Income Tax Planning

MUHAMMAD SYAZWAN BIN JASLEN

MUHAMMAD TARMIZI BINMD AKAIR
Income Tax
It is a tax on income received.
Income: any receipt of money or moneys worth for services
rendered, for sale of goods, and for use of amenities or facilities.
Various classes of income: business, employment, interest, dividends,
rental and pensions.
Who needs to pay income tax?
- individual with income, individual who runs business, new
company
Objective of Income Tax
Understand anything relating to personal taxation
Can maximize disposable income
Different tax rates apply to different taxable persons
Types of assessment
1) Joint assessment
2) Separate assessment
3) Separation/Divorce cases
4) Tax treatment on income of a deceased individual
Tax Strategy
Pay the taxes and plan the income to minimize the tax payable.
And individual has several ways to reduce their tax bill which include
relief and tax rebates.
Relief deduction from the total income and reducing chargeable
income
Tax rebate deduction of tax payable