Fresh graduates in Singapore may find filing their income tax returns challenging, but the Inland Revenue Authority of Singapore (Iras) provides guidance on what information to include, eligible reliefs and deductions, and common mistakes to avoid.
For the Year of Assessment 2024, Iras has begun issuing taxpayers their tax bills , also known as the Notice of Assessment.
Generally, income earned in or derived from Singapore is subject to income tax, if it exceeds $22,000, or if your self-employment income had a net profit exceeding $6,000. Taxpayers fall under two categories – those on the no-filing service , and those required to file an income tax return. In Singapore, tax reliefs include those for earned income, CPF, parents and course fees. If you are married, you may also be eligible for the spouse relief, qualifying child relief, parenthood tax rebate, and grandparent caregiver relief.
Some tax reliefs are not pre-filled in tax return forms. However, if you were granted reliefs in previous years, they will be pre-filled automatically if you remain eligible for them. If you have property that you are renting out, you can claim tax deductions on rental expenses that you incur solely for producing the rental income and during the tenancy period. ST PHOTO: LIM YAOHUI
Iras Tax Bills Year Of Assessment 2024 Income Tax Returns Singapore Guidance Reliefs Deductions Common Mistakes
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