The tax laws is different from country to country and in the Malaysia, the income from blogging or any internet business is generally taxable. Based on the taxation rules, all income realized from whatever source is considered a taxable income.
Legally, bloggers need to report their online income. However, not everyone does that because of one reason or another. For me, there’s a specific law in our country that makes our income from blogging and other internet business as a tax exempted. But, do we still need to declare our online income? Until what income level should we declare? That’s why our tax laws are not interpreted in such a way where most of the bloggers can follow.
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
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 ?