Other than truthfully declaring your income and reliefs, and submitting your tax files before the deadline stipulated by LHDN, taxpayers are also responsible for record keeping.
Taxpayers are required to keep the following documents for seven years from the end of the year in which the Income Tax Return Form (ITRF) is filed:
- EA/EC Form
- Original dividend vouchers
- Insurance premium receipts
- Books purchase receipts
- Medical receipts
- Donation receipts
- Zakat receipts
- Children’s birth certificates
- Marriage certificate
- Other supporting documents
- Working sheets (if any)
This is extremely important as LHDN has the right to request for any supporting documents for taxes paid previously. So if you’re filing for reliefs, make sure you keep your documents!
To help you make sure you know and understand which documents you need to keep for tax purposes, we’ve created a simple checklist for you to follow. Just follow the checklist and you’ll have all the documents you need when you need to do your income tax e-filing.
Failure to produce the supporting documents during a tax audit can result in tax penalty of RM300 to RM10,000, or imprisonment, or both! Find out more about tax audit and tax penalties here.
With this handy guide, we hope we have answered most of your basic income tax filing questions in Malaysia.
