Tax relief due to retrenchment
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 Mar 14 2017, 05:54 PM
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#1
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Junior Member
975 posts Joined: Mar 2016 From: Penang 
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Did you receive any compensation or gratuity from your previous company? It's taxable but it also has exemption.
I think there's no personal relief for retrenchment. Only if you have a family, your wife/husband doesn't work, then under joint assessment, you can deduct for RM4k only. First year learning tax, don't blame me if I'm wrong. Just trying to help.  |
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Mar 14 2017, 05:57 PM
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#2
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Junior Member
975 posts Joined: Mar 2016 From: Penang
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QUOTE(lawrencesha @ Mar 14 2017, 05:53 PM) This compensation is exempted from tax Yes, compensation is a part of your gross income in Section 13 (1)(e), you can deduct for this one.If compensation received is due to ill health Compensation received in other cases: Termination before 1st July 2008 - exemption of RM6,000 for every completed year of service with the same employer or with companies in the same group Termination on or after 1st July 2008 - exemption of RM10,000 for every completed year of service with the same employer or with companies in the same group  But if you got gratuity, it goes to Section 13 (1)(a). RM1k for each completed year of service |
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Mar 14 2017, 06:43 PM
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#3
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Junior Member
975 posts Joined: Mar 2016 From: Penang
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QUOTE(lawrencesha @ Mar 14 2017, 06:40 PM) Thank you so much. I'll take a look at it right now! Your welcome  |
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