Today is already 3rd of March 2011. Every year, those who earn income RM2,500.00 a month minimum must fulfill their obligation to pay the income tax.
But, many of these working individuals do not know that even though their monthly income is lesser than that, they are still obliged to open up the personal income tax file to declare the income. Well, some might say : Buat apa nak declare...cari nahas? Elok2 tak kena bayar, nanti kena bayar pula.
On the other hand, instead of paying, you might receive the refunds from them. Hmmm...money..money...money.....
Let's say your monthly total income (total income means GROSS salary, not net salary) is RM2,000.00 a month. That income reach to RM24,000 a year. However, after the 'pelepasan' from total accumulated EPF deduction, you might had spent some of your money through buying books, magazines, computer, medical check-up, medical expenditure for parents and even zakat. When you fill up the form (please do it online), you might find out that actually the government is owing you. The reimbursement cheque from the income tax usually will be sent a few months later. They are really efficient nowadays. You will be having extra money friends...
If you need a much more better explanation, feel free to visit this site. If you still can't understand the explanation, ask your HR. But, the best explanation should come from the Income Tax officers themselves. Usually, in April, every income tax office through out the country will prepare a special room. They provide computers, printers, and even officers in duty. Just bring all your receipts to claim the pelepasan. Please prepare that at home. While filling up the form, these officers will guide you with smiles.
So people..go and ask for your EA form from your HR department. By the way. EA form is a summary and validated report from your employers on the yearly income that you have received, together with the EPF contributions and zakat payments.
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