All Employee Remember to File in Your Taxes by May 15
source lhdn
Dear employees, have you filed a tax return? For those who have not filed a tax return, remember to report your income in 2020 last year before the deadline! Employed persons with no business income will have the deadline for submitting BE tax returns in handwritten form on April 30. As for taxpayers who use the e-Filing system, they will enjoy an additional 15-day extension; in other words, to The deadline for submitting BE tax returns electronically is May 15th.
People are urged to file their taxes before the deadline, but if they remember that they have not filed their taxes after the deadline, they can still file their taxes as soon as possible, but they will be fined. The fine will be calculated based on the delayed date, and a 10% fine will be levied on the overdue tax. If the tax and fines are still not paid after 60 days, the authorities will impose an additional 5% on the overdue tax and fines.
For example, the amount of income tax originally required to be paid is RM100. If you declare the tax after the deadline, you will be fined 10%, which means you need to pay a total of RM110. If it takes more than 60 days to file a tax return, you will be fined another 5%, which is RM110 plus 5%, for a total of RM115.50. In addition, those who have not filed a tax return, or have filed a tax return, but are involved in tax evasion, can be fined up to 300% or even go to jail!
Therefore, people are urged to file tax returns on time and to declare honestly. After all, in this era of big data, the tax bureau can easily find people’s income.
- Failure to file a tax return and unable to provide a reasonable explanation may result in a fine of RM200 to RM2,000 or imprisonment or both.
- For those involved in tax fraud and tax evasion, the maximum penalty can be up to a 5-figure fine, 200% to 300% of the tax under-reporting, and severe cases may even face jail!
- Obstructing tax bureau officials from performing their tasks, ignoring the tax bureau’s request for specific information without reasonable explanation, will also face fines, imprisonment or both.
On the other hand, those who pay PCB withholding tax every month, if they feel that they have paid more, can also file tax returns and claim back. If the taxpayer’s electronically submitted tax returns are accurate, the tax bureau promises to refund taxpayers who have overpaid withholding tax (PCB) within 30 working days; for handwritten tax returns, it will take 90 working days.
source lhdn