Can someone explain to me how does the rm6000 tax relief for EPF works?
I pay rm7500 in tax a year, do I get to deduct 15% (or whatever tax bracket i'm in) from the rm10k a year EPF that I pay?
Income Tax Issues v2
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 Feb 26 2012, 05:19 PM
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Feb 27 2012, 12:02 AM
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QUOTE(David83 @ Feb 26 2012, 06:37 PM) All tax relieves are deducted from the gross income in order to compute for chargeable (taxable) income. Since tax is deducted automatically from my pay. Does that mean the personal relief tax deduction I have to claim from them at the end of the financial period each year? I.e. personal tax relief is 10k. Taxable income for the year is 84000, EPF/socso contribution for the year is 9417, tax paid is 6312 which is 8.46% (i assume EFP Socso contribution is not taxed). So I can claim back 8.46% of 10k which amounts to rm846.Your taxable income will determine which tax bracket you'll fall into.  Is this correct? |
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