The Income Tax season for the Year of Assessment (YA) 2022 has begun. For individuals who only received employment income, the deadline is 30 April 2023 for offline channels or 15 May 2023 for e-filing. Whereas for individuals with business income (besides employment income), the deadline is 30 June 2023 for offline channels or 15 July 2023 for e-filing.
There are plenty of Tax Reliefs which enable us to reduce our Taxable Income (Chargeable Income), thus lowering the amount of Income Tax we actually need to pay (or increase the Tax Refund that we are entitled to, since we have already paid our Income Tax in advance via Monthly Tax Deduction (PCB)).
Some Tax Reliefs are enjoyed by everyone, while others can be claimed if we have spent under those categories (EPF contribution, insurance premium, medical expenses, internet access subscription, sports expenditure, gadgets purchase etc) within the Year of Assessment.
For the benefit of our fellow taxpayers, we have prepared for you a comprehensive and precise list of deductibles, so you can submit your Tax Return more accurately. To know what are the Tax Reliefs applicable to you, watch the video below now.