Individual Tax Filing and Advisory Services
Most individuals file their Tax Returns electronically via IRAS Tax Portal. A SingPass or an IRAS Pin is required to log into the Tax Portal. Individuals can apply for the IRAS Pin and SingPass online which will then be sent to their residential address as shown on their Identity Card (NRIC or FIN).
When filing the Individual Tax Return online via IRAS Tax Portal, the Employee’s salary should have already been transmitted by the Employer (if the Employer is under the auto-inclusion scheme) and shown on the screen. However, you must enter the Business Income and Other Income (like Rental Income). Recently, IRAS has also collaborated with Insurance Agencies and Real Estate Agencies on the transmission of Commission Income of Property and Insurance Representatives. As such, self-employed Real Estate Sales Person and Insurance Representative should be able to see their business income included in the Tax Portal when they file their tax return. All they have to do is to claim for their expenses.
If this is the first time you are filing your tax return, you must enter your Personal Reliefs claim like Child Relief, Spouse Relief, Parent Relief, etc. in full. When you file your tax return next year, your Personal Reliefs will be automatically reflected in the Tax Portal based on what you have claimed this year. You should download a copy of the IRAS Individual Income Tax Filing Guide to help you to get the necessary information ready and guide you along the way when you are filing your Personal Tax.
You may also file a Paper Tax Return known as Form B or B1. Form B1 is a simplified version of Form B designed for individual who does not derive Business Income.
A typical Form B1 and B is shown below.
Partnership Tax Filing via Tax Portal
Partnership Tax Return has to be submitted by 15 April every year either electronically or via Paper Form P. Income from Partnership will be added to the individual’s income (i.e. partner’s profit flows to the individual and is aggregated with other personal income to arrive at the individual’s total income).
A typical Form P is shown below.
It is important that you get ready the following information
- 4-line statement for the relevant financial year
- Details of passive income (Interest, rent etc.)
- Partnership allocation details
- Name and Identification Number of the partners allocated with share of income or loss
- Basis of Distribution for the respective partners
- Capital Contribution of each limited partners (only applicable to Limited Partnership and Limited Liability Partnership)
Notice of Assessment or NOA
Once the Tax Return is filed, you should receive a Notice of Assessment (NOA), also known as Tax Bill, indicating the Tax Payable. If you disagree with the Assessment, you should lodge an objection immediately. Regardless of whether you are lodging an objection, the tax payable amount indicated on the NOA has to be paid within 30 days from the date of NOA.