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Showing posts from April, 2009

Income Tax?

Yup, the title speaks for itself... the deadline is approaching, 30th April, to be precise. All I can say is that this year's Self-Assessment result (2008 income) is the most shocking of all! I don't know about all of you, but RM 8,000 worth of tax-to-be-paid is ridiculously high. Well, like we have a choice though. Of course the higher the income, the higher the tax you have to pay. Combine assessment or separate assessment (with spouse?) My personal advice to my friends out there, do it separately. Why? A combined income will be greater in terms of number, so you might  lose  the following: Personal rebate of  RM 350 ; Spouse rebate of  RM 350 This is because, ONLY people with a taxable income of  RM 35,000 and below  is eligible for this. For both working husband and wife, they will lose the EPF deduction because the maximum we can claim is only  RM 6,000 . So, if both of you, the EPF contribution exceed that RM 6,000, better split up, do ...