It is important to know the proper income tax filing methods in Malaysia if you don’t want to get tangled with penalties, charges, and worse, legal sanctions. If you are not sure how to file your individual or business tax, you need a competent and trusted accounting services firm to help you. It is not enough if you get tips and guides from unprofessional sources as it may do you more harm than good. At Accounting Services Hub , our team offers professional assistance for all tax-related matters.
Where and When to File?
Malaysian tax residents in the country who are subject to income taxes in Malaysia are required to file income taxes to Lembaga Hasil Dalam Negeri (LHDN) or also known as the Inland Revenue Board (IRB). In order to cater for your convenience, you may also do your tax filing obligations online via LHDN’s e-filing website.
Before putting into account how to claim deduction and relief from your taxable income, your first most important concern is the deadline of your tax filing. The tax season usually rolls around March to June. Although there could be future updates that may affect the tax filing dates, the current deadline for submission of hard copy tax return forms or manual filing is the 30th of April for individuals without business income and 30th of June for individuals with business income For online e-filing via LHDN’s website, the deadline for submission is extended to the 15th of May for individuals without business income and 15th of July for individuals with business income.
Step by Step e-Filing Guide
The e-filing system is the most convenient way to submit your income tax return in Malaysia. Here’s how you can file your income tax with the e-filing system:
- Go to the LHDN e-filing website and log in
- Check your basic information and make sure the displayed details are correct
- Select the correct income tax form (Form B for individuals with business income, and Form BE for individuals with no business income) and select the year of assessment
- Check your personal details and do the necessary corrections and modifications if there are latest personal data to be updated
- Fill in income details, tax reliefs, rebates and exemptions
- Check overpaid or due total taxes
- Declare, sign, and submit tax return
- Pay any taxes due via online payment
Why Hire an Accounting Firm?
Do you really need a professional to help you with your personal or company taxes? If you are hoping to increase your savings and pay significantly lower taxes, then you certainly need to use our professional and expert services. How do we do that?
We do a meticulous look at your tax contribution and share with you important tips on how lower your tax rate bracket and save your cash through greater tax deductions and tax reliefs. Our team has knowledge and expertise in the industry to assist you in your search for huge tax savings. You can claim tax reliefs for medical, housing, education, books, insurance, and so much more. We will help you file your tax on time and with accuracy and guaranteed savings.
Tax filing in Malaysia can be a confusing task for some taxpayers. Paying your income tax need not consume a lot your time and your hard-earned money. You can entrust your tax filing, calculation, and other concerns with us. We can ease your tax concerns to make your life easier this tax filing season.
