Individual Income Tax Services

Individual Income Tax Services | Filing of Form B

In Singapore, it is mandatory for all individuals who are receiving income from employment or profit from self-employment to declare their annual earnings to IRAS through Form B. If your employer is participating in the Auto inclusion scheme (AIS), your employer will submit your annual income to IRAS before 1st March. If there are no additional income received from others or no additional tax relief, you may choose not to edit the tax form.

As for individual tax – Form B, you are able to calculate your chargeable income tax payable after deducting your qualifying tax reliefs.

For sole proprietorship – Business income refers to income earned from carrying on a trade, business, profession, or a vocation and is taxable in the sole-proprietor, partner, or self-employed person’s name. Thus, business income has to be reported in Form B along with other forms of income such as rent/property/estate, trust and royalty income. If the revenue received from the business is more than $500, 000/year, you are required to submit a certified accounts to IRAS.

Certified accounts must be signed by you and to be true and correct, and statement of accounts refers to trading profit and loss and balance sheet.

For the partnership tax – Form P, we will require the management report arising from the partnership and also the profit sharing percentage agreed by the partners. 

After collecting this information, we would then proceed with a tax computation based on the documents provided and advise the client on further tax reliefs that he or she may be eligible for by IRAS.

If you do not have the relevant statement of accounts prepared, you may also look into our Accounting Services – Do note that the tax computation is done based on the latest tax rates. Every yearly budget policy, the Ministry of Finance will declare whether if there is any tax rebate for corporate or personal tax. Under-declaring or not declaring may result in you being liable to a penalty.

The due date for submitting your completed paper tax form to IRAS is by 15 Apr. If you submit an e-File, you have up till 18 Apr to do so.

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