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Assignment 7-3

EN. Danial Pn. Damia En. Danial Pn. Damia

Section 4 (a) Business 45,000 51,000 45,000 51,000Section 4 (b) Salary - 28,000 - 28,000Section 4 (c) Dividend 4,800 2,400 4,800 2,400Section 4 (d) Rental 42,000 - 42,000 -AGGREGATE INCOME 91,800 81,400 91,800 81,400(-) Approved donation -2,500 -2,000 -2,500 -2,000TOTAL INCOME 89,300 79,400 89,300 79,400COMBINE TOTAL INCOME 89,300 79,400(-) Personal Relief

Tax payer -9,000 -9,000Spouse - -

Education insurance - -2,400EPF - -3,080Education fees -2,500 -Reading sources -1,000 -Children - First -4,000 -

- Second -1,000 -CHARGEABLE INCOME 71,800 64,920

Tax Payable:First charge -70,000 7,125

-50,000 3,325

-100,000Second charge - 1,800 x 24% 432

- 14920 x 19% 2,835- 42,720 x 26%

TAX CHARGE PAYABLE 7,557 6160 25432

:. The separate assessment is a good method to be choose

Tax Payable Statement for the year assessment 2010En. Danial & Pn. Damia

11,107

Separate Assessment Joint Assessment

168,700

-9,000-3,000

-2,400

14,325

-3,080-2,500-1,000-4,000

-1,000142,720

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a.Pakej 1 Pakej 2

Section 13 (1) (a) Salaries 24,000 24,000Bonus 2,000 2,000

Elaun - vehicle 9,600 1,200- Oil - 600- House 12,000 -- Entertainment 7,200 4,000

Section 13 (1) (b) Furniture - 3,360Section 13 (1) ( c)

The annual value of residential 24,000@

30% x 31,800 9,540 9,540GROSS EMPLOYMENT INCOME 54,800 44,700Less: Allowed deduction - -

ADJUSTED INCOME 54,800 44,700Less: Personal relief

Tax payer -9,000 -9,000EPF -6,028 -4,917

TAXABLE INCOME 39,772 30,783

Tax payable:

First charge (20,000) 475 475Second charge - 19,772 x 7% 1,384.04

- 10,783 x 7% 754.81TAX PAYABLE 1859.04 1229.81

b.

Assignment 7-6

Tax Payable Statement for the year assessment 2010

i. The full amount of retirement gratuity received by an employee is exempt income tax.ii. Death gratuity given to an employee can reduce income tax payable.iii. Provide more facilities to the workers such as bonus, computer, and education.iv. Provide compensation to the worker who have done their services.

v. Ensure that the worker is residential of Malaysia.

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a.

b.

c.

e. Do not want to pay taxes.

Tax evasion is illegal activities by taxpayer to reduce the tax liability or tax payable. It is

true state of their affairs to the tax authorities to reduce their tax liabities, and includes,inparticular, dishonest reporting (such as declaring less income, profit or gains than

actually earned; or overstating deduction). The government imposes strict and seriouspenalties for tax evasion. Five situation are:

Assignment 7-9

d. Tax payers leaving Malaysia without to pay taxes.

includes the failure to declare the incomes, misrepresentation, alter fraudulently andect. Tax evasion usualy ebtails taxpayers deliberately misrepresenting or concealing the

b. Run from paying taxes. Helping tax payers fled.a. Not to submit the income statement.

c. Helping tax payers fled.

Logical analysis of a financial situation or plan from a tax perspective, to align financial goals with taxefficiency planning. The purpose of tax planning is to discover how to accomplish all of the otherelements of a financial plan in the most tax-efficient manner possible. Tax planning is series of

measures taken by taxpayer thus to manage or allows the other elements of a financial plan tointeract more effectively by minimizing, eliminating, or deferring tax liability, but within the ambit of tax legislations. Such transactions have to be commercially justified in order to avoid the invocation of anti avoidance section IRB. This chapter will include Tax Planning for Companies and Individuals. Taxavoidance is legal liabilities by tax payer to reduce the tax liability (tax payable).

There are few basic ways how a new company can plan to minimize their tax liability:a. Reducing incomeb. Increase your tax deductionc. Take advantage of tac creditsd. Increase your witholding

e. Pension allowances

i. giving allowances to employees

f. Tax-efficient investmentg. need to gove bonuses to employeesh. prvide laptops to employees

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