After having received money from your investments in say, shares and property, have you considered whether the receipts are taxable?
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.
It is time of the year again for us to complete income tax return form for the year of 2009. For individuals, the last date to submit the form is on the 30th April 2010. This is what LHDN or IRB warn if you fail to do it by the dateline.
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 2009.
If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.
Which form to fill in?
Recently, IRB wrongly sent many CP 500 notices to taxpayers which lead to confusion. In the notice, taxpayers were asked to make instalment payment to IRB. The notice states the amount, due date and number of instalments the taxpayer have to pay.
If you are one of the average taxpayers (including me) that never heard of CP 500 and yet received this notices, then read more to find out what is it.
The Inland Revenue Board (IRB) will refund overpaid tax within 30 days if taxpayers submit their returns via e-filing. If the returns are filed manually, the refund will be made within 90 days.
This is what IRB committed to, IRB chief executive officer Datuk Hasmah Abdullah said.
This will add up to cost savings for the business community. IRB allows allow taxpayers who facing cash flow problem to pay taxes through instalments.