What you should know about the current Malaysia Personal Income Tax

Are you still unaware of the recent development on Malaysia personal Income tax? Indeed, this

One of the obvious developments in the Malaysia personal income tax is the updated rebates and social relief.

Of a truth, if you are ignorant of this tax reduction in personal income tax, you may be paying more than you ought to be paying. You need to be conscious of rules governing personal income tax in order to avoid tax.

Actually, tax system and operation has been modernized. One of the obvious impacts of modernization in Malaysia tax system is the inception of Malaysia Income tax calculator 2014 from SaveMoney. Indeed, this will help you to calculate your tax payable in recognition to your earnings accurately with ease.

However, you have to know that Malasia tax rate is charge based on chargeable income and also that your tax payable will increase when you earnings increase due to progressive tax system. More so, you should be intensive in claiming your tax allowable, tax exemption and tax relief.

On a serious note, if you are unaware of your tax situation, you should not hesitate to hire a specialist in tax management or visit the tax office for proper directive. This is because; the issue of taxation is very sensitive and should be handled with care and professionalism.

It is appalling to know that most people do overpay their due tax without knowing. Indeed, you need a professional backup in tax matters. As a Malaysia citizen, you should know that income tax rebate is made for you. Tax rebate is akin to tax relief but it is a decrease in your tax expense after calculating your assessable tax. This mean, with the help of the updated rebate in the year 2014, some amount will be deducted from your normal tax payable. More so, there is also tax rebate applicable to married couples. Apparently, as Malaysian that is working on a monthly salary, you can also enjoy a monthly tax deduction known as Potongan Cukai Bulanah. This is a process where an employee salary is automatically deducted monthly by his or her employer in order to pay tax for the year. You can apply for relief, if you noticed is not deducted for you in the Potongan Cukai Bulanah.