8 Ways on How to Save Your Income Tax. Be generous.

Donating to charity is always a good thing, but what makes it even better is that the money you contribute is deductible on your tax return. Please ask for an official receipt after you make a donation, and keep it properly. During tax time, report the total amount in the portion of your tax return on charity donations.

8 Ways on How to Save Your Income Tax. Seek all possible tax deductions. Your taxable income is limited by deductions.

When calculating your net taxable income for the year, your cumulative deductions are subtracted from your taxable income. Taking good use of the tax reliefs available will save you more income. Please be aware that Inland Revenue Board Malaysia (IRBM) keeps good tax records for a future tax audit.

8 Ways on How to Save Your Income Tax. Win Tax-free income.

Most income is not taxable. A taxpayer can reduce their tax liability by generating more tax-free / net-tax revenue. You can do this by depositing money with a licensed bank, investing in shares, investing in the share market and taking advantage of the benefits of certain jobs, such as childcare allowance.

8 Ways on How to Save Your Income Tax. Reduce your tax rate.

The company's highest tax rate or limited liability partnership (LLP) is 24%. If your individual income tax rate is higher than 24%, utilizing a company or LLP will be more tax-efficient. On the other hand, if your individual tax rate is below 24%, you may want to adjust the business income to be paid to individuals by paying fees, remuneration, and so on.

8 Ways on How to Save Your Income Tax. Be generous.

We will explain one thing about donations: Your contributions do not contribute straight to your tax refund. The figure is subtracted from your taxable income, which means you'll be getting back a percentage.

8 Ways on How to Save Your Income Tax. Check the tax consultant's advice.

In most situations, using a tax advisor or accountant will not only save you a lot of time but also increase your tax refund or net payable. We are tax experts and are constantly up-to-date with tax legislation adjustments. We think that you are entitled to deductions that you don't know of, or even an alternative that you didn't know existed.The best part is our tax bill which is fair and can be reported as a deduction on the tax return for next year.

8 Ways on How to Save Your Income Tax. Timely submission and payment of income tax.

Failure to apply or pay income tax on time can result in substantial tax penalties. It is the duty of a good taxpayer always to present and pay income tax on time and keep accurate records.

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Save Your Income Tax. Follow Income Tax Act.

Inland Revenue Board Malaysia (IRBM) is responsible for collecting and enforcing direct taxes in compliance with the following Acts: Income Tax Act 1967, Petroleum (Income Tax) Act 1967, Real Property Gains Tax Act 1976, Promotion of Investments Act 1986, Stamp Act 1949 and Labuan Business Activity Tax Act 1990. Therefore, you will undoubtedly be faced with fewer disruptions if you are familiarized with an Income Tax Act 1990. IRBM often issue a public ruling to provide specific public guidelines.

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