Income Tax Act 1967
Essay by Ruhaan Ali • November 29, 2016 • Research Paper • 2,135 Words (9 Pages) • 1,047 Views
APPENDIX: TAX ASSESSMENT SCHEDULE
(INCOME TAX ACT 1967)
TAX RATE
Table showing rates of tax on chargeable Income
Schedule 1 Income Tax Act 1967 (Amended)
Chargeable Income | RM | Rate % 2013-2014 | Tax (RM) For Y/A 2013 - 2014 | Rate % For 2015 | Tax (RM) For 2015 | |
On the First | 2500 | 0 | - |
| ||
On the next | 2500 | 0% | 0 | 0% | 0 | |
On the first | 5000 | 0 | 0 | |||
On the next | 5000 | 2% | 100 | 1% | 50 | |
On the first | 10000 | 100 | 50 | |||
On the next | 10000 | 2% | 200 | 1% | 100 | |
On the first | 20000 | 300 | 150 | |||
On the next | 15000 | 6% | 900 | 5% | 750 | |
On the first | 35000 | 1200 | 900 | |||
On the next | 15000 | 11% | 1650 | 10% | 1500 | |
On the first | 50000 | 2850 | 2400 | |||
On the next | 20000 | 19% | 3800 | 16% | 3200 | |
On the first | 70000 | 6650 | 5600 | |||
On the next | 30000 | 24% | 7200 | 21% | 6300 | |
On the first | 100000 | 13850 | 11900 | |||
On the next | 50000 | 26% | 13000 | 24% | 12000 | |
On the first | 150000 | 26850 | 23900 | |||
On the next | 100000 | 26% | 26000 | 24% | 24000 | |
On the first | 250000 | 52850 | 47900 | |||
On the next | 150000 | 26% | 39000 | 24.5% | 36,750 | |
On the first | 400,000 | 91,850 | 84,650 |
- Tax on dividend income 25% (S110) from YA 2009 onwards
- Resident company with paid up capital of $2.5 million and below at the beginning of the basis period:
- On the first $500,000 chargeable income – 20%
- On the subsequent chargeable income – 25%
- Resident company with paid up capital above $2.5 million at the beginning of the basis period – 25%
- Non-resident company/branch – 25%
PERSONAL RELIEF
Fixed Relief
Self | $9000 |
Disable Person (Self) | $6000 |
Wife | $3000 (only for Joint Assessment) |
Husband relief claim by wife | $3000 (only for Joint Assessment) |
Disabled Person(Spouse) | $3500 (only for Joint Assessment) |
Child (Normal Relief) | $1000 |
Child relief for children studying in university/collage | $6,000 |
Child (Disabled) | $5000 |
Disable child studying in university or collage | $11,000(including $5,000 disable child relief) |
Non Fixed Relief
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