The proposed amendment to Section 6 of the Income Tax Act represents a significant development in the taxation landscape.
Section 6 is a foundational provision governing the chargeability of income tax on the income of any person in Malaysia.
The amendment aims to refine and clarify certain aspects of this crucial section, ensuring a more precise and up-to-date framework for assessing income tax.
As we delve into the details of this amendment, it becomes evident that the changes are designed to enhance clarity, address specific scenarios, and align the legislation with the evolving economic landscape. Let’s explore the key modifications and their implications for taxpayers in Malaysia.
A new Part XXI of Schedule 1 to the Income Tax Act 1967 will be introduced to delineate the tax rates applicable to chargeable income arising from the disposal of capital assets.
Related-Article:
Finance (No.2) Bill 2023 – https://www.ccs-co.com/post/finance-no-2-bill-2023
Finance (No. 2) Bill 2023: Amendment of section 2 – https://www.ccs-co.com/post/finance-no-2-bill-2023-amendment-of-section-2
Budget 2024: Further Tax Deduction For Voluntary Carbon Market (VCM) – https://www.ccs-co.com/post/budget-2024-further-tax-deduction-for-voluntary-carbon-market-vcm
Amendment to Section 4 of the ITA 1967 – Gains from the Disposal of Capital Asset – https://www.ccs-co.com/post/amendment-to-section-4-of-the-ita-1967-gains-from-the-disposal-of-capital-asset
Amendment to Section 4B of the ITA 1967 – Extension of the Scope of the Non-Business Income – https://www.ccs-co.com/post/____a
Amendment to Section 6: Income Tax Rates on Capital Asset Disposals – https://www.ccs-co.com/post/amendment-to-section-6-income-tax-rates-on-capital-asset-disposals
New Section 15C of ITA: Tax of Disposal Gains from Foreign Companies with Malaysian Real Property – https://www.ccs-co.com/post/new-section-15c-of-ita-tax-of-disposal-gains-from-foreign-companies-with-malaysian-real-property Amendment to Section 44(7A): Expanded Business Allocation for Charitable Entities – https://www.ccs-co.com/post/amendment-to-section-44-7a-expanded-business-allocation-for-charitable-entities
Evaluating the Impact: Section 61 Amendment on Trust Taxation – https://www.ccs-co.com/post/evaluating-the-impact-section-61-amendment-on-trust-taxation
Amendment to S 77A: New Reporting Rules on Capital Asset Disposal – The Impact of Section 77A(1B) – https://www.ccs-co.com/post/amendment-to-s-77a-new-reporting-rules-on-capital-asset-disposal-the-impact-of-section-77a-1b
Amendment to S 77B: Understanding Section 77B’s Latest Facets – Impact on Amendment of Tax Return – https://www.ccs-co.com/post/amendment-to-s-77b-understanding-section-77b-s-latest-facets-impact-on-amendment-of-tax-return
Evolution of Record-Keeping: Amendments to Section 82 – https://www.ccs-co.com/post/evolution-of-record-keeping-amendments-to-section-82
Transformative Tax Compliance in the Digital Era: Insights into Malaysia’s New Sections 82B and 82C – https://www.ccs-co.com/post/transformative-tax-compliance-in-the-digital-era-insights-into-malaysia-s-new-sections-82b-and-82c
