Tax questions? You ask lah! #189

Published: Wed, 09/18/24

Updated: Wed, 09/18/24

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

I have appointed a tax agent to file my income tax return for my sole proprietorship. Is the tax filing fee eligible for tax deduction?

Yes, a deduction is allowed for tax filing fee charged by a licensed tax agent for preparing and submitting the income tax return of the sole proprietor.

I submit Form e-B annually to report my sole proprietorship’s income. If my sole proprietorship suffers a loss, thus I have no chargeable income for the year of assessment (YA) 2023, do I still need to submit Form e-B for YA 2023?

Yes, you are still required to submit Form e-B even if you have no chargeable income for YA 2023 because according to the Income Tax Act 1967, you are still required to submit the income tax return form for the current YA if you have submitted an income tax return form for the immediate preceding YA.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my course! https://bit.ly/free-webinar-english

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