SINGAPORE: The Inland Revenue Authority of Singapore has
extended the deadline for the submission of income tax returns via
e-filing till end April.
This is to give taxpayers time to familiarise themselves with its
new pre-filled e-Filing System.
Implemented on 22 February, it enables taxpayers to view their
employment income and deduction information pre-filled on the
e-Filing screen, if their employers have participated in the
Auto-Inclusion Scheme for Employment Income.
Other pre-filled information includes dividends and
donations.
IRAS says taxpayers whose employment income and deductions are not
displayed on the screen can still e-file their tax forms without
declaring their salaries and corresponding deductions.
These would be instances where employers have not sent the salary
information to IRAS yet.
IRAS will include the information in the taxpayers' assessments
when it's available from their employers.
Meantime, IRAS says taxpayers should get their tax returns and PIN
mailers via post by next week.
Those who have not received them by 15 March can use SingPass to
e-file or call 1800-356 8300 (for salaried employees) and 1800-356
8611 (for self-employed) to request for one.
As part of the new filing system, all resident individuals with
aggregate interest income of more than $125 only need to declare
$125 in their tax return.
Interest income in excess of $125 is exempted from income
tax.
This interest income refers to those derived from all standard
savings (except interest from POSB savings which is tax-exempt),
current and fixed deposit accounts with approved banks and finance
companies in Singapore.
From this Year of Assessment, taxpayers in a sole proprietorship,
profession or vocation with turnover up to $100,000 would only need
to report the turnover and adjusted profit/loss (known as two-line
statement), in their Form B tax return.
Previously, they have to also report their gross profit/loss and
allowable business expenses, which make up a four-line
statement.
Those needing help with their tax returns can call the e-Filing
helpline 1800-2525 011 during office hours (8am to 5pm) for
assistance, or make an appointment for face-to-face assistance at
IRAS.
The helpline will be extended till 10pm daily in April.
Volunteers will also be at various community clubs to help
taxpayers e-file over the weekends from 19 March to 17 April, from
2pm to 5pm. - CNA