Malaysian Income Tax Calculator

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Income Tax Malaysia Tax e filing withholding Tax and Tax rates

Tax:

Tax is an essential levy which is to be paid by a taxpayer to the local Government. The Government of Malaysia through Inland Revenue Board of Malaysia according to the Income Tax Act charges and collects the tax from the residents of Malaysia on their taxable income. Tax or Tax rates varies depending on the individual’s taxable incomes. Tax is a compulsory duty which should be paid by the individual to the Government from their taxable income of that particular financial year or income year.

Income Tax Malaysia:

Income Tax in Malaysia is collected by the Government of Malaysia through the Inland Revenue Board of Malaysia. Income tax is levied by the Inland Revenue Board of Malaysia on the taxable income of that particular financial year/income year from the individual residents and companies of Malaysia. The tax rates vary depending on the individual taxable income. Here in this article we are providing tax rates you can check before you calculate the tax to be paid for the Government.

Income Tax Calculator Malaysia:

Income tax calculator enables the Malaysians to calculate the income tax return to the government. Income tax calculator helps the individuals and the companies to calculate their income tax return from their taxable income of that particular income year.

How to Use an Income Tax Calculator Online in Malaysia?

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Here in this article we are providing a free online Income tax calculator which enables the residents of Malaysia to calculate their income tax return on their taxable income of that particular income year or financial year. By using this income tax calculator anyone can easily calculate their tax return online to the Government.

Income Tax Calculator Online:

Steps to Use Income Tax Calculator online in an easy way:

Step1: Select a financial year/income year in the financial year/ Income year field.

Step2: Now enter your taxable income in the Enter your Taxable Income field.

Step3: After entering all the above details then click submit button.

Depending on your taxable income details your tax return or your tax payable amount or your return to the Malaysian Government on your taxable income will be displayed.

e filing:

e filing is nothing but filing the tax returns of that particular financial year/income year through online. The Government of Malaysia through the Income tax department providing a portal where every resident of Malaysia can go and file their income tax returns online. This particular option enables the residents of Malaysia to go online for paying the taxes.

e filing IT:

e filing IT, refers to the income tax e filing. The residents of Malaysia who intend to pay their tax online they can file their income tax returns online. The benefits of e filing are they can save their time, they can pay their tax amount through their online account, they can know the exact tax exemptions, taxation, withholding tax, tax exempt etc.

e filing Required Documents:

The below-mentioned documents will be required while e filing the tax returns in Malaysia.

  • EA/EC Form.
  • Original dividend vouchers.
  • Insurance premium receipts.
  • Books purchase receipts.
  • Medical receipts.
  • Donation receipts.
  • Zakat receipts.
  • Children`s birth certificates.
  • Marriage certificate.
  • Other supporting documents.
  • Working sheets.

Tax Rates:

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Tax rate is a rate or percentage of tax which is to be paid by the residents of Malaysia on their taxable income to the Government of Malaysia. Tax rates may vary depending on the type of taxable income and how much is the taxable income. You can check the tax rates in the below-mentioned tax rates table and can calculate the tax return of that particular financial year and can go for e filing IT.

Tax Rates in Malaysia:

S.NO

Taxable Income in Malaysia

Tax Rates in Malaysia on Taxable Income

1 Up to MYR 5,000 No need of paying Tax
2 MYR 5,001 to 20,000 1% Tax
3 MYR 20,001 to 35,000 5% Tax
4 MYR 35,001 to 50,000 10% Tax
5 MYR 50,001 to 70,000 16% Tax
6 MYR 70,001 to 100,000 21% Tax
7 MYR 100,001 to 250,000 24% Tax
8 MYR 250,001 to 400,000 24.5% Tax
9 MYR 400,001 to 600,000 25% Tax
10 MYR 600,001 to 1,000,000 26% Tax
11 Above MYR 1,000,000 28% Tax

Refund:

Here in this context refund refers to tax refund. Tax refund or refund is a refund amount on taxes when the tax liability is less than the taxes paid by the individual.

Income:

Income is a financial term, which can be defined as the expenditure and savings earned or benefited by an individual or any company with in a stated time frame. In other words income is the earnings or benefits of an entity during a specific time period. In Income tax terms income is calculated according to the particular financial year/ income year. This period will be for 12 months.

Gross Income:

Gross income is an income-related a particular individual in all the forms. I.e. gross income is an overall income which is earned by an individual without any deductions.

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Per capita Income:

Per capita income is one type of income of an individual which is calculated based on the area and in a certain time frame. Per capita income is a moderate income which is earned or gained by an individual in a particular city or region in a particular year.

Taxation:

Tax is an essential levy which is to be paid by a taxpayer to the local Government. The Government of Malaysia through Inland Revenue Board of Malaysia according to the Income Tax Act charges and collects the tax from the residents of Malaysia on their taxable income. Tax or Tax rates varies depending on the individual’s taxable incomes. Tax is a compulsory duty which should be paid by the individual to the Government from their taxable income of that particular financial year or income year.

IT Act Malaysia:

According to the IT act or Income Tax act 1967 Malaysian Government through Inland Revenue Board of Malaysia charges and collects the Taxes from the residents of Malaysia.

Check Malaysia IT Act – http://www.agc.gov.my/agcportal/uploads/files/Publications/LOM/EN/Pindaan%20Act%2053%20-%2023%2011%202017.pdf

Withholding Tax:

Withholding tax is one type of income tax which has to be paid by the taxpayer to the Malaysian Government from the beneficiary income.

Tax exempt:

Tax exemption is a financial exemption from the taxable income. The Government of Malaysia is giving tax exemptions on some type of expenses and this tax exempt status will provide completely free from the taxes.

List of Tax Exemptions in Malaysia – http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=2&bt_unit=5000&bt_sequ=3

Tax relief:

Tax relief or Tax exemption is a financial exemption from the taxable income. The Government of Malaysia is giving tax exemptions on some type of expenses and this tax exempt status will provide completely free from the taxes.

List of Tax relief in Malaysia –http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=1&bt_posi=3&bt_unit=1&bt_sequ=1

Tax Office Address:

Information Processing Centre,

Inland Revenue Board of Malaysia,

Ground Floor,

Menara Hasil,

No. 3, Jalan 9/10,

Seksyen 9,

43650 Bandar Baru Bangi,

Selangor Darul Ehsan.