All About Living With Life: Are You Taking Advantages of Your Tax ...

Are You Taking Advantages of Your Tax Deductions?

In Malaysia, the tax system offers individuals many tax deductions. Are you aware of it and are you taking advantage to reduce your tax burden? ?Find out the deductions that you are entitled:1.????? Personal tax relief for self and dependent: RM90002.????? Relief for spouse / alimony payments : It is limited to RM30003.????? An additional relief? to a disabled taxpayer: RM60004.????? Disable wife/ husband: RM35005.????? Life support equipment for taxpayer, a child, spouse or parent: ?The maximum claimable? amount is RM50006.????? ?Parents? medical expenses: A maximum tax relief of up to RM5000 is given to the taxpayer. 7.????? Books, journals, magazines and publications (excluding newspapers): Maximum amount? claimable is RM1000 8.????? Treating serious diseases: The tax relief is up to a maximum of RM5000 for the taxpayer, spouse or child treating such illnesses like AIDS and cancer. Expenses for full medical examination of up to RM500 are included in this relief.9.????? Studies: There is a tax relief up to RM5000 for taxpayer who takes up certain courses such as law accounting, Islamic finance and IT.10.? ?A personal computer: An amount of up to RM3000 is claimable once every three years.11.? Sports equipment: Purchase of sports equipment for certain sports activities is claimable up to RM300.12.? Broadband services: The amount is limited to RM500 to any taxpayer who has a monthly broad band subscription.13.? Net saving in SSPN (The National Education Savings Scheme): it is limited to RM3000 per year. 14.? Donations: This tax deduction cannot exceed 7% of the taxpayer?s aggregate income. 15.? Insurance premiums: Premiums paid for? education and medical? policies in the name of taxpayer or for your spouse or child up to RM300016.? EPF (Employee Provident fund) and life insurance: A personal tax relief of up to RM6000 is claimable. In addition, you can claim up to RM1000 for payments into deferred annuity schemes.17.? Child Relief for parents: A tax relief of RM1000 per unmarried child each year until he or she turns 18. For a child who is 18 and above pursuing full-time education locally or overseas, one parent may claim a tax relief of RM4000. For an unmarried child who is over 18 and continuing full-time education at a secondary school entitles the taxpayer to a RM1000 relief. The tax relief for an unmarried and disabled child is at RM5000. An additional relief of RM4000 if your disabled child pursues a full-time tertiary education.18.? Tax deduction for property owners: Residential property owners can claim tax deductions on interest paid on the mortgages. Only one property qualifies for this deduction, and the taxpayer must be a citizen and resident of the country. You will get a relief of up to RM10000 a year for three consecutive years, from the first year that interest is paid. ????19.? ????Zakat (tithe payments for Muslim) or Fitrah: It is claimable up to the maximum of tax charged. 20.? ????A tax rebate of RM400 for resident individual with chargeable income? less than RM35000 is given ??21.? ????As in No. 20 where husband or wife is not working, a tax rebate of RM400 is also given.? Do you like this article? Please?stumble it!

Source: http://www.allaboutlivingwithlife.com/2012/03/are-you-taking-advantages-of-your-tax.html

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