TAX season often brings a sense of urgency and a rush to meet deadlines for many individuals.
With the clock ticking, the Inland Revenue Board of Malaysia has issued a crucial reminder to taxpayers.
Could it be true that the deadline to file your taxes is indeed tomorrow?
Verdict:
TRUE
The Inland Revenue Board of Malaysia (IRB) has reminded resident individuals not carrying on a business that the e-Filing deadline for the Year of Assessment 2024 (YA 2024) is on Thursday (May 15).
This includes resident individual taxpayers such as knowledge workers, skilled professionals, non-citizens holding key positions and non-resident individuals.
Other categories include non-resident individuals (knowledge workers), organisations, estates of deceased persons and Hindu joint families.
e-Form submissions can be made via e-Filing through the MyTax portal at MyTax or through the official website at Hasil > MyTax > Perkhidmatan ezHasil > e-Filing.
The IRB also reminded taxpayers not to delay and to fulfill their responsibility in accurately reporting all income received via the e-Form and to make the required tax payments within the stipulated period to avoid penalties for late submission, tax increases and legal action.
Taxpayers are also advised to provide complete and up-to-date personal and banking information to ensure a smooth tax refund process.
The IRB emphasised that failure to submit the Income Tax Return Form and to report actual income within the stipulated period may result in enforcement action under the provisions of the Income Tax Act (ITA) 1967. Under Section 112(1) of the ITA, failure to submit tax return forms or to declare chargeable income may result in a fine of between RM200 and RM20,000, imprisonment for up to six months or both. Additionally, taxpayers who submit the forms after the deadline may face a 10% increase on the payable tax, as per Section 103(3) of the ITA.
Source:
Bernama
