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What is income tax?
qWhen tax is levied on the income of a person it is called income tax. If there is no income, there is no income tax. There are different types of income upon which tax is imposed, such as business income, employment income, rental income, dividends, interest, royalties etc. In Malaysia, income tax is imposed, assessed and collected under the Income Tax Act (ITA) 1967.
nSection 3 of ITA 1967:
qA tax known as income tax shall be charged for each year of assessment upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia(foreign source income).
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