Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 Personal relief Income tax, legally, reduce income tax

views
     
Bodhi
post Nov 26 2006, 11:38 AM

Getting Started
**
Junior Member
129 posts

Joined: Jul 2005



Hiya, I am about to work in a months time and have been wondering about tax. I got a couple of questions to ask which I will be highlighting in bold in the following quote.


QUOTE(mxxuang @ Nov 22 2006, 11:23 PM)
Here's a list of personal relief which might help you :

This only apply to resident individuals. These relief are not available to you if you're not an resident individual.

Section 46
a)  Personal relief : RM8000
b)  (i) Medical expense for parents : RM5000(max)
    (ii) Medical expense for taxpayer(you), spouse and children in respect of serious diseases : RM5000(max)*
c)  Basic supporting equipment(i.e. wheelchairs, crutches for disabled taxpayers, spouse or child) : RM 5000
d)  Disabled tax payer(Hopefully you don't make yourself one) : RM6000
e)  Fees for education in law, accounting, technological, vocational or industrial fields scientific and ICT : RM5000(max)
f)  Expense on a complete medical examination : RM500(max)*
g)  Purchase of books : RM700

*Total of (f) and (b)(ii) should not exceed RM5000

Section 47
a) Wife/Husband relief(Only for combined assesment) : RM3000
b) Alimony payment(only males can claim) : RM 3000  what is this?
c) Disabled person(only for combined assesment) : RM 3500

Section 48
This section covers reliefs related to your child/children

a) Normal relief : RM1000 per child
b) Disabled child : RM5000 per disabled child
c) 1) For child studying in overseas(degree level and above) : RM4000
    2) For child studying in local institution(Diploma level and above) : RM4000
d) Disabled child satisfying criteria (C) above : RM9000

Section 49
a) EPF & Life insurance premium : RM6000 Total contribution in a year?
b) Medical and education premium : RM 3000 Is this insurance as well?
c) Purchase of an insurance policy utilising his credit in his EPF account : RM1000

*
Just another question in mind. How much life insurance does one actually buy? Anyway to calculate like say 10%of gross salary or something like that?

 

Change to:
| Lo-Fi Version
0.0380sec    0.72    7 queries    GZIP Disabled
Time is now: 9th December 2025 - 11:53 PM