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 Income Tax Issues v3, Anything related to Personal Income Tax

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giko
post Oct 10 2014, 09:24 AM

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QUOTE(PJusa @ Oct 10 2014, 09:14 AM)
quick question regarding PTPTN savings:

for the 6k tax deductable do i also factor in interest paid for 2014, i.e. deposit only 6,000 RM less interest (i.e. 600 RM) = 5,400 RM or can I only deduct 5,400 RM then from my taxes and the interest is not considered?
it should be RM6k + interest (last year 4.25%) BUT the max can claim is RM6K (from YA2012 till YA2017)!

sources = http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

http://www.ptptn.gov.my/web/guest/simpanan/cukai

This post has been edited by giko: Oct 10 2014, 09:26 AM
giko
post Oct 22 2014, 09:29 AM

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QUOTE(simplesmile @ Oct 22 2014, 06:32 AM)
Dividend should not be counted.
Same as EPF. We are entitled to RM6k EPF relief. The relief is based only from your fresh contribution. Not inclusive of the EPF dividend.
Once when I didn't deposit the max of RM3K (before the RM6K came into force), PTPTN sent me a tax cert confirming that my dividend were eligible for tax deduction. So pls call PTPTN for re-confirmation. smile.gif

giko
post Dec 18 2014, 07:37 PM

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QUOTE(ccschua @ Dec 18 2014, 07:31 PM)
can I know SSPN-i deduction is maximum 6000 a year ?
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yes, RM6k per parent = http://www.ptptn.gov.my/web/guest/simpanan/cukai

giko
post Dec 18 2014, 07:46 PM

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QUOTE(David83 @ Dec 18 2014, 07:39 PM)
That starts from YA2014 right?

YA2013 is still at RM 3k.
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RM6k from YA2012 till YA2017. See item 11. = Net saving in SSPN's scheme (with effect from year assessment 2012 until year assessment 2017) = http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

This post has been edited by giko: Dec 18 2014, 07:47 PM
giko
post Dec 18 2014, 08:24 PM

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QUOTE(David83 @ Dec 18 2014, 08:02 PM)
How about item 10?

10 | Tabungan bersih dalam skim SSPN | 3,000 (Terhad)

So contradicting and confusing?
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item 10 is for ya2011 & below & ya2018 & above. item 11 is the extra for ya2012 till ya2017.

after ya2017 it'll revert to item 10, or to any changes the gahmen may decide upon. so, where's the confusion?

This post has been edited by giko: Dec 18 2014, 08:25 PM
giko
post Feb 25 2015, 12:07 PM

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1. Lembaga Hasil Dalam Negeri Malaysia (LHDNM) ingin memaklumkan bahawa
pengemukaan Borang Nyata Cukai Pendapatan (BNCP) Tahun Taksiran 2014
melalui e-Filing bagi Borang E, BE, B, BT, P, M, MT, TP, TF dan TJ boleh dilakukan
mulai 1 Mac 2015.

http://www.hasil.gov.my/pdf/pdfam/Kenyataa...ksiran_2014.pdf
giko
post Mar 20 2015, 01:52 PM

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How Much Do I Have To Earn Before Filing Income Tax?
For most residents of Malaysia, the key figure to take note of is about "RM30,672 per year (about RM2,556 per month after EPF deductions)" which is inclusive of all benefits, allowances, bonuses, overtime and commissions. If you're earning anywhere below that figure, then there's no need for you to open up a file for tax to be deducted from your income (while the con is that you're probably not earning as much as you'd like, the pro is that there's less hassle from a tax perspective!).

details at http://savemoney.my/malaysia-income-tax-guide-2015
giko
post Mar 20 2015, 04:12 PM

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QUOTE(zeese @ Mar 20 2015, 03:33 PM)
I think, statement below is more updated
Under Budget 2015, tax payers with family and income of RM4,000 per month will not have tax liability.  Individual income taxes will be restructured whereby the chargeable income subject to the maximum rate will be increased from above RM100,000 to RM400,000.

http://e-cukai.com/2015-lhdn-income-tax-rate/
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Your link is for YA2015, & mine is YA2014. Yes, RM4,000 is correct for YA2015 but not for YA2014 which is RM30,672!

savemoney.my used "malaysia-income-tax-guide-2015" for YA2014, not YA2015. Click my link first before commenting. TQ

This post has been edited by giko: Mar 20 2015, 04:14 PM
giko
post Apr 23 2015, 05:47 PM

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My son's doing his CAT course at Sunway College. Is the CAT course a diploma level? There's a difference of RM5,000 in relief between:-

a) "Each unmarried child of 18 years and above who is receiving full-time education ("A-Level", certificate, matriculation or preparatory courses). = RM1,000"

b) "Each unmarried child of 18 years and above that:

(i) receiving further education in Malaysia in respect of an award of diploma or higher (excluding matriculation/preparatory courses).

(ii) receiving further education outside Malaysia in respect of an award of degree or its equivalent (including Master or Doctorate).

(iii) the instruction and educational establishment shall be approved by the relevant government authority. = RM6,000"

source = items 18 & 19 at http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

Pls advise. TQ

Cheers smile.gif

This post has been edited by giko: Apr 23 2015, 05:50 PM
giko
post Apr 23 2015, 09:13 PM

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QUOTE(David83 @ Apr 23 2015, 08:27 PM)
It's a certification course:
there goes the rm5K relief...

thanks David.

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