“Tax Planning for Individuals – An Essential Guide”is a complete and practical guide discussing and explaining the tax implications on employment, investment and other incomes and the tax reliefs that are available to an individual taxpayer.
This book particularly addresses important changes and provisions in the income tax laws for the YA 2017. It is an essential and handy reference source for all individual taxpayers, tax professionals and accounting students.
Employing a simple and illustrative format with many practical examples and key questions and answers, this book renders complex tax concepts and applications easily graspable and comprehensible. Seventeen chapters with a total of 50 examples and 19 Q & A.
The landscape of individual taxation has gone through substantial reform and changes in recent years in line with the Government’s intention to ease up and simplify administrative procedures on self assessment of individuals.
A notable development is the assessment of employment income in the year of its receipt in respect of all prior years’ income. While this is welcomed as it does away with the need to revise previous years’ tax computation it, however, increases inadvertently the tax liability in the year of receipt. As tax exemption on employment income and tax relief for the individual taxpayer have undergone significant revision and changes, their scope and mechanism need to be fully understood in order to minimise tax liability and avoid possible penalties. These wide ranging changes call for the authoring of a new book to specifically address all the relevant and important issues.
“Tax Planning for Individuals : An Essential Guide” thoroughly discusses and explains employment, investment and various other incomes and their tax implications for the individual taxpayer in a simple and illustrative format with many practical examples to facilitate ease of understanding.
Business income is dealt with separately by the author in another book, “Tax Planning for the Sole Proprietor” as it pertains to the field of business.
It is the author’s earnest wish that this book would provide a quick and practical reference for individuals dealing with their own tax submissions or for professionals who are advising their clients on individual taxation.
Although this book deals with YA 2017, it is also relevant for YA 2015 and 2016 as there is a concluding chapter addressing changes made in prior years.