Maybank, CIMB and Public Bank. Not sure about other banks.

Okay got it, thanks!

Regarding the 60k max contribution per year:

If i contribute 60k in October this year,
Do i have to wait till october 2020 to contribute another 60k or can i do it on january 2020?

read before...it was per calendar year

Once contribute so much, its hard to take out. Make sure your cashflow needs are sorted out before you do this.

If i do self contribution, may I claim income tax under PRS Scheme?

NO...

No.

Thank you for clarifying

January 2020.

You need to buy PRS.

Need to declare income tax if do self contribution... for self employed?

if I am not mistaken,...there is a max amount one can put in the tax declaration form for tax relief purposes
btw, self employed can do self contribution but must have an epf a/c first
self employed need to submit tax declaration to LHDN every year too

Tax deduction for year 2019:-
EPF 4,000
Life insurance / Takaful 3,000
PRS 3,000
Medical 3,000

Can I know if saving plan such as Great wealth accumulator can be under PRS for tax rebate?

is this Great wealth accumulator qualified as a something specifically like this, GE GREAT RETIREMENT PLAN?
https://www.greateasternlife.com/my/en/pers...ement-plan.html

Tax Treatment
6.1 Deduction for deferred annuity premiums paid by an individual

To encourage individuals to add savings for retirement, premiums paid for a deferred annuity are allowed as deductions in computing the chargeable income of an individual resident in Malaysia.
Subsection 49(1D) of the ITA provides that, in the case of an individual resident for the basis year for a year of assessment (YA) who has–
(a) paid premiums for a deferred annuity; or
(b) made or suffered the making of a contribution to a private retirement scheme (PRS),
there shall be allowed for that YA a deduction of the aggregate amount of the payments or contribution or both or a deduction of RM3,000 whichever is the lower.
The deduction is effective for 10 years from YA 2012 until YA 2021.
Note: Prior to the YA 2012 (YA 2010-2011), deduction for a deferred annuity is allowed under paragraph 49(1A)(a) of the ITA subject to the amount of deduction of contribution to the Employees Provident Fund and payment of premium for deferred annuity shall not exceed RM7,000.
more in there.....

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_4_2014.pdf
as that was a 5 yrs old article, please contact the insurance companies or LHDN for latest updates....

This post has been edited by MUM: Oct 23 2019, 01:36 PM

Great Wealth Accumulator can claim under life column ONLY.

PRS either Unit trust / Annuity (Great Retirement Plan- in Great Eastern).

This post has been edited by Ewa Wa: Oct 23 2019, 03:34 PM

Thanks for confirming, guess my agent give me the false info...

Thanks bro for info.

Every year, kindly request for Statement Of Life Assurance Premium Paid (SLAPP) from ur agent or E-connect portal. Through the SLAPP you can report ur tax more accurately which column to fill in.