Thursday, March 06, 2008

LHDN II : Save My Hard Earned Money

With the recent additional tax I had to pay, it prompted me to find ways to reduce or better still pay no income tax at all. Currently I only submit rebates for books, computers and life insurance and evidently it is not sufficient for me to be tax free.

I know there are lots of tips online on tax savings, but eureka!! I've found a local monthly publication "Personal Money" by the Edge that highlights on "26 Ways to Slash Taxes". Just what I've been looking for :)

I can't share all the 26 tips in respect of the publication. However to highlight a few from the article, I've just recently learned that tax rebate for books are now at RM 1000 instead of RM500. I also found out that we are entitled for RM300 rebate for sports equipment and the high 1 to 1 ratio of Zakat rebate. Others are on medical, life insurance, company car, EPF contribution and education to name a few more.

I find the article useful and its up to me now to keep track of all my receipts. For now, with the this first purchase of magazine for the year; I have another RM 991 to spend on books for full rebate :D

Note: For full details, check out "Personal Money" March edition.


Anonymous said...

section E dalam form tu yang paling penting. because ALL under that section is 1 to 1 (zakat, PC & levi).
that portion will have big control on which group you going to fall under (refer 'jadual cukai').

if you fall under D, it's 3%,
you fall under E, then it's 7%
you fall under F, then it's 13%.

see how much is the gap in between groups? 3,(+4) 7, (+6!) 13.

i've been trying to make my way so i fall under group E every year.
but this year it's gonna be even harder. (esos!)

kwa kwa kwaaaang..

Lenny said...

huhu... i've never been lucky enough to be in F group no matter what...

F group pon.. dah tolak macam2 pon... sipi2 je.. skang... not even F!

matila dok bayar banyak sangat tax... huhuhuhuhh