Interloper View

With the deadline for the income tax coming to a close, there is pressure to complete by April 30. So submitting the return online helps - eFiling . However, that is only part of the equation, the other portion is to pay any excess tax. I found this good article on the web which shows a step by step process.

I recently received this from a friend. I do not know who compiled it but the logic looks sound so decided to post it here. 26 Tax-Saving Moves They are legal and permitted by Inland Revenue Board ( IRB ) 1. Save for your Child’s Education Since 2007 , any amount that is deposited into a savings account for your child under national Education Savinds Scheme ( Skim Simpanan Pendidikan Nasional ) allows you to claim tax deductions. There is a limit of RM 3000 for this deduction but spouse who file separate tax returns can each claim this amount. Tax Deduction : RM 3000 per individual For Mr A : As he falls in the 24% tax bracket , this deduction translates to a tax saving of RM 720 ( RM 3000@24%) 2. File Separate tax returns A separate assessment allow each spouse to claim personal tax relief of RM 8000 while a joint tax return allows one spouse to claim a wife or husband relief of RM 3000 Tax Deduction : Each spouse earning Taxable income can claim personal tax relief of RM 8000 by fil...

This is the third year for e-Filing for Malaysia's Income Tax and I have to say that the process has improved dramatically. In the first year, it was necessary to download the PDF for each person you want to file it for. There was also problems and teething issues in submitting the form. On the second year, due to the above problem, the whole process completed ported to web based instead of dependent on Acrobat Reader. This made the filing much simpler but the printing was terrible. The pages did not align properly. Also with the electronic certificate, if you made a mistake and tried to get a new certificate, you had problem with Windows and had to create another account to redo the certificate. The other issue was since the certificate was embedded into your PC, you could not change the computer without losing the certificate (or for that matter lost it if you had to reinstall Windows). This is the third year, it looks like the certificate is now stored on the server. The...