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It’s actually a common misconception amongst landlords that they are not required to report their rental income, says Tricor Taxand executive director Thang Mee Lee.“Even if they are aware, some of them are not so well versed with the procedures, ” she tells StarBizWeek. IT’S income tax season again. For individuals who derive rental income from real property, it can certainly be a time of confusion and needless stress. We’ve all heard the horror stories of individuals who fail or forget to file their taxes, only to be slapped with back-taxes so high that their only recourse is to have a one-on-one appointment with their family psychiatrist; or to make a run for the border and disappear forever. ....
Peoples submit income tax submission before the deadline at LHDN office in Shah Alam (April 16,2021) - AZHAR MAHFOF/The Star PETALING JAYA: More than ever, this year’s tax relief measures offer a lifeline to many, especially since the Covid-19 pandemic has caused great upheavals and losses in the job market. With the deadline to file taxes fast approaching, tax experts are advising people to be aware of the relief they can claim for and the mistakes they should avoid. As of yesterday evening, the Inland Revenue Board (LHDN) had received 1.5 million tax return forms for individuals without business income, a 30% increase compared to the same time last year. ....