What types of tax abatements are there❓

What types of tax abatements are there❓

For this article, we would like to present about what should be known of the tax deduction for each other. If you're ready, let's go see it.

👉🏻Knowledge of tax payment

Paying taxes is the duty of people who earn more than 120,000 baht per year. Must have a duty to file personal income tax. Those who are eligible for tax filing must collect the necessary documents correctly and completely and bring Go get it to submit at the Revenue Department or use the online method by submitting documents via the website or through the application as well.

👉🏻The importance of planning for tax deduction

planning for tax breaks It's another way to get that tax refund and it can save even more money in your pocket. The tax deduction method you choose is in your own benefit. Which is whether to invest in mutual funds by purchasing life insurance and health insurance. Including the purchase of real estate or even spending on small things can be tax deductible. which the legal tax deduction has been specified It is something that the state sees as an obligation in life and a privilege that the state must support to encourage people to take certain behaviors that change and make improvements every year. Therefore, taxpayers should be constantly concerned with following the rules and conditions that change in every situation. years in order to make a tax deduction plan correctly and appropriately

👉 How many types of tax deductions are there?

1. Personal and family tax deduction

which will consist of

- personal discount In the amount of 60,000 baht, which can be used for tax deduction without any conditions

- Spouse discount In the amount of 60,000 baht, which is for a spouse who is legally married and the spouse must have no income

- Pregnancy and maternity allowance The portion paid to government or private hospitals can be deducted not more than 60,000 baht per year, which the husband can make a tax deduction in the event that the wife does not have money. And the documentary evidence used for the tax deduction is the receipt and a medical certificate from a medical facility.

- Child tax deduction In the amount of 30,000 baht each, which must be a legitimate child or adopted child and a child under 20 years old or under 25 years old and must be studying or being in the case of a child over 25 years old but has the status of an incompetent person, can make a tax deduction in the case of the second child or more born from the year B.E. 2018 and above, can do and collect tax 60,000 baht per person

- The allowance for raising one's parents and their spouses is not more than 30,000 baht each and a maximum of four people. which is to be able to make a maximum reduction of not more than 120,000 baht, provided that the parents must be over 60 years of age and have annual income of not more than 30,000 baht, which cannot be re-used during the Siblings must be identified in the custody signature as to which child will be the custodian of the parent.

- Tax deductible car expenses in the case of supporting a disabled person or a person with disabilities The amount does not exceed 60,000 baht per person, and a disabled person must have an income that does not exceed an amount of 30,000 baht per year and must have a disability identification card and must have a letter certifying that they are

2. Tax deduction in savings and investment insurance groups

which consists of

- Social Security money which can make a tax deduction according to the actual payment and a maximum of not more than 5100 baht and for the insured under section 33 and for the insured under section 39 Able to make a maximum reduction of not more than 3003 baht, because from the year 2021 there has been a reduction in the rate of social security and insureds under Section 40, there will be a reduction of not more than 700 baht. Up to 3000 baht as actually paid

- Life insurance premiums and insurance in the form of savings which can be deducted as actually inserted and up to the maximum amount of 100,000 baht, in which case the spouse has nothing to be able to reduce the insurance premium of the spouse up to the amount of 10,000 baht, provided that in the conditions of The details of life insurance are that it must have a coverage period of 10 years or more and must be insured with a life insurance company in Thailand. And if the policy is expropriated before the expiration of 10 years, it will be considered a violation of conditions and cannot be used for tax deduction.

- Health insurance premiums and accident insurance premiums that cover health, which can be deducted as actually paid, up to a maximum of 25,000 baht and when combined with life insurance, must not exceed 100,000 baht.

- Health insurance premiums of parents This can be a deduction that is actually paid up to a maximum of 15,000 baht and parents must have income not more than 30,000 baht per year, which is not necessarily aged 60 or over.

- Life insurance premiums in the form of pension which can be used to make a tax deduction in the amount of 15% of the actual amount paid, up to a maximum of 200,000 baht, provided that the condition of the car insurance deduction is that there must be a period of protection for 10 years or more Go and have to insure with a life insurance company in Thailand and then have to pay benefits in installments with regularity.

3. Group tax deduction of donations

which consists of

- money for general donations which can be deducted according to the actual payment up to a maximum of 10% of the income after tax deductions

- Donations for education, sports, social development and public benefit, and donated to government hospitals. This can be used for a tax deduction of twice the actual contribution, up to a maximum of 10% of the income after tax deductions are made.

- Donations to political parties which can be used to reduce the tax up to a maximum of 10,000 baht, which comes from Section 70 of the Organic Act on Political Parties B.E. 2560, which stipulates that those who donate money to political parties can The donation amount will be deducted as a tax deduction or expense for making donations as prescribed in the Revenue Code.

4. Real estate group discount

which consists of

- Interest on housing loans which can be deducted up to the amount of 100,000 baht

👉🏻 Documents that are necessary for using the tax deduction right

- Certificate of withholding income tax

- List of tax deductions collected throughout the year, for example. Parental care costs child support

- Documents supporting the tax deduction to be used to fill out a tax return form

How are you? Hope this article will be useful for all readers. And see you again in the next article.

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