TAX QUESTIONS? YOU ASK LAH!

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Q: I only earn casual income from my part-time online business. Do I still need to declare this income in my income tax return?

A: Yes, you are still required to declare this income in your income tax return. Failure to do so is an offence under Section 113 of the Income Tax Act 1967 for making an incorrect tax return by omitting or understating income. A fine of RM1,000 to RM10,000 and a penalty of up to 200% of the tax undercharged could be imposed for this offence. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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