Tuesday, March 13, 2012

How To Claim Income Tax 2011?

Henry Tan | 10:58 PM |
Well, I am going to share with you about Income Tax.
**I know I just started to work...
but being deducted almost RM100 every month for the PCB,
PCB = Potongan Cukai Bulanan (Monthly Tax Deduction)

It's too much!! 

So, I have to find out how to claim back the income tax!
My mentor, none other than my best friend, Luporti.


To start all this, the first thing is to....


Well just click on the link above,
you will be guided by simple step by step thru his blog! =D

Next, to make it simple, I will just make an example. =)

Step 1: Calculate Your Annual Income.
Income  which included everything, for example, bonus, profit sharing, allowance, etc.

Total Annual Income:
Monthly Salary x 12
Monthly Allowance x 12
Employer EPF Contribution (13% Salary) x 12
Bonus/Profit Sharing/Dividend
Total Example Figure: RM40,000

Step 2: Minus Tax Relief
There are a list of Tax Relief that you could get from here.
But for my example here...

Total Possible Tax Relief:
Self and Dependent - RM9,000
Medical Expenses for Parents - RM5,000
Complete Medical Examination - RM500
Purchase of Books, Journals, Magazines & Publications - RM1,000
Purchase of Personal Computer - RM3,000
Purchase of Sports Equipment for Sports Activities - RM300
Life Insurance & EPF - RM6,000
Total Example Figure: RM24,800


Step 3: Calculate the Actual Income Tax
Just take your annual income minus the tax relief.
In the example case would be...

Actual Taxable Income = RM40,000 - RM24,800 = RM15,200

Then, refer to the table here.
The rate for RM10,001 - RM20,000 would be:
First 10,000 - RM175
The next 10,000 - 3%

Actual Income Tax = RM175 + 5,200*3% = RM175 + RM156 = RM 331

Step 4: Tax Rebate
Well, if your Actual Taxable Income calculated above does not exceed RM35,000.
Then you will be entitled to RM400 Rebate.
Meaning to say that...
My example figure is RM15,200 (below RM35k)
So... I can get the RM400 Rebate...
Actual Income Tax After Rebate: RM331 - RM400 = -RM69

In other words...

I DONT HAVE TO PAY INCOME TAX!!!


BUT...
So if you are paying the PCB or MTD,
which like my case RM100 per month that sums up RM1,200.
Then, you will get to claim back all your PCB, which is...

RM1,200 !!!

RM1200 weyyyy!! 
Enough for a trip!


So, for those who haven't done so...
Do it now! =D

Deadline on 30 April!

You can start finding back all the receipts in 2011! =p
Meanwhile, for those like me, just start working....

Start keeping the receipt! =D

If can save RM1200, why not?
Happy Tax Claiming! =D
And if you have any question, feel free to ask!
I would be glad to help! =D

Extra Infos:

Do you know that tablets like iPad could also be claimed under the "Purchase of Personal Computer - RM3,000" ? =DDD

Provided that the tablets for personal use and does not have any mobile phone features.

Source from http://voyager8.blogspot.com/2011/02/apple-ipad-is-entitled-to-lhdn-personal.html

**p/s: all the above are just rough calculation.
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25 comments:

  1. wow thanks! gonna be so helpful!

    ReplyDelete
    Replies
    1. thanks!

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  2. Nice sharing~ haha!
    By the way, I did study tax too ;)

    ReplyDelete
    Replies
    1. Thanks! =DD

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  3. luckily i'm still studying... no need to pay tax.

    ReplyDelete
    Replies
    1. LOL! good for u!

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  4. thanks Bro.. this is helpful.. although I'm not a loyal tax payer like you all.. :D..

    ReplyDelete
    Replies
    1. lol why??

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  5. Replies
    1. quite easy la. next time find me help u! =D

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  6. I tarak income. Nothing to tax me oso :(

    ReplyDelete
    Replies
    1. are you sure? blogging income consider income also lo. =p

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  7. Is income tax submission time now and the do it quick and get our claim our hard earn money back ASAP.

    ReplyDelete
    Replies
    1. yuppp! agree!

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  8. I've retired...no taxable income too! Hehehehehehe!!!!

    ReplyDelete
    Replies
    1. haha good for u! no more trouble!


      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  9. i din pay tax nway tq for sharing .like it ^__^

    ReplyDelete
    Replies
    1. Thanks! =DD

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  10. I did not open a/c in LHDN, but from my payslip it show deduction for PCB from company for 2011, how can I claim back the deduction? (Now already July2012)

    ReplyDelete
    Replies
    1. Thanks! =DD

      http://iblogmyway.blogspot.com/2013/04/tax-e-filing-for-beginners.html

      Delete
  11. thanks for sharing~ well, i still don't need it yet as my salary was low~ T.T~

    ReplyDelete
  12. The top 1% own 43% of America's wealth, the next 19% own 50% of America's wealth and the other 80% own SEVEN PERCENT of America's wealth. I think you may have forgotten to mention that in your little article.
    Didn't forget to mention it, because it has nothing to do with who pays how much Federal income 2013 tax brackets.
    2) The earners in the top income brackets are already taxed. The top 40% of income earnerspay more than anyone else does in taxes. The top 20% pay 65.3% and the top 10% pay 50% and the top 1% pay.

    ReplyDelete
  13. Thanks for the information.. good one

    0% APR cards

    ReplyDelete

Thanks! Appreciate your feedback! ^^

 
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