KUALA LUMPUR, Jan 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed yesterday’s gains to close lower on Wednesday as investors took profit amid the negative performance of regional peers. At 5 pm, the FBM KLCI fell 14.96 points or 0.92 per cent to end at its intraday low of 1,614.83 from Tuesday’s close of 1,629.79. The benchmark index opened 0.87 of-a-point easier at 1,628.92 and hit an intraday high of 1,631.15 during the early morning session. Decliners trounced advancers 827 to 285 on the broader market, while 497 counters were unchanged, 761 untraded, and 10 others suspended. Turnover narrowed to 3.59 billion units valued at RM3.06 billion against Tuesday’s 3.91 billion units valued at RM3.29 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that major Asian indices followed Wall Street’s downbeat performance, driven by t...
So, it's the time of the year again - the income tax season. For those who has already getting their salary deduction monthly through the PCB or Scheduler Tax Deduction (STD), this is the time where you can claim back what you have paid in advance to the government.
The purpose I am writing this blog post is to remind as many as possible to do the income tax filing as soon as possible; reason being, you will get your income tax refund faster and you will get the peace of mind of having something done before the deadline. There is still another 30 days to go before the deadline, so some might still been struggling to find or get receipts to prove their tax reliefs claim, but in my opinion, for those who are having taxable income in the middle of one tax bracket, those reliefs won't really affect much - unless the deduction brings you to a lower tax bracket.
What is tax reliefs? It is defined as “an amount that can be deducted from a person’s annual income to reduce the amount on which tax is paid”. To describe it in a more clear and concise manner, it is actually a way for you to lessen your chargeable income.
For example, you take home a annual paycheck of RM40,000 from your company in 2013 and if there were no tax exemptions or reliefs, your chargeable income will remain the same and your tax for the year would have been in the 11% bracket; but because every residents get up to RM9,000 tax relief your chargeable income will now be RM31,000 and tax at 6% bracket.
The following are the reliefs available for Malaysians:-
* Removed:- RM500 for broadband
The purpose I am writing this blog post is to remind as many as possible to do the income tax filing as soon as possible; reason being, you will get your income tax refund faster and you will get the peace of mind of having something done before the deadline. There is still another 30 days to go before the deadline, so some might still been struggling to find or get receipts to prove their tax reliefs claim, but in my opinion, for those who are having taxable income in the middle of one tax bracket, those reliefs won't really affect much - unless the deduction brings you to a lower tax bracket.
What is tax reliefs? It is defined as “an amount that can be deducted from a person’s annual income to reduce the amount on which tax is paid”. To describe it in a more clear and concise manner, it is actually a way for you to lessen your chargeable income.
For example, you take home a annual paycheck of RM40,000 from your company in 2013 and if there were no tax exemptions or reliefs, your chargeable income will remain the same and your tax for the year would have been in the 11% bracket; but because every residents get up to RM9,000 tax relief your chargeable income will now be RM31,000 and tax at 6% bracket.
The following are the reliefs available for Malaysians:-
* Removed:- RM500 for broadband
Tax reliefs
|
Max amount (RM)
|
Self and Dependent
|
9,000
|
Life insurance and EPF
|
6,000
|
Husband/Wife/Alimony Payments
|
3,000
|
Ordinary Child relief (per child)
|
1,000
|
Interest expended in 2013 to finance purchase of residential
property dated 2010 (but interest payments starting in 2011 only)
|
10,000
|
Net saving in SSPN's scheme
|
6,000
|
Education Fees (Individual)
|
5,000
|
Updated: PRS Voluntary Contribution
|
3,000
|
Purchase of personal computer (every 3 years)
|
3,000
|
Insurance premium for education or medical benefit
|
3,000
|
Special relief for tax payers earning an income of up to RM8,000
a month (RM96,000 annually). Only applicable for the 2013 year of assessment.
|
2,000
|
Purchase of books, journals, magazines and publications
|
1,000
|
Complete medical examination
|
500
|
Purchase of sport equipment for sport activities
|
300
|
Disabled Individual
|
6,000
|
Basic supporting equipment (for disabled self, spouse, child or
parent)
|
5,000
|
Medical expenses for serious diseases
|
5,000
|
Disabled child
|
5,000
|
Medical expenses for parents
|
5,000
|
Child age 18 years old and above, not married and pursuing
diplomas or above qualification in Malaysia @ bachelor degree or above
outside Malaysia in program and in Higher Education Institute that is
accredited by related Government authorities
|
4,000
|
Disabled Wife / Husband
|
3,500
|
Child age 18 years old and above, not married and receiving
full-time tertiary education
|
1,000
|
Premium on new annuity scheme or additional premium paid on
existing annuity scheme commencing payment from 01/01/2010 (amount exceeding
RM1,000 can be claimed together with life insurance premium)
|
1,000
|
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