Expanding the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000
The EPF welcomes the initiative to expand the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000.
This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF. This means that a member who contributes compulsorily (tax relief up to RM4,000) and increases savings with voluntary contributions will be able to enjoy tax relief of up to RM7,000

Your RM10k annual Employee+Employer EPF contribution covers the first RM4k tax relief.
The balance is RM800 Life/Takaful/Medical Insurance + RM2200 (EPF Self Contribution) for the next RM3000 tax relief.

Hello, anyone can share about the Tax Relief 2023 for the KWSP category?

If every year I was able to maximise the tax relief with KWSP+Life Insurance. Does it affect me? Was trying to search, but not much info available online.

Anybody facing issues to log in to MyTax website? Never ending loading after input password.

the best receipt from hospital
Paid By <tax_payer_name>
Patient <parent's name>

you submit tax relief, in which the receipt not under your own name, that's why they audit you in the first place.....  

I have a question about the "Life insurance premium / Contribution to EPF (voluntary) cap at 3000" part.

For the "Contribution to EPF (voluntary)" can I take an amount from my auto deduction EPF amount to max out the 3000?

Asking because my life insurance premium by itself is not at the 3000 cap.

Hi. If i contributed more above the mandatory EPF deduction via payroll, does the additional contribution is considered as voluntary deduction? There are some who says that voluntary deduction must be outside of payroll deduction.

Hello Sifus, in the BE form there's a section for "PENDAPATAN BUKAN PENGGAJIAN BAGI TAHUN KE BELAKANG YANG BELUM DILAPORKAN".
I'd like to understand more for this section.
Say if I have undeclared rental in year 2019 that I forgot/mistakenly omitted in the 2019 taxation, can I declare this amount in 2021?
Will I be fined if declare it?

Also the amount here is to declare the total rental amount without deduction of relief like loan interest?
I also notice after keying in the amount, it won't go into the final amount I have to pay for this year. So wondering what's the point of declaring but payment cannot be made?

no real change... for employees who contribute more than RM4k via employer payroll.
it's more for those gig workers who does not contribute the 4k to EPF on regular monthly contribution.

Eg. your salary > RM3100 already cannot utilise that tax relief of EPF voluntary contribution

Insurans nyawa dan KWSP
Premium insurans nyawa / Caruman kepada KWSP (Sukarela) TERHAD 3,000
Caruman kepada KWSP (Sukarela atau wajib) / skim yang diluluskan TERHAD 4,000

A) If I have insurans nyawa & contribute kwsp wajib & sukarela.
means can claim in total 7,000?

B) If I DO NOT have insurans nyawa but contribute kwsp wajib & sukarela.
means can claim only 4,000?

Thanks for your respond.

Mean 7000 is 3,000 from kwsp sukarela + 4000 from kwsp wajib, right?

by the way, if individual, do buy sport item at decalton consider exercise equipment? (all swimsuit, sport wear my children. hahaha)

assuming I m retired at 55.

I have a EPF saving of 2 Mil as well as a housing loan (2nd house) of 2 Mil.
which is better :

A. I could have withdrawn all EPF to pay off the debt of the 2nd home (debt free) and declare rental income and get tax.

B. continue EPF withdrawal to settle monthly debt. do not need to declare to IRS for rental income as its used to offset installment.

see response above.

option A will attract tax while option B (with the rental not even enough to set off the monthly installment)

wanna ask for YA 2024, is running shoes included?

https://says.com/my/sports/103-types-of-spo...1000-tax-relief

how about next year?