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 Personal relief Income tax, legally, reduce income tax

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livingmonolith
post Mar 4 2008, 02:47 PM

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really a newbie here on taxation.

i'm just wondering, beginning of last year, i'm earning more than 30k per annum, however the company accountant does all the taxation on behalf of the employees, so i have no idea how much have i paid for tax. is this common? officially, last year is the first year i'm being taxed, so i've no idea if i'll receive any notifications on how much i have paid.

also, let's say i paid 3k for my tax last year, am i able to claim deductions if i buy books and computer from last year? or do i keep the receipts and claim at the end of this year?

thanks in advance, i've not come across any topics that can help on taxation, something that has been bugging me for quite some time.
livingmonolith
post Mar 7 2008, 02:27 PM

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QUOTE(cute_boboi @ Mar 4 2008, 06:50 PM)

books = section (D8) - deduction
computer = section (D8A) - deduction

Submit it as per the receipt date. i.e. this year 2008, you must declare all income/receipts dated 2007. There are exceptions though, but let's not confuse you.

Clear ? Any questions ?


Added on March 4, 2008, 7:09 pm
A tip to share with all, some might already know it:

If you buy those all-in-one life insurance (PA + medical + 36 illness + cr@p + etc.)  tongue.gif

Take note on the itemised sub amounts.

e.g. total annual premium = rm1000
Life Insurance = rm700 (Under section D12 + employee EPF)
Medical Insurance = rm300 (Under section D13)

Also take note the max 6k and 3k for D12 and D13.
*
Ok, thanks for the info, really helped me a lot.

Regarding the insurance,

I received a letter from my insurance company on my premium amount, as below:

1) Life = RM1,331.60
2) Medical = RM455.90
3) Disability = RM42.50
Total = RM1,830.00

So in this case do I put RM1,331 (1) in D12 and RM498 (2 & 3) in D13, or RM1,374 (1 & 3) in D12 and RM455 (2) in D13?

Do we need to attach the insurance company's letter together with BE form when submitting?

Thanks again...
livingmonolith
post Mar 19 2008, 03:20 PM

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QUOTE(happy4ever @ Mar 19 2008, 02:18 PM)
Keep your receipts for 5 years (i think around there). Keep in a folder, and (if possible) scan all your docs for safekeeping.
But chances are, LHDN won't look for you unless you earn A LOT of money.

Once you have submitted, note down your account number/amount to pay and don't delay in payment.
A few selected banks accept payments for LHDN.
I fill in BE form only la. sleep.gif
*
7 years to be exact. but unlikely that LHDN will look for you when you are not a bigshot earning millions a year. because even though you claim RM1000 (max), the deduction does not make a very big difference in your payable tax.

um, is it okay we discuss this here? wink.gif

 

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