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
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.
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?
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.
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
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.
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 ?
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?
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?