Oh yeah…April is coming soon! I guess it will be another busy month for those who need to declare their income to Inland Revenue Board (IRB) for their individual income tax before 30th April 2010.
Income tax for the year of assessment 2010 has slight different from the year before. Therefore, I have also updated my income tax calculator to incorporate the minor changes. Click here to download the Borang BE2010 calculator. Hopefully you find this useful.
According to the Budget 2010, our personal relief has been increased from RM8,000 to RM9,000. Besides that, those internet savvy who subscribe for Internet Broadband will also can get the tax relief up to RM 500 per year. Make sure that it is registered in the name of the individual.
For those who never pay your income tax before, I would advise you not to take the risk of ignoring income tax else you’ll get into trouble once the authority has spotted you.
Actually, it brings no harm to declare your income, as a lot of expenses can be counted to make exemptions or so called “pelepasan”, for example purchase of personal computer, book/magazine, insurance, donation and etc. Besides that, being a good tax payer can make your life easier when you want to buy any properties in future and easier to get bank loan approval also.