Understanding how to properly fill out the TP-1 form is crucial for taxpayers to ensure compliance with tax laws and avoid penalties. Find all the essential information you need to know about the TP-1 form in this quick guide along with a free editable template you can download and use for your tax filing purposes.
What is a TP1 Form?
The TP1 form in Malaysia, also known as the "Borang TP1," is a document used for tax purposes by individuals who have received income from a business, trade, profession, or employment. It is used to declare income, deductions, and tax reliefs for the assessment year.
Who should fill up the TP1 Form?
Employees are responsible for completing form TP1 and making sure all the information is correct. They don't need to include any extra documents like receipts. The company has to keep all TP1, TP2, and TP3 Forms for at least seven years.
Is there a Deadline for TP1 Form Submissions?
TP1 forms should be submitted whenever there is a change of employment within a tax year. This submission is essential for ensuring the accuracy of tax calculations, as it allows for the proper reporting of income and deductions associated with the change in employment. Failure to submit TP1 Forms on time can result to fines ranging from RM20,000 to RM100,000 for each AY and/or imprisonment for up to 6 months or both.
The TP1 Form can be downloadedfor FREE from PayrollPanda and the LHDN official website.
TP1 Forms don’t need to be submitted to LHDN, they are instead submitted by employees to their employers to help ensure accurate tax calculations.
Yes, income tax forms can still be amended after submission. An appeal letter, and other required documents should be submitted within the stipulated deadline.
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