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.