Essays.club - Get Free Essays and Term Papers
Search

Income Tax Act 1967

Autor:   •  January 5, 2018  •  579 Words (3 Pages)  •  260 Views

Page 1 of 3

...

Medical Expenses (Parents)

$5000

Basic Supporting Equipment

$5000 for self/spouse/child/parent if they are disabled

Course fee

($5000 for self only – technical, vocational, industrial, specific or technological skills or qualifications)

Serious Diseases

($5000 for self/spouse/child suffering from serious diseases, including $500 for complete medical examination)

Book/Journal/magazines/publication

($1000 for self/spouse/child)

Life Insurance (Self/wife ) and contribution to approved funds, an additional $1000 is given for annuity scheme premium from insurance companies

$6000

Medical and education insurance

$3000

EPF insurance policy (annuity)

$1000

Personal computer

$3,000 restricted to once every 3 years

Purchase of sport equipment

$300

Amount deposited into skim Simpanan Pendidikan Nasional for child

$3,000

TAX REBATES

Personal Rebates(Only if chargeable income is $35000 or less)

Self $400

Spouse $400

Zakat, Fitrah

- Original receipt must be submitted

- Based on amount paid

Rebate for levy on foreign workers

- Levy paid to Government for the issue of an employment or work pass

Capital Allowances :

Initial Allowance (IA) 20%,

Initial Allowance for Industrial building 10%

Annual Allowances (AA):

- Rate depends on the type of assets

- Office equipment , Furniture and fittings 10%

- Heavy Machinery , Motor Vehicles 20%

- Computer Hardware and Software 80%

- Other Plant and machinery 14%

- Industrial building 3%

- Other Special assets Based on gazette order if applicable

Qualifying Expenditure for Motor Vehicles

- Restriction on non- commercial motor vehicle

- Per motor vehicle – up to $ 100,000 or amount incurred, whichever is lower if the following is satisfied:

- Cost of Motor Vehicle

- New Motor Vehicle

- Car Purchased on or after 28 /10 / 2000

if above are not satisfied, the Qualifying expenditure will be restricted to $50,000, or amount incurred, whichever is lower.

Value of benefits in kind

Car and fuel scale

Cost of car Prescribed annual value of Fuel per

(when new) private usage

of car annum

$ $ $

Up to 50,000 1,200 600

50,001 to 75,000 2,400 900

75,001 to 100,000 3,600 1,200

100,001 to 150,000 5,000 1,500

150,001 to 200,000 7,000 1,800

200,001 to 250,000 9,000 2,100

250,001 to 350,000 15,000 2,400

350,001 to 500,000 21,250 2,700

500,001 and above 25,000 3,000

The value of the car benefit equal to half the prescribed annual value (above) is taken if the car provided is more than five (5) years old, but the value of fuel provided remains unchanged.

Where a driver is provided by the employer, the value of the benefit per month is fixed at $600.

Other benefits Per Month

Household furnishings, apparatus and appliances _

Semi-furnished with furniture in the lounge, dining room, or bedrooms 70

Semi-furnished with furniture as above plus air-conditioners and/or curtains

and carpets 140

Fully furnished premises 280

Domestic servant 400

Gardener 300

Telephone (fixed or mobile): Bills full exemption

...

Download:   txt (4.8 Kb)   pdf (54.5 Kb)   docx (16.3 Kb)  
Continue for 2 more pages »
Only available on Essays.club