Hi, noticed a handful of people are clueless about income tax. Thought that it'd be useful to share the IRAS Income Tax Calculator with everyone! Feel free to share any feedback/comments here!?
You can use the IRAS income tax calculator** **to calculate how much income tax you have to pay.
Source: IRAS Income Tax Calculator (YA 2020)
The excel sheet is quite simple to use. Simply input your:
And the tax payable will be calculated for you!
There are links out for each point under income and tax reliefs as well, so you can better understand if you qualify for any!
You can also check out the Deductions for Individuals (Reliefs, Expenses, Donations) for the full list of deductions as well.
You'll need to file your income tax in March/April next year. Don’t worry you will get a notice of assessment via letter, form or SMS. Majority of taxpayers use GIRO for tax payment, deductions are made on the 6th of every month.
You can also refer to this IRAS Guide for New Tax Payers in order to better understand how it works.
Yes it is a lot of reading... 😥 Alternatively, you can also refer to this Personal Tax Filing FAQ YouTube playlist by IRAS for a quick crash course!
Hope this helps! Adulting is tough but we can figure it out together! 💪
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