What Is A Tax Deduction?

After deducting tax reliefs from your annual income, you can still reduce your chargeable income with tax deductions.

In Malaysia, a tax deduction is similar to a tax relief, where it reduces your chargeable income. Tax deductions are a result of Gifts and Donations.

Donations are only tax deductible if the donations are made to Government approved charitable organisation or directly to the Government, and you must keep the receipt of the donation.

For income tax 2017, if your chargeable income is RM55,000, and you’ve donated RM2,500 to an approved charitable organisation, you are allowed to deduct 7% of your aggregate income to reduce your chargeable income.

For income tax 2017, if your chargeable income is RM55,000, and you’ve donated RM2,500 to an approved charitable organisation, you are allowed to deduct 7% of your aggregate income to reduce your chargeable income.

Total chargeable income after tax deduction

= RM55,000 – (RM55,000 x 7%)

= RM55,000 – RM3,850

= RM51,150

Malaysia Personal Income Tax Guide For 2017

Preparing and filing your income tax in Malaysia can be a challenging and anxiety-inducing experience every year for most people, but it doesn’t have to be if you understand how income tax works in this country.

Do you know how your tax is calculated? Are you aware that Malaysia adopts a progressive income tax rate system, which means that you only pay the higher rate on the amount above the rate? Do you know what the differences between tax exemptions, tax reliefs, tax rebates and tax deductibles are? How can you get higher income tax return?

If you have no clue what the answers for these questions are, plus many other income tax-related questions, you will have no idea how to plan your taxes well. Without planning, you won’t be able to maximise on the tax reliefs available, and get the tax savings you are eligible for.

Well, it is never too late to find out. With this simple and easy-to-understand Malaysia income tax guide 2017, you will be filing your tax like a whiz before April ends.

Now, let’s get started and find out what’s chargeable income!

Malaysia Income Tax e-Filing Guide

So, how to file income tax? Taxpayers can start submitting their income tax return forms through the e-Filing system starting from March 1 of every year, unless otherwise announced by LHDN. This method of e-filing is becoming popular among taxpayers for its simplicity and user-friendliness.

Unlike the traditional income tax filing, where you have to print out the income tax form and fill it in manually, the e-Filing income tax form calculates your income tax for you automatically. So, questions like “how to calculate my income tax” will not be stopping you from getting your income tax returns.

Filing your tax through e-Filing also gives you more time to file your taxes, as opposed to the traditional method of filing, where the deadline is usually on April 30.

If this is your first time filing your tax through e-Filing, don’t worry, we’ve got your back with this handy guide on e-Filing.

Here is how the short e-Filing process goes:

10 Free Marketing Tools Every Entrepreneur Should Know About

If you’re an entrepreneur, bootstrapping a business, then you understand the importance of every dollar.

While executing your core competency is a crucial factor to your business’ success, another important step is effectively marketing your business. Fortunately, there are hundreds of free digital marketing tools that can greatly impact your business. Below are a few of the best, free online marketing tools for entrepreneurs.

3 Things to Do For Your Finances Before the Year End

As we enter the third week of November, the year end is not a far from sight. Here are 3 things you can do for your finances before 2015 draws to a close.

 

The year is almost at an end and it's the time most companies will start scrambling to close the books and spend whatever budget they've been given. Fortunately for you - you don't have such problems as an individual but are there things you could be doing for your financial well-being before the year is out?

There are always ways you can better manage your money or make it grow even more exponentially in the coming years. All it takes is a bit of effort. Here are 3 simple things you could do to make the transition from 2015 to 2016 with financial flair.

 

10 jobs that didn’t exist 10 years ago

Jobs are moving away from the conventional day by day

Nowadays, ever so often, you’ll come across someone with a job title that makes you go, “huh?” Understandably if you haven’t heard of it, then welcome to the modern era where professions have simply evolved in the past 10 years.

Emergence of new technologies, downturns and ecological progression has contributed to the creation of careers that never could have existed before. Here is the list of 10 jobs that you wouldn’t have heard of 10 years ago.

1. App Developer

Ever since the introduction of iPhone and Android, the rise of mobile applications (which shrink programs that used to operate only on desktop computers to make them run on mobile gadgets) has created a surge of demand for people who develop them.

Video | Jeffery Smith ┇ Slow Down

Jeffery Smith ┇ Slow Down

 

Video | Sarimah Ibrahim Feat. Simon Bailey ┇ You On My Mind

Sarimah Ibrahim Feat. Simon Bailey ┇ You On My Mind

Video | Loudness Empire Band ┇ Pengerindu Nadai Penyangkai

Loudness Empire Band ┇ Pengerindu Nadai Penyangkai

Video - P. Diddy Feat. Usher & Loon ┇ I Need A Girl [ Part One ]

P. Diddy Feat. Usher & Loon ┇ I Need A Girl  [ Part One ]

[Ginuwine] Ooooh oooooo oooooh!!!
[P. Diddy] Yeah, this that bounce right here
[Ginuwine] Come On Now!!!
[P. Diddy] Time to move on, time to be strong
Don't stop now straight to the top now

Antara Amalan-Amalan Terbaik Di Hari Jumaat

 

Setiap insan bernama Islam, sama ada lelaki ataupun perempuan, perlu berusaha meningkatkan diri dengan pelbagai amal ibadat yang boleh mendekatkan diri kepada Allah SWT. 

 
Ini kerana masing-masing mahukan diri mereka mendapat tempat yang terbaik di sisi Allah sebagai hamba-Nya yang taat dengan melakukan segala titah perintah-Nya dan meninggalkan segala tegahan dan larangan-Nya dengan penuh rasa rendah diri dan berserah diri kepada-Nya.

Friday Lite

How-to : Print Your EPF Statement In 3 Steps

If you are applying for a home loan or a personal loan, one of the most important documents you need to submit together with your application is your latest Employees Provident Fund’s (EPF) statement. This statement shows the monthly contribution from you and your employer in both Account 1 and 2.

For the uninitiated, EPF is a compulsory retirement savings scheme implemented by our government for all salaried workers in Malaysia. The money saved in your EPF account is invested and will be compounded according to the interest rate set.

The statement is a great way to prove the level and stability of your income to the financial institutions you are applying for a credit from. If you are applying for a credit card at the shopping mall, the sales agent will usually print the EPF statement, using your MyKad, on the spot.

However, with the advent of technology, you now don’t need to apply for loans or credit cards physically. With just a few clicks of a mouse, you can sort out most of your banking needs online. 

Institutions and tertiary programmes covered by PTPTN

Not all institutions and programmes they offer are eligible for PTPTN loans. Read here to ensure a smooth application process.

Can I apply PTPTN for [insert name of institution]?

The PTPTN loan is open to students who are continuing their studies at local higher education institutions (IPTA) and Private Higher Education Institutions (IPTS) only.

Zeti’s fight is our fight too

Her quest for the truth may have been stymied by interested parties, and it is our burden to continue the fight.

Bank Negara Malaysia Governor Zeti Akhtar Abdul Aziz has become something of a hero among Malaysians of late. Following revelations from several prominent bloggers that Zeti may have been one of the key players in a coup to remove the increasingly unpopular Najib Razak, she has become a martyr even as she fends off calls from pro-Najib quarters to resign before her term as governor ends in April next year. 

The BNM Governor recently returned to Malaysia from a trip to the US and promptly gave an assessment of our economic outlook, but political observers will perhaps be more curious about Zeti’s claim that the central bank began informal investigations into 1MDB several years ago. In her own words, ““We did informal investigations with them for a few years actually, and we wrote reports and submitted the reports.” 

How To Make Your Office Outfit Evening-Ready

Does your meticulously planned office wardrobe work after hours? Here are our top tips to staying stylish even after you’ve clocked off.

1. Change your shirt

Be prepared for post-work events by keeping a fresh shirt at the office. When you’re heading out, lose your tie and undo a couple of buttons.

2. Add a pocket square

Inject some flair into your conservative suit by tucking a soft-coloured pocket square into your jacket pocket.

3. Roll up your sleeves

For an easy way to achieve a look that’s more casual than corporate, try rolling up your shirt and jacket sleeves.

4. Ignore your phone

Checking emails over drinks or dinner won’t win you any friends. Instead, set your phone to silent and enjoy yourself.