KUALA LUMPUR: The Inland Revenue Board (LHDN) has extended the personal tax returns deadline until May 15, 2024.
Here is your guide to maximise your tax returns this year.
Your EA form will tell you how much tax you paid this year and your taxable income. The following are some claims that can be made for the assessment year 2023.
First up, is the up to RM2,500 tax breaks for expenses on books, magazine subscriptions, smartphone purchases, internet subscriptions, and gym memberships.
There is also an additional claim of up to RM500 for sports equipment, facility rentals, or tournament participation.
Other notable tax breaks include up to RM8,000 for special needs and parental care, RM2,500 for personal EV charging facilities, and up to RM6,000 for basic supporting equipment for disabilities.
Don't forget to claim up to RM2,000 for upskilling courses, RM7,000 for higher education fees, and up to RM10,000 for medical expenses incurred in 2023.
Last but not least the requisite claims:
-Up to RM4,000 for voluntary contribution to Employees Provident Funds
-Up to RM3,000 for life insurance or family takaful payments
-Up to RM3,000 for education and medical insurance
-Up to RM350 for Social Security Organisation (Perkeso) contribution
-Up to RM3,000 for private retirement scheme