So it's just around the corner..that thing i hate (or love) to do.. filing in the income tax..
Well basically, who loves to pay tax? The only thing i love about it is that it is the time to 'claim' back the extra deductions every month, if you do it right that is..
One should always take note of their spending and finances, and therefore should not neglect the most 'underrated' expenses of the year, the income tax. As most of us may be aware that every month our salary is deducted off a certain portion of it, known as PCB (potongan cukai berjadual), we often take for granted the income tax we need to pay as we might think that the PCB should cover the tax at the end of the year. Well did you know that you can actually minimize the income tax required?
You can search around the internet for fast options of saving on your taxes, but i'd recommend this read for a quick one : Income Tax: In This World Nothing Is Certain But Death And Taxes
So once you've realized about all this and starting to wonder how much is your actual income tax, it comes down to "SO HOW DO I CALCULATE MY TAXES??!!". Before this income tax was calculated manually, so one would wait till the last minute and start to fill in the income tax form and manually calculate their income tax. After all is done, "AHAH! this is how much my income tax is.." Ever since 2006, Lembaga Hasil Dalam Negeri (LHDN) had introduced a new system called E-Filing. It has made all the calculations easier, as well as remove the hassle to fill in the forms manually. But the e-forms are only available electronically in the internet, so you'll only be able to calculate your taxes once the LHDN allows you to start filling in your e-forms.
I thought of a simpler way to prepare myself, why not make my own calculator? Hihi this way i can at least know in advance what my income tax would be, and take advantage of the "allowable deductions" to minimize my taxes. Sorry it came a bit late (just thought about it, was ignorant before) but hope you guys can take whatever benefit this calculator might give you. By the way, it may not be perfect and may have errors here and there, so let me know if you come across any. Here's the calculator:
Borang BE Income Tax Calculator (rapidshare)
Note that you'll need microsoft excel to run this calculator. I doubt that'd be a problem to you all.
If you've never used rapidshare before, just click the link above (you'll be directed to rapidshare download page), then click "free user", after few seconds a download button will appear, click "download"..
Good luck in calculating your taxes. Let me know your experience using the calculator.