Applicable to Malaysian tax-payers only.
The deadline for submission of Income Tax returns is end of April, i.e., April 30. Most of us would have submitted the forms but for those who have yet to, here are some tax-saving tips you might be able to benefit from.
I have no idea who compiled these but it's stated that these are legal and permitted by Inland Revenue Board (IRB). In fact, if you have a copy of the guideline booklet issued by the IRB, you'd also be able to make your own deductions on permitted and effective ways to save on your taxes.
(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 Savings Scheme ( Skim Simpanan Pendidikan Nasional ) allows you to claim tax deductions.
There is a limit of RM 3,000 for this deduction but spouse who file separate tax returns can each claim this amount.
..Tax Deduction : RM 3,000 per individual.
..For Mr. A : As he falls in the 24% tax bracket, this deduction translates to a tax saving of RM 720 ( RM 3,000@24%).
2) File separate tax returns
...Continue reading 26 Tax-Saving Moves