The TP1 is an income tax form given to the employer by the employee to ensure that bat (monthly tax deductions) has taken into account the necessary rebates and deductions. Discounts and deductions apply to book purchases, insurance, medical and other expenses. The amount of the deduction and rebate depends on the consent of the employer. It is the employer`s responsibility to inform its employees to provide form TP1 if necessary. No receipt or supporting documents are required when submitting the TP1 form. It is the employee`s responsibility to complete the forms and ensure that all information provided is accurate. It is not necessary to provide supporting documents such as receipts. The use of TP2 forms has been mandatory since 2015. If an employee receives benefits in kind (BIK) such as time off, club membership or allowances, these must be declared. In most cases, employees find that these benefits can often lead to an increase in the cumulative tax base, resulting in a higher tax rate and the need for a CP38 deduction. The mandatory introduction therefore ensures that the income tax to be collected is sufficiently calculated each month. Failure to provide complete and accurate employee information.
3. PCB TP3 form for information relating to employment with the previous employer The TP3 form is given to an employer with information about the previous employment of its newly hired employee during the current year. TP3 contains information on the employee`s cumulative deductions when working for the former employer. These details are used to enter the opening payroll for your new employee. It is the employer`s responsibility to inform its employees to provide this form if necessary. Form TP2 is used to include these benefits in an employee`s monthly income to determine the amount of GCO to which they are subject. It is imperative to include BIK in the calculation of the PCB. Employees cannot choose not to report their BIK in the same year and under the same employer. According to the requirement of the Inland Revenue Board (IRB) of Malaysia, an employee who joined the company during the year must submit the TP3 form to their new employer to provide information about their employment with the previous employer during the current year.
Form TP1 is an income tax form provided to an employer by an employee to ensure that all necessary rebates and deductions have been reflected in the BAT (monthly tax deductions). Deductions and remuneration in the form of book purchases, insurance, medical expenses and are recorded in form TP1. The TP1 is an income tax form that employees would submit to employers to ensure that bat takes into account the rebates and deductions required for book purchases, insurance, and medical expenses, among other things. To ensure that a new employee`s income tax falls into the correct tax bracket, Form TP3 requires information about the employee`s past compensation and benefits. It is imperative that each new employee completes this form to ensure the correct overall tax base. You don`t need to include receipts or supporting documents when submitting the TP1 form, but the only problem with submitting the form is that there is no set deadline for submission. This could mean more paperwork for your employers The 2016 contribution year is based on the calendar year, which means that you file your tax return forms for January 1, 2016 before December 31, 2016. The deadlines for submission are as follows: Employees who joined a company in the middle of the year must provide their new employer with a TP3 form to inform the employer of information about their previous employment in the current year.
A TP3 form mainly contains information about the deductions accumulated by the employee when he worked for the previous company. The deduction rate and rebates are determined by the current employer. It is the sole responsibility of the employer to ensure that form TP1 is distributed correctly and in a timely manner to its employees as required. It is not necessary to provide a physical copy of the supporting documents when submitting the TP1 form. TP2 is an application form for benefits in kind (BIK) provided by the employer. If an employee has received benefits in kind in the form of cars, accommodation, drivers or other benefits, he must complete this form every year. TP2 is a form needed to add the BIK that employees receive as part of their monthly income to determine the amount of PCBs they are exposed to. Employees are not allowed to refuse their decision to include BIK in the calculation of their PCB in the same year and under the same employer. TP forms are much less known among Malaysian employees today. However, the use of TP forms is beneficial for all parties – employers, employees and the Inland Revenue Board of Malaysia. Therefore, employers need to educate employees about the benefits of these forms to ensure a smoother process during tax season.
This information is then used by the new/current employer to enter the opening payroll for the employee. It is important to enter the opening payroll for a new employee in order to get an accurate monthly contribution to the PCB. It is the employee`s responsibility to submit form TP3 to the employer if necessary. On the TP1 income tax form, your employer must indicate your tax relief. The employer must refer to the employee`s data transmitted to the human resources (HR) department at the beginning of the employee`s employment. From there, the employer must then enter the relevant details into the form. PETALING JAYA: Employers are all in favor of the monthly tax deduction (BAT) as the final tax, but want the filing time of Form TP1 to be regulated. .