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 Relief income tax from insurance, wanna confirm some details

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Zarth
post Mar 16 2007, 01:10 AM

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The amount deductable is the total amount you paid to the insurance company for that year.

Exactly what he said, if you buy in June and paid for a whole year, then the full amount is deductable subjected to the limit.

Contributions to the Employees Provident Fund and insurance or takaful premiums for life policies are allowed a maximum total tax relief of RM 6,000.

A further tax relief of RM 3,000 is given for insurance or takaful premiums with respect to medical and educational purposes.

 

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