Income Tax 2024 Deadline: Late Submission Penalty Lhdn Due Date

Income Tax 2024 Deadline Malaysia and due date 2024: Late filing and Submission Penalty From Lhdn

income tax lhdn 2024 deadline

What is tax filing? Income tax malaysia is a tax imposed by the government on individuals and corporations that generate income within their jurisdiction. It is an obligation to the individuals or corporations that are entitled to this income tax, which is entirely called as “taxpayers”.

In addition, the income tax that has been contributed by the taxpayers will be used to fund public services, provide facilities to the public and pay the government’s obligations for the entire year.

The eligible taxpayers are entitled to pay their income tax annually before the lhdn e filing 2024 deadline stated by the IRB. Taxpayers must file the tax declaration form through e-filing to avoid lhdn late submission until get penalty.

This is to ensure that the taxpayer is exempt from any penalties and legal actions. Hence, the income tax deadline for year 2024 (i.e year end 2023) is on 15th May 2024.

What Happens If I Miss LHDN Income Tax 2024

According to the Inland Revenue Board (IRB), the last due date for income tax submission in 2024 through manual and e-filling is on April 30, 2024 and May 15, 2024 respectively.

Individuals and corporations taxpayers that missed the deadline within the stipulated period will be entitled to late submission, increasing late payment fees and legal actions by the government.

Penalties of 10% will be imposed by the IRB on the late declaration and filing of the income tax during the assessment year. In addition, pursuant to the Income Tax Act 1967, a taxpayer who fails to furnish the income tax annually without any reasonable excuse will be fined between RM200 and RM20,000, or jailed for not more than six months, or both.

Therefore, every taxpayer needs to be alert and keep updating the income tax deadline to avoid these penalties.

How To Calculate Late Submission Penalty Tax E Filing Malaysia

In practice, the IRB has set the late filing penalty rates for taxpayers who fail to submit and pay their income taxes.

A late filing penalty of up to 35% will be imposed on the taxpayer from the taxable amount that needs to be paid by the taxpayer.

Below are the rates of late submission allowed by the IRB;

More than 12 month from lhdn deadline 202420%
Between 12 months to 24 months25%
Between 24 months to 36 months30%
More than 36 months35%

For example: 

  • Outstanding amount of estimated tax need to be paid = RM2,000
  • Rate for fail to submit tax filing up to 12 months = 20%
  • Total penalty = RM2,000 x 20% = RM400

Income Tax Deadline For Personal & income tax due Date 2024 For Company

Individual and corporation taxpayer have different timeline of the income tax lhdn submission deadline 2024.

The malaysia income tax submission and filing deadline for personal taxpayer is on 15 May 2024.

However, for company tax submission deadline 2024 / malaysia corporate tax filing deadline 2024 malaysia, the due date fro income tax 2024 is on 30 April 2024.

The payment and submission of tax forms need to be done before these deadlines.

Lhdn Late Filing Penalty For LHDN CP204 Payment

CP204 is a form that needs to be submitted in order to declare the estimated tax payable to IRB.

This form is required to be filled out by companies, Limited Liability Partnerships (LLP) and trust bodies to declare their tax payable for the assessment year.

In addition, the completed CP04 form needs to be filed and submitted to the IRB within a stipulated time.

Submissions can be done online through the official website, MyTax.

Taxpayers who fail to file and submit this form before tax filing deadline 2024 malaysia will be entitled to a penalty.

A fine of between RM200 and RM20,000, or being jailed for not more than six months, or both, will be imposed on the taxpayers.

Any lhdn late filing penalty will be entitled to 10% penalties on their unpaid tax balance.

Hence, submission and payment are crucial to be made annually to avoid the penalties.

How Can I Avoid e Filing Penalty

The late filing penalty lhdn imposed by the IRB will reflect the bad performances of the corporation and individual in terms of paying tax on time.

Because of that, every taxpayer needs to be aware of the e filing deadline 2024 malaysia announced by the IRB.

This is to ensure that every taxpayer has sufficient time to prepare to submit and pay the income tax before lhdn due date 2024.

Other than that, paying and submitting the tax form before the lhdn deadline 2024 due date can help the taxpayer to avoid the late filing penalty lhdn.

In a nutshell, every taxpayer needs to know their responsibilities and obligations to pay the income tax to the government every year.