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Thursday, April 24, 2008

Income Tax Blues

Its income tax time again. Last night I had to spend the whole night filling up the income tax forms for our small company that's forever making losses. Learnt something about capital allowances from my consultant, Rina.It was Rina who taught me how to fill the forms. Wait till we make profits, then I have to seek Rina's help again.
Tonight, my daughter is learning to fill up her form. She has been working since 2005, but has not find the time to file her income tax. Now, she goes trying to find the receipts for her laptop, books,magazines,etc, after finding out that the sthetoscope and payment made to sit for the MRCP exam are not eligible. Unfortunately, the government only encourages post-graduate learning in local universities. Sitting for foreign qualifications does not qualifiy for any rebates. Poor gal!
With e-filing, for the computer savvy, you don't need to go to the bank to pay your income tax.You can even do it on your computer.How convenient, pay your tax and then file online.But for oldies like me, I still subscribe to the manual way, filling by hand and then park and go to the LHDN office to submit my forms because I want them to stamp the date on the duplicate. This can be useful if you need to certify your income for banking and other financing needs.Even your children's scholarship applications.

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