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Form B

Posted LnCoadmin

It is time to submit Form B! For individuals with business income (income other than employment income), you will need to file the Form B.

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FAQs about Form B:

1. What is Form B? Who needs to submit it?

Form B is the income tax return for individuals with business income (income other than employment income). Malaysia Tax Residents who have business income, such as: Owner of Sole Proprietor, Individuals with commission income, Other individuals who have business income.

2. If I am an employee and I own an enterprise as well, should I submit both Form BE & Form B?

No, just submit Form B and declare all sources of income in the Form B.

3. If I owned a partnership, can I submit Form P only?

No, as Form P is tax return form for partnership income declaration, partners need to submit Form B respectively based on their profit received.

4. What is the deadline for Form B? Will a penalty be imposed if I submit the Form B after the deadline?

The due date for submission of Form B is 30.06.2024. (e-filing: 15.07.2024). Yes, the penalty imposed will be from RM200 to RM20,000 or imprisonment for not more than 6 months or both.

5. Will a penalty be imposed if I do not keep all the records?

If you do not keep your documents well, you may be charged. If convicted, the penalty imposed will be from RM300 to RM10,000 or imprisonment for not exceeding 1 year or both.

6. What is the Tax Relief in 2023.

Kindly refer to the Tax Relief 2023 on our website.

Personal Tax Relief: https://landco.my/tax-relief-en/personal-tax-relief-2023/