Tips

The Last Minutes Income Tax Guide
2012-03-29 Written by Administrator

Income tax savings require planning and staying proactive throughout the year. However, with the

income tax return deadline looming close, are there still ways to save a little on income taxes and reduce the stress load of filing your income taxes? Read on to find out if these last minute tips can help you.

 

File separate income tax returns.

With individual returns, you will enjoy personal income tax relief of RM9,000 each versus spouse relief of only RM3,000 in a joint return.

Divide income tax relief with  your spouse.

Work the numbers to decide  whether to place all child relief underone person or divide them between the two of you.

Get ready and organise your supporting documents.

Collate your EA forms, receipts, pay slips, medical bills and all supporting documents before you

start filing your return.

Register for e-filing if you have yet to.

Visit www.hasil.gov.my to register  so that you can submit your return electronically.

Hire an income tax consultant.

An income tax consultant may be able to provide additional ways to save onincome taxes. Furthermore, if you don't want the burden of filing your own returns, an income tax consultant

can file them for you for a fee.

File your return before the deadline.

There are no extensions to the deadline. The penalty for not filing or late filing can be hefty (up to 20%

of income tax payable in practice for late submissions up to 12 months and the Inland Revenue Board (IRB) can impose penalty up to 3 times the income tax payable)

Settle your outstanding income tax on time.

Even if your income taxes are paid under the Schedular Tax Deduction System, you may still incur

Feature

 

Source:

1. Inland Revenue Board Malaysia, Public Ruling No. 2/2004. 2. www.hasil.gov.my Income Tax (Exemption) Order 2009 3. www.hasil.gov.my

2012
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
2011
2010
2009
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December