Common tax-filing mistakes to avoid

Common tax-filing mistakes to avoid

By Navin Sregantan

If you’ve only got a minute:

  • Tax-filing is treated differently between an employee and a self-employed person. 
  • Even if your employer has sent your employment income details to IRAS, you are still required to file your Income Tax Return unless you have received the No-Filing Service (NFS) notification.
  • If you are an employee under the Auto-Inclusion Scheme (AIS) for employment income, you are still required to file for Income Tax return if there are other incomes you wish to declare or wish to claim for personal reliefs.

It’s tax-filing season again!

If you need to submit an income tax return for Year of Assessment (YA) 2024 (for your income earned in the year 2023), do so by 15 April 2024 for paper filing or 18 April 2024 for e-Filing to avoid penalties.

If you need more time to submit your tax return, request for an extension to file online via myTax Portal.

If you are not sure on how to file your tax correctly, here are some tips for you!

Tax-filing for employees

If you are an employee, you should first check whether your employer is in the Auto-Inclusion Scheme (AIS) or not.

Even if your employer has sent your employment income details to IRAS, you are still required to file your Income Tax Return unless you have received the No-Filing Service (NFS) notification.

You are required to file an Income Tax Return if you receive a SMS or letter notification to file, even if your employer is under the AIS.

Tax-filing mistakes to avoid for employees

Tax-filing for self-employed persons

As a self-employed with your own business, you work for yourself, and are in the position to realise a business profit or loss. Your income is derived from the buying and selling of goods, or from providing professional or personal services.

Some examples of a self-employed person include:

  • Baby-sitter
  • Insurance agent
  • Real estate agent
  • Direct seller
  • Freelancer (e.g. you receive fees for providing services as a delivery rider, consultant, graphic designer)
  • Hawker (you are the owner of a hawker business or a food stall)
  • Owner of a business that buys and sells goods and/ or services
  • Owner of an online business (i.e. you buy and sell goods or provide services through the Internet)
  • Owner of your own practice (e.g. accountant, architect, doctor, lawyer)
  • Taxi driver/Private-hire car driver
  • Private tutor (you look for your own students by yourself or through agencies and do not receive a salary from a tuition centre)

Read more: Tax savings at a glance

Tax-filing mistakes to avoid for self-employed persons

Find out more: Tax Season 2024 - All you need to know

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Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.

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