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Other Income (Discount (When bill of purchase is below face value., Does…
Other Income
Discount
- When bill of purchase is below face value.
- Does not include discount allowed by transaction for previous payment
- Derived in M'sia if bill is transacted in M'sia, and tax only when realised.
- Basis of assessment = same as dividend income
- Time apportionment on the assessment.
Pension
-
- Basis of assessment = calendar year basis
- Pension may be converted into lump sum and lump sum is not taxable
-
- Recipient is a resident person (on calendar year(
- Person has attained 55 years of age, or due to ill health
- Exemption only for one (highest person) pension
Annuity
- Definit sum of money payable on regular basis
- Basis of assessment = calendar year basis
- Exempted if annuity is received under an annuity contract and issued by a Malaysian life insurance company.