Maximize Your Tax Savings for YA 2024

As the Year of Assessment (YA) 2024 approaches, it's essential for all Malaysian resident individuals to prepare for their annual tax filing. Malaysia operates under a self-assessment system (SAS), meaning you are responsible for determining your taxable income, computing your chargeable income tax, submitting your Income Tax Return Form (ITRF), and making the necessary tax payments. The submission of your ITRF itself is considered the final assessment notice.

Key Points to Remember:

1. Collate Supporting Documents: Gather all relevant documents such as receipts, invoices, and statements to support your claims for deductions and reliefs. This ensures you have the necessary evidence in case of an audit. Please keep the documents for 7 years starting from the year in which the ITRF has been submitted.
2. Utilise Eligible Personal Tax Reliefs: Fully utilise all eligible personal tax reliefs to maximise your tax savings. These reliefs can significantly reduce your taxable income and the amount of tax payable. Please refer to the infographic.
3. Use the correct form to declare your income:
   • Form e-BE: For resident individuals with employment income and no business income.
   • Form e-B: For resident individuals who carry on business, with employment and other income.
   • Form M: For non-resident individuals who carry on business, with employment income or other income.
4. Important Deadlines – Annual Tax Filling and Tax Payment for YA2024:
   • For individuals with non-business income: Submit by 30 April 2025. A grace period may be given until 15 May 2025.
   • For individuals with business income: Submit by 30 June 2025. A grace period may be given until 15 July 2025.
     (Note: Grace periods granted by the Inland Revenue Board of Malaysia (IRBM) may be subject to change. For further information, kindly refer to the IRBM Official Portal.)

Remember, every bit of preparation helps in maximizing your tax savings and avoiding last-minute stress. You've got this!