http://ekl.hasil.gov.my to register your income tax.

Step 3: Next, click on “Daftar Pembayar Cukai Individu”.

register_income_tax

February 7th, 2010 | 9 Comments

How To Pay Income Tax Online Using PbeBank

There are several methods for you to pay your income tax, you can make your payment at Public Bank, Maybank, LHDN(Lembaga Hasil Dalam Negeri) counter, by cheque or bank draft, or online banking. I more prefer do things online since it is hassle free; therefore I made my income tax payment through Public E-banking.

If you are a resident of Malaysia, and you have source of income from Malaysia…Then you have to pay tax. If you are a resident of Malaysia, but your gain income from overseas, like Internet business income, dividend income from foreign stocks…are all exempted from Malaysia’s Income Tax.

Pay Income Tax Through Pbebank

Make sure that you have a Public Bank Internet Banking account. You can apply it at any Public Bank branch. Once you get it, you can login your account.