Income Tax season is here again, and this is the time for my headache to start. It is a thankless task filing my income statement, especially since I have exceeded the income limit for declaration and have to file my tax returns. :-(
And since I am still single with my parents both working, I am not entitled to any parent relief, child relief or even maid relief. So I am not discounted from anything, unlike my mum, who is entitled to all three.
The first year I had to file my income tax by myself, I received a letter from my employer stating that we were under the Auto-Inclusion Scheme, so everything would be filed for us. I took their word for it and really did not bother filing anything. That was the first time I did my own taxes as my mum did for me the previous year.
As a result, a few months after that, I received a letter from the Inland Revenue that I was fined S$200.00 for not declaring my income statement. I had to make a trip down and explain the entire situation.
Luckily, the officer was rather understanding. I was let off with the fine waived, and a reminder that I had to file my taxes from then on be it whether my employee is under the Auto-Inclusion Scheme or not.
After that, I realize that I have to declare the amount of insurance I pay per month, as well as any donations to any charitable organizations in my tax form. This year the amount will probably increase since I took on a couple more financial plans last year.
Considering my employment history of late, this year will be rather interesting when I file my taxes. My company is under the Auto-Inclusion Scheme, but I have already received a letter from one of my previous employers last year regarding the amount of salary I have to declare. I am just waiting to see if my income this year exceeds the limit for declaration!
Come to think of it, where does all my tax money go to?
And since I am still single with my parents both working, I am not entitled to any parent relief, child relief or even maid relief. So I am not discounted from anything, unlike my mum, who is entitled to all three.
The first year I had to file my income tax by myself, I received a letter from my employer stating that we were under the Auto-Inclusion Scheme, so everything would be filed for us. I took their word for it and really did not bother filing anything. That was the first time I did my own taxes as my mum did for me the previous year.
As a result, a few months after that, I received a letter from the Inland Revenue that I was fined S$200.00 for not declaring my income statement. I had to make a trip down and explain the entire situation.
Luckily, the officer was rather understanding. I was let off with the fine waived, and a reminder that I had to file my taxes from then on be it whether my employee is under the Auto-Inclusion Scheme or not.
After that, I realize that I have to declare the amount of insurance I pay per month, as well as any donations to any charitable organizations in my tax form. This year the amount will probably increase since I took on a couple more financial plans last year.
Considering my employment history of late, this year will be rather interesting when I file my taxes. My company is under the Auto-Inclusion Scheme, but I have already received a letter from one of my previous employers last year regarding the amount of salary I have to declare. I am just waiting to see if my income this year exceeds the limit for declaration!
Come to think of it, where does all my tax money go to?
4 comments:
Online filing for the win!
No sweat on Singapore tax filing... try US taxes :-) The publication itself is 300+ pages :(
Anyway i have done it after 2 gruelling days.. and deserve a REFUND from both California state & Federal government yay!!
of course the money go to government treasury, where else can it go? =P
Ole Wolvie : I always do online filing nowadays, only thing is the website is always down so it takes a while before I could access.
Gus : Oh yes, I heard about the US taxes thing. Must be really troublesome for you.
Sen : Well, so if it goes to government treasury, wonder if it's justifiable how they use the taxpayers' money then?
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