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 Personal relief Income tax, legally, reduce income tax

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zellleonhart
post Apr 29 2019, 10:30 PM

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Hi guys, just paid for my 2018 tax a month ago, newbie tax payer here.

my company just gave us the new 2019 TP1 form, and I know it's optional to submit or not. Last year, after deductions I get RM400+ tax relief back.

Do I need to submit the TP1 form?

I am very confused that "terkumpul" and "bulan semasa" means. If say my total medical insurance is maxed out at RM3000 per year but this month itself I only pay RM300, does that mean RM3000 at "terkumpul" and RM300 at "bulan semasa"?

Also, since it asks me to fill which month+year, so it will only affect this particular month (e.g. May 2019) and not the other months (Jan-Apr and June-Dec 2019)? If yes then what's the point to just fill in once per year :/

Please enlighten me sifus, I tried to google but can't really find any definitive answer.
zellleonhart
post May 1 2019, 11:30 AM

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QUOTE(wongmunkeong @ Apr 30 2019, 10:56 AM)
TP1 Form is optional.

It is usually used by people that have significant tax relief executed that will impact their Potongan Cukai Bulanan (PCB), thus following months' PCB will be reduced.
eg.
Jan PCB paid $3K
Feb PCB paid $3K
..
Jun PCB paid $3K
Filed TP1 form for tax relief of $XX,XXX
Jul PCB paid reduced to $0.6k
Aug PCB paid 0.6k
etc for the calendar/tax year

Personally, my yearly over-payment and claim back isn't HUGE, thus, didnt bother with TP1 though penny-pinchers and maximizers may want every cent back before the next year's filing  biggrin.gif
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Oh I see, that is clear. I don't have that much of tax relief as well, so i guess I won't bother then. Last year only got RM400+ tax return after PCB so that's alright for me.
Better than underpaid.

 

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