Everything You Need to Know About Form CP500

1. Everything You Need to Know About Form CP500 CP500 stands for Notis Bayaran Ansuran, which stands for Income Tax Advance Payment in Installments. Form CP500 is a tax payment scheme for a taxpayer who has income other than income from work, such as business income, rental income, and royalties. Released by IRBM. Who will receive the CP500 form? If the taxpayer has income other than employment, such as business, rent and royalties, he must make 6 installments payments twice a month starting in March. The due dates will be indicated on the Notice of Payments Due (CP500). The amount of each payment will be assessed by IRBM. Notices to taxpayers will indicate the amount, due date and number of payments that the taxpayer must pay. What's the time frame for the CP500? Payment for the CP500 form must be made within 30 days from the date of payment (Tarikh Kena Bayar). Failure to pay the tax portion (if any) by the filing deadline will result in a 10% penalty on the outstanding balance. The fines are self-assessed and paid to the Malaysian Internal Revenue Department (MIRB). Can I revise the CP500 installment plan? Form CP500 can be modified by completing Form CP502 and sending it to the appropriate LHDN branch by June 30 of the current assessment year. However, if the revised tax amount (Form CP502) is 30% less than the actual tax amount payable, the difference will be subject to a penalty of 10%. The formula for calculating the tax amount to be increased is as follows: = [(Actual tax payable - Estimated tax payable) - (30% x Actual tax payable)] x 10% For more info visit - https://www.qne.com.my