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Q: My tax payable is nil. Will I be penalised if I submit my income tax return late?
A: According to Section 112 of the Income Tax Act 1967, any person who fails to furnish his income tax return on time, can be liable to a fine of not less than RM200 and not more than RM20,000 or to imprisonment for a term not exceeding 6 months or both.
Wishing you plentiful tax savings!
YYC Tax Guru