facebookIf i pay my income tax by 12months instalment using GIRO. Deductions will be on the 6th every month. What will happen if i accidentally pay by AXS on the 5th that month? Will IRAS still deduct on 6th? - Seedly

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Eddie Tay

22 Sep 2020

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Saving Hacks

If i pay my income tax by 12months instalment using GIRO. Deductions will be on the 6th every month. What will happen if i accidentally pay by AXS on the 5th that month? Will IRAS still deduct on 6th?

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Hi Everyone, I contacted IRAS to check on this. See the attached info that I receive. You can pay by AXS before the 6th and GIRO will not deduct for that month, but you need to make sure your payment is made in advance and there is enough time for IRAS to receive the money so they do not activate the bank for the monthly deductions. Since the deduction is on the 6th, you might need to make payment more than a week in advance. And there is still a risk you will miss the timing and pay twice in a month.

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That is actually my worry, whether they will deduct from the current month or they will deduct from the back. I don't want to pay twice in a month.

I have done something similar before, but not 1 day before with such short notice. With ample notice...

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