Remember: Deduct Income Tax 2011 On These Items

Posted by Kris | Wednesday, April 11, 2012 | , | 2 comments »



It is another year again to file the dreaded income tax. So this year, I make sure I do maximum claims on items that I am eligible on. Every year my company always overpaid the taxes on my behalf, so I want to claim back those monies.

1. Remember that the 36 critical illness portion of your life insurance is claimable under the medical insurance portion!!


Here is my statement that I got for 2011. I removed the 1st digit value for privacy reasons :D As I got older, I added another life policy with medical insurance portion. For those familiar with insurance tax statement, you can easily guess which company I bought into.

Nevertheless, this helped me ALOT to fully max-out and claimed the RM3,000 relief for medical insurance.

It is better for me to buy insurance or more protection for myself rather than paying more taxes which don't have "real tangible" apparent benefit for myself.



2. For those that bought and signed S&P on their property between 10 March 2009 to 31 December 2010. You are entitled for a 3 years RM10,000 interest relief!! This fact alone helped me to pull my tax bracket down a-lot! And save me a lot of $$$. See my strategy for the coming years to maximize the RM10,000K relief per year at the post below.



P.S Don't be sad that you are paying a lot of taxes to the government, instead be thankful that you are earning a lot and think of ways to earn even more!! While of course be always on the lookout on ways to reduce your income tax!


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2 comments

  1. LCF Personal Finance // 10:54 PM  

    Ah, now I got that "OH SH*T" expression when I read about 36 CI portion of my medical/life policy, just like when you first read Champ's original post. Unfortunately, have submitted my BE already. But thanks Kris for reposting this!

    Cheers
    LCF

  2. Kris // 9:10 AM  

    Hi LCF,

    There is always next year to file. Last time i also did not know about this , so i did some research after reading it from ChampDog's blog. :D

    Information sharing.

    KnowThyMoney