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)
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...
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...
So, for those who haven't done so...
Do it now! =D
You can start finding back all the receipts in 2011! =p
Meanwhile, for those like me, just start working....
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.
read more...
**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.
How to Register as Tax Payer Online?
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.
