Are You All Set For Income Tax Filing 2021?

It is that time of the year! The income tax filing season is here. Many people usually leave it until the very last minute before panicking and rushing to find all the information and necessary documents for income tax filing. 

Hence, the whole process of income tax filing is often seen as stressful, arduous, and full of minute details that can be overwhelming especially for first-timers. However, if you start early with enough preparation, you do not have to be stressed out at all! You will have plenty of time and resources to refer to when you file for your income tax. 

Here’s a simple guide on dealing with your income tax filing 2021. Are you ready? 

Important things to note for Income Tax Filing 2021: 

1. You only need to pay your income tax if you earned more than $22,000 in the previous Year of Assessment. But, this doesn’t mean you do not have to file your income tax. 
2. If you received a letter or SMS saying you have been selected for No-Filing Service (NFS), you do not have to file your income tax. 
3. Income tax filing 2021 period is from 1 Mar 2021 to 18 Apr 2021. If you miss the deadline, you will need to pay penalties!

Steps for Income Tax Filing 2021

1. Log into IRAS Tax Portal using your SingPass. 
2. Check out your total income for YA2021 under “File Income Tax Return” if you are a salaried employee. If you are partially or self-employed, you will have to key in the details manually. 
3. Declare your additional incomes if any. This may include income from government grants such as Jobs Support Scheme, COVID-19-related payouts, Special Employment Credit or Wage Credit Payouts, rental property income, dividends from stock tradings, alimony, trust income, and more. 
4. Check tax reliefs and deductions. Some of the reliefs and deductions are Course Fees Relief, CPF Cash Top Up Relief, Life Insurance Relief, Parent/Handicapped Parent Relief, and many more. 
5. File your taxes, make sure all the data is accurate, and submit your tax filing online. That’s it, you are done for now! 
6. After a few weeks, keep a lookout for Notice of Assessment (NOA) via post or the IRAS MyTax portal. This is your income tax bill telling you how much you have to pay in taxes and the deadline for the payment. 
7. Check if the NOA is correct. If there are any issues, you need to log in to IRAS MyTax Portal and select “Object to Assessment” within 30 days of receiving your NOA. Your objection will be reviewed by IRAS. Make sure you provide the necessary evidence.
8. Time to pay your income tax! You can pay your income tax via:

• Internet banking (bill payment)
• Internet banking (fund transfer)
• GIRO
• PayNow QR
• DBS PayLah! Mobile app
• Phone banking
• ATM (DBS/POSB or OCBC only)
• AXS Station
• AXS e-station (internet) or m-station (mobile)
• SAM kiosk
• SAM Web / SAM Mobile
• NETS (at post office only)
• Telegraphic transfer (only if you are overseas and cannot use any of the other payment methods)

Now, start early and enjoy your income tax filing 2021! 

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