Individual Tax Compliance

For all Singaporean or Permanent Resident, it is essential to file your income tax correctly and on time. However, many of the taxpayers have little knowledge of the deductions that they are able to claim. There are actually many types of reliefs that you may be eligible for. We work with you to ensure that your tax submission is accurate and on time. We will claim all eligible tax deduction(such as rental expenses, business expenses, medical expenses, personal reliefs, deductions on donations)

Common Filing Mistakes

Every year, you are required to file for the individual income tax. You are to submit the income tax return by 15Apr(paper) or 18 Apr(e-file). Many of the taxpayers file their income tax on time. however, there are many common mistakes that result in an inaccurate filing. Some of the common mistakes highlight:

  1. Wrong declaration of trade/business income
  2. Incorrect relief claims,
  3. Wrong claim for CPF Contribution
  4. Not submitting supporting documents when requested
  5. Submitted inaccurately but did not re-file within the 14days of submission or by the deadline, whichever is earlier.

An inaccurate filling, regardless if it is intentional, may result in penalties, fines, and imprisonment under the Income Tax Act

Filing inaccurately with no intention to evade tax may cause the taxpayer to:

  • Face a penalty of up to 200% of the amount of tax undercharged;
  • Be fined up to $5000; and/or;
  • Be imprisoned up to three years;

Filing inaccurately with the intention to evade tax may result in more serious charges and the taxpayer may:

  • Face a penalty of up to 400% of the amount of tax undercharged;
  • Fined up to $50000; and/or;
  • Be imprisoned up to five years;

What We Do

  • Consolidation and preparation of all incomes and it's supporting documents.
  • In-depth Individual Tax Analysis and advice for maximum tax benefits and savings.
  • Assist in preparation of Individual Tax Computation and relevant schedules
  • E-filing of Form B for employee/self-employed/director
  • Reminding of Tax filing season and ensuring taxes are filed accurately
  • Dealing with any queries raised by IRAS