Malaysia’s benchmark index retreated as profit-taking in key heavyweights weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI : 1,684.93 (-0.83%) FBM Mid 70: -0.00% (flat) FBM Small Cap: -0.23% FBM ACE: +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume: 3.54 billion shares Total value: RM4.19 billion Gainers: 456 Losers: 678 Unchanged: 550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY) +1.54% Petronas Gas (6033.MY) +1.18% Sunway (5211.MY) +1.15% Losers Hong Leong Bank (5819.MY) -3.29% Maybank (1155.MY) -3.02% CIMB (1023.MY) -2.47% Banking sector weakness was the main ...
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.
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| 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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