Summary: 4 Smart Tax Planning Tips for Salaried Employees
As tax season approaches, salaried employees—especially first-time filers—should prepare by planning ahead. A strategic approach to tax filing not only simplifies financial management but also ensures efficient use of tax benefits. Here’s a checklist to help maximize your deductions:
4 Key Tax Deduction Categories
- Personal and Family Deductions
- Personal allowance: 60,000 THB
- Spouse allowance: 60,000 THB
- Child allowance: 30,000 THB per child and childbirth expenses up to 60,000 THB
- Care for parents aged 60 and above: 30,000 THB per parent (applicable for both your parents and spouse’s)
- Support for persons with disabilities: 60,000 THB per person
- Insurance, Savings, and Investment Deductions
- Social Security contributions: 9,000 THB
- Parent health insurance: 15,000 THB
- Personal health insurance: 25,000 THB
- Life insurance and endowment plans: 100,000 THB
- Retirement funds (e.g., RMF, SSF, GPF): Up to 500,000 THB
- Charitable Donations
- General donations: Deductible up to 10% of taxable income
- Social welfare donations: Deductible at 2x the actual amount (up to 10% of income)
- Political party donations: Capped at 10,000 THB
- Government Stimulus Deductions
- Easy e-Receipt Programme: Up to 50,000 THB
- Secondary city travel: Up to 15,000 THB
- Home loan interest: Up to 100,000 THB
AXA’s Insurance Solutions for Tax Benefits
AXA offers comprehensive health and accident insurance plans that not only provide extensive protection but also allow for tax deductions:
- Health Insurance: Coverage includes common diseases, tropical illnesses, and cancer. Examples:
- SmartCare Essential: Full medical expense coverage
- Cancer Insurance: Lump-sum benefits up to 900,000 THB upon diagnosis
- Accident Insurance: Affordable plans tailored to individual needs with flexible benefits up to 5 million THB.
Purchasing insurance ensures financial protection and offers tax-saving advantages. Explore AXA’s insurance plans tailored to fit your lifestyle and tax planning needs:
- AXA Health Insurance: Learn more
- AXA Accident Insurance: Learn more
Remarks
- Tax deductions are subject to Revenue Department regulations.
- Policy coverage is determined by AXA’s terms and conditions. Be sure to review details before purchasing.
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