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All You Need to Know About e-Filing & Tax Clearance in Detail

<br>The full form of electronic filing is "Electronic filing". In view of the expansion of the Internet, electronic filing has not only been popular, it is also mandatory in a large number of cases. Electronic filing is the process of filing tax returns over the Internet, using tax preparation software that has been previously approved by the corresponding tax authority.<br>

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All You Need to Know About e-Filing & Tax Clearance in Detail

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  1. All You Need to Know About e-Filing & Tax Clearance in Detail

  2. The full form of electronic filing is "Electronic filing". In view of the expansion of the Internet, electronic filing has not only been popular, it is also mandatory in a large number of cases. Electronic filing is the process of filing tax returns over the Internet, using tax preparation software that has been previously approved by the corresponding tax authority.

  3. Electronic Filing is the process of filing tax returns over the Internet using tax preparation software that has been pre-approved by the appropriate tax authority.

  4. Electronic filing or e filing 2021 has many benefits that have made this tax preparation system increasingly popular in recent years. The taxpayer can file a tax return from the comfort of their home, at any convenient time, once the tax agency begins accepting returns. Refunds for overpayments are received much faster than those for paper presentations.

  5. Malaysia Income Tax e-Filing Guide • So how do you file income tax? Taxpayers can begin filing their tax return forms through the electronic filing system on March 1 of each year, unless otherwise announced by LHDN. This electronic filing method is becoming popular with taxpayers for its simplicity and ease of use. • Unlike traditional income tax filing where you have to print the income tax form and fill it out manually, the electronic filing income tax form or lhdn e filing calculates your income tax automatically. Therefore, questions like "how to calculate my income tax" will not prevent you from obtaining your tax returns. • Filing your tax return through electronic filing also gives you more time to file your taxes, unlike the traditional method of filing, where the deadline is usually April 30.

  6. Tax Clearance in Malaysia • In essence, a tax settlement means a certificate letter from the Malaysian Public Revenue (LHDN) stating whether your employee owes any outstanding income tax. • Upon receipt of this letter, the employer will release the balance of any money withheld from the employee after he or she pays outstanding taxes (if any) as shown on the tax settlement letter / certificate. • The Tax Settlement Letter or Certificate (Surat PenyelesaianCukai - SPC) applies to Malaysians as well as expatriates or foreign employees.

  7. How to request a tax assessment? • To do this, the employer (usually the Human Resources Department) must complete one of the following forms: • Form CP21 (if you leave the country) • Form CP22A (for retirement, resignation or termination of employment if working in the private sector) • Form CP22B (for retirement, resignation or termination of employment if working in the public sector) • Filing can be done online through e-SPC (employer only) or manually through the LDHN office that handles your income tax file. • In the event of death, the beneficiary of the deceased taxpayer must inform the taxpayer's employer; thereafter, the employer must inform LHDN immediately of the death.

  8. When to request the tax settlement? • The employer must notify LHDN at least 30 days BEFORE the expiration of the employee's employment contract, the date of resignation or termination of employment, or the date of departure of the employee from Malaysia. • In the event of death, the next of kin must submit the request within 30 days after the date of death. • For EPF / SOCSO, the employer does not need to submit any special forms to EPF or SOCSO in the event that an employee stops working.

  9. What happens if the tax assessment is delayed? • The delay in filing the application for tax clearance or assessment may be subject to a penalty. The sanction will consist of fines of between MYR 200 and MYR 20,000 and prison terms of up to six months. LHDN may take legal action against the employer who fails to pay the outstanding tax according to the Tax Settlement Letter.

  10. How long will it take for LHDN to process the tax settlement request? • If the employer submits all required documents and there are no further inquiries, LHDN will process and issue the Tax Settlement Letter within ten business days.

  11. About Us • QNE Software SdnBhd (QNE) is a dynamic organization located in Kuala Lumpur (KL) that actively provides Accounting System to the South East Asia market. QNE’s solutions are designed specifically to meet the requirement of local business practices and challenging environments. Since QNE (formally known as OneStop Software Solutions (M) SdnBhd) was formed on 15 August 2001 under the Companies Act 1965, QNE’s is known for its strong commitment to research and development. As a result, QNE was awarded the MSC Pioneer Status in April 2005. • Website - https://www.qne.com.my/

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