Income Tax

Individual Income Tax and Cuts

The income tax is a burden for us, but there are Several Reasons Which we can reduce the amount of tax is paid. Here are the types of deductions That can be given to individuals who pay income tax: -

1. Zakat
Pay 'zakat' is the monthly deduction. In this way, PCB (Schedular Tax
Deduction)can also be reduced.

2. Child Education / Education Takaful
Skim Simpanan Pendidikan Nasional (SSPN). It is a savings scheme designed by the
Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) for the purpose of higher
education. Maximum tax relief for individuals who are saving in SSPN was up to RM 3000

3. Purchase Books, Magazines and Journals
Save receipts Related Purchase of books, magazines or journals. These receipts
can be used to obtain maximum tax relief of up to RM 1000

4. Welfare Assistance

5. File a separate tax for individuals who have been married
For individuals who are married file separate income tax returns. Every
individual is entitled to receive tax relief of RM 8000 for the spouse

6. Continuing graduate education for adults.

7. Purchases of Sporting Goods
Purchases of Sporting Goods for maximum tax relief of RM300

8. Life Insurance / Takaful Keluarga
Tax relief is RM6000 (shared with the EPF contributions). It does not include
the education takaful. Ideally, separate the life insurance and takaful.

9. Medical Fee For Parents
Medical expenses for parents to receive tax relief of 5000

10. Computer Purchase every 3 years
3000 tax relief (once in 3 years)

11. Buy Property valued at RM 250k and below
Tax relief is RM2000

12. For the Overall Health Inspection (Full Medical Checkup)
The maximum tax relief is RM 500

For full Info please refer : http://www.hasil.gov.my/

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