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What Is A Credit Balance?

A credit balance exists when payments such as scheduler tax deduction, monthly installment payments or income tax payment exceed the tax liability (debit balance) of a taxpayer at any one time. A debit exists when the tax liability exceeds the tax payments.

How to prevent excess credit in the taxpayers account

Taxpayer should monitor the monthly deductions from salary or by-montly instalment payments on business income, and compare it with the actual tax liability according to the notice of assessment.

An application to the IRBMs Branch to stop further deductions from salaries must be made immediately upon confirmation of the tax liability to avoid excessive deduction from salary.

A taxpayer must ensure that the employer is notified of the following changes in personel details:

  • Marriage,
  • Number of Children,
  • Divorce/separation,
  • Death of spouse,
  • Death of child.

Furthermore, the taxpayer can furnish and submit to the employer Form PCB/TP1 (Form to claim individual deduction and rebate) if there are other deductions that can be claimed.

These information are important in determining the right amount of monthly salary deduction in accordance with the Schedular Tax Deduction tables.

IRBM should be notified by taxpayer on the amount of zakat paid in a year.

Hit(s) : 37,036
Updated : : 2010-09-23 23:52:49

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