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Q: For SSPN, if I put in RM 3,000 in one year and also withdraw RM 1,000 within the same year, is the RM 2,000 balance eligible for tax relief?
How about if I only put in RM 1,000 in the year and withdraw RM 3,000 within the same year, do I need to pay tax for the RM 2,000 difference?
A:1. Yes, you can claim the net deposit of RM 2,000 as tax relief.
2. No, you do not need to pay tax for the difference but you are also not eligible for tax relief because the withdrawal is more than the deposit within the same year.
Wishing you plentiful tax savings!
YYC Tax Guru