Today, 30th April is the last day for individual taxpayers to submit their Form BE. If you are not ready to submit the form, there is a good news to you.
The dateline is extended by another 15 days BUT only applicable to taxpayers who opt to submit the Form BE by e-Filing. So, the taxpayers who choose to submit their forms and pay taxes via e-filing will now have up to 15th May to do so.
The 15-day grace period was also extended to those who had their own businesses, which would allow them to submit and pay via e-filing by 15th July.
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Starting from 1st of March 2011, e-Filing system for e-BE, e-B, e-M, e-E, e-P and e-M for 2010 income tax return went live. Are you ready with all the documentation to do the e-Filing?
For everyone information, the dateline to complete e-BE and e-M income tax return is on 30th April 2011 while for e-B and e-P and e-M is on 30th June 2011.
Before doing your e-Filing, you may also interested in 2010 Individual Income Tax Exemptions, Deduction, Rates, Reliefs and Rebates.
Below are simple guides on how to do e-Filing.
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Similar to previous years, this is the time where we have to prepare and submit individual income tax return form to IRB. For 2010 individual income tax, the last date to submit the individual income tax return form is on the 30th April 2011.
Any delay is subjected to penalty as below;
Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.
Read more to find out more information on tax exemption, deduction, rates, reliefs and rebates for individual for year 2010.
If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.
After having received money from your investments in say, shares and property, have you considered whether the receipts are taxable?
Dividend income
In general, people are under the impression that dividend income is not required to be reported in the tax return. This is only true provided the dividend income is tax exempt as in the case where the dividend that is received is either a single tier dividend or is paid out of the exempt profits of the dividend-paying company.
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