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Friday, April 25, 2014

Deadline approaching to file your income tax



It's that time of the year again....people knew it, expected it...but for some reasons, it's in the blood for us to procrastinate whatever that may not seem urgent to us regardless of the importance. 

TIME TO FILE YOUR INCOME TAX


Well, if you are like the many Malaysians out there, I'm pretty sure you have not completed your e-filing for your income tax.

DIFFERENCE BETWEEN TAX AVOIDANCE and TAX EVASION

There are a lot of people who are confuse about tax avoidance and tax evasion. Most people assume that tax evasion is illegal, but let's not be ignorant...tax avoidance is also illegal although it carries a lighter punishment. Tax avoidance means failure to file for income tax without a reasonable excuse. It carries a lighter punishment of about RM200 to RM2,000 fine and/or imprisonment.

WHEN YOU MISS THE DEADLINE?

I know you are probably very confident of meeting the deadline. That's good news but just in case if you really do miss the deadline, what's next?

Don't worry...you can still file your tax. There is a penalty though...The IRB charges 10% increment on the tax payable for late filing and additional 5% on the balance if the payment is not made after 60 days from the final date.

The law generally does not allow a waiver of interest charges. However, the IRB may consider a reduction of these penalties if you can show a reasonable cause for being late.

I know that tax filing could be a little bit "taxing" and troublesome at times...but a little bit of planning will help you to manage...don't forget...the clock is ticking. 

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