Thursday, April 16, 2009

Income Tax deadline is fast approaching

I believe yesterday, April 15, was Income Tax Day for taxpayers of the US of A. For Malaysian taxpayers, the deadline for submission of Income Tax returns is April 30 for personal taxpayers and June 30 for corporate taxpayers. It's wise to submit early to avoid the queues.

For most of us, the common practice is to just complete all the necessary information on the form (either online or still on paper-forms) and then submit without giving it a thought as to how we can take advantage of certain tax-deductibles or rebates.

Last year I posted these 26 Tax-Saving Moves which include among others the following:

- A relief of RM 5,000 per year for any course of study at the Master’s or doctorate level

- A personal tax deduction to RM 1,000 for purchase of books, journals , magazines and other publications. (Used to RM500 I believe)

- A deduction of RM 300 for each year of assessment for the purchase of sports and exercise equipment for any sports activities

- A tax relief is RM 6,000 a year for premiums paid to an insurance company for life insurance or deferred annuity plans.

- A claim up to RM 5,000 for payments towards your parents’ medical bills.

- A deduction of up to RM 3,000 can be claimed once every three years for the purchase of computers, printers and bundled software. (I believe the amount has been amended to RM 5,000.)


Hope these would be helpful if you have not filed in your return, and for future reference.

7 comments:

  1. There's no much you can claim in terms of tax relief for personal tax. I have already submitted mine..online.

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  2. oops.. I have to do mine now..

    in SG, the final date is 18 Apr 2009.. if u do it online..

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  3. Mei Teng, you were not able to take advantage of any from the moves? Just too bad.

    Robin, this is one activity that most people procrastinate on. Me included. Sigh.

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  4. How about donating to charity? They say there's also tax relief for that.

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  5. Happily I did not have enough income to require paying any income tax.

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  6. OMG! I forgot about income tax! Thanks for reminding me! Gotta do it this week!

    Btw, I bought my laptop last year, so I can get a deduction? Yippee!!

    Hmm, haven't even counted the amount I spent on books! Hope I reached RM1,000! : )

    Luckily I also made donations to WWF and Makna every month, so looks like there will be quite a lot of deductions this year. That's good news! Haha!

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  7. JL, that's right. Keep the receipt if you intend to make the claim.

    PandaB, I know. Momo is paying enough tax for the both of you. LOL!

    Foong, that's great about your laptop. Claim away! Replace it in two years and you can make another claim.

    Yep! Books and magazines too.

    Whoa! Quite a savings there, wor!

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