Individual with business, it's time to submit Form B

WHAT IS FORM B?

Income tax return for individuals with business income. These individuals covers:

• Sole proprietors

• Partners in a partnership

• Freelancers or gig workers

• Online business owners -  include those individuals/influencers earning income through social media platforms

• Individuals with side hustles generating business income

WHEN I HAVE TO SUBMIT?

Manual submission: 30 June 2025

• e-Filing (online submission): 15 July 2025 (with 15-day grace period)
  
  
  

• Always check LHDN’s official website for updates on the latest deadlines.

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• What Do You Need Before Filing?

• To submit Form B accurately, prepare the following:

• Business financial statements (Profit & Loss, Balance Sheet)
  
  
  

• Receipts and records of business income and expenses
  
  
  

• Tax reliefs and rebates you’re eligible for
  
  
  

• EPF, SOCSO, insurance, zakat contributions
  
  
  

• Your bank account info (for tax refund, if applicable)
  
  
  

• Using cloud accounting software or hiring a virtual accountant can help simplify this process.

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• How to Submit Form B

• There are two ways:

• 1. Online via e-Filing

• Most business owners prefer this method.

• Go to ezHASiL
  
  
  

• Log in using your MyTax ID and password
  
  
  

• Select Form B for the correct Year of Assessment
  
  
  

• Fill in all required sections:
  
  
  

• Personal details
  
  
  

• Business income
  
  
  

• Other income (rentals, dividends, etc.)
  
  
  

• Tax reliefs and rebates
  
  
  

• Double-check and submit your return
  
  
  

• Save the acknowledgment receipt
  
  
  

• 2. Manual Submission

• Download Form B from LHDN’s website
  
  
  

• Fill it in by hand and submit it at an LHDN branch
  
  
  

• Attach relevant documents if required
  
  
  

• Note: Manual submissions are less common and not recommended due to longer processing time.

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• Common Mistakes to Avoid

• Not declaring all business income
  
  
  

• Claiming ineligible expenses (e.g., personal costs)
  
  
  

• Missing deadlines (can lead to fines)
  
  
  

• Incorrect tax reliefs or failing to claim any
  
  
  

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• What Happens After You Submit?

• Once LHDN processes your return, you’ll receive a Notice of Assessment (Form J) stating the tax payable or refundable. If you’ve overpaid taxes via CP500 installments, you may get a refund.

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• Final Tips

• Keep your records for 7 years as required by LHDN
  
  
  

• Consider paying CP500 in the next year to spread out your tax payments
  
  
  

• Engage a licensed tax agent or virtual accountant if you're unsure
  
  
  

Conclusion:
Submitting Form B doesn’t have to be stressful. With proper records and a good understanding of the process, you can ensure timely and accurate tax filing. Stay compliant, stay organised, and focus on growing your business.