It was noted that the income tax filing for the Year of Assessment (YA) 2020 begins on 1 March 2020. The Inland Revenue Authority of Singapore (IRAS) has illustrated an “All You Need To Know” guideline clarifying various questions on tax returns.
The IRAS details the following information:
- if a taxpayer has received a letter or SMS about No-Filing Service, they do not need to file a tax return; however, amendments can be made on the taxpayer’s income details or relief claims
- requirements to file a tax return
- tips on e-Filing for YA 2020
- employment information does not need to be declared if the employer is participating in the Auto-Inclusion Scheme for Employment Income
- submission of Form IR8A or other supporting documents
- taxability of the different types of income
- information on claiming tax deductions on expenses “wholly and exclusively” incurred in earning of income, and
- information on who can claim personal reliefs and rebates.
The IRAS also provides information on mistakes to avoid, consolidated statement, calculation of tax and other filing information.
Source: IRAS Website, 3 February 2020