FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Malaysia personal income tax
The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia.
While reading the newspaper on tax issue reminded abu that he has not filled in his income tax form as yet. Tax computation has been a burden on abu’s shoulder and fatima has been talking and reminding abu to fill in his BE form before the deadline expires at the end of April.Abu is currently pursuing his study on a Master Degree on a part-time basis at the local university. Being a part-time student requires him to juggle between work and assignment at the same time. Due to time and work constraint, Lokman normally has to study and do his assignment at home. Based on that limitation.have 2 kids dand his wife have occupation
- Income RM54000 annual
- Sick mother medicine RM6000
- LIFE INSURANCE : RM2465.04
- MEDICALCARD: RM2271.84
- SAVING SCCHEME FOR CHILD EDUCATON RM2400
- EMPLOYEES PROVIDENT FUND RM2623.20
- zakatRM480
You are required to
Calculate how much tax he shall pay for the year 2015.
Transcribed Image Text:PERSONAL TAX RATES FOR YEAR 2014 & 2015
Chargeable Income
YA2014
Tax Amount
YA2015
Tax Amount
Saving
(RM)
Tax Rate (%)
(RM)
Tax Rate (%)
(RM)
(RM)
1-5,000
5,001 - 20,000
2
300
1
150
150
20,001 - 35,000
6
900
5
750
150
35,001 - 50,000
11
1,650
10
1,500
150
50,001 - 70,000
19
3,800
16
3,200
600
70,001 - 100,000
24
7,200
21
6,300
900
100,001 - 250,000
26
39,000
24
36,000
3,000
250,001 - 400,000
26
39,000
24.5
36,750
2,250
Exceeding 400,000
26
25
Total Tax Up to RM400,000
91,850
84,650
7,200
Presented by NBC Professional Group
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