'Notice of Assessment' refers to your tax bill. It shows the types and amount of income brought to tax, deductions you have claimed, and the amount of tax payable by you; or repayable to you.
On this page:
Types of income tax bills
| Types of tax bills | Description |
|---|---|
| Notice of Assessment (Original) | This is the tax bill computed based on the tax form(s) that you have submitted and/or information sent by organisations participating in the Auto-Inclusion Scheme. |
| Notice of Assessment (Amended) | If we amend your tax assessment, you will receive a Notice of Amended Assessment. The 'Previous assessment' shows your tax payable from your previous tax bill. If there is any credit in your tax account, we will provide you with a refund of the credit amount. |
| Notice of Assessment (Additional) | If we revise your tax assessment, you need to pay the additional taxes. You will receive the Notice of Additional Assessment and the additional tax you need to pay is shown as 'Additional Tax Payable'. |
| Notice of Assessment (Repayment) | If there is any credit amount to be refunded to you, you will receive a Notice of Repayment instead of a Notice of Assessment. |
| Notice of Assessment (Estimated) | If you have not filed your Income Tax Return by the due date, we may estimate your tax based on information available and send you an Estimated Notice of Assessment. The estimated tax is shown as 'Estimated Tax Payable'. |
Tax terms on tax bills
| Tax terms | Explanation | Example |
|---|---|---|
| Year of Assessment (YA) | This refers to the tax year in which your income tax is calculated and charged. The assessment is for income you have earned in the preceding calendar year. | Year of Assessment 2024 is for income earned from 1 Jan 2023 to 31 Dec 2023. |
| Income | The amount reflected under 'Income' is your total income after deducting allowable expenses. The total income includes:
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| Deductions | Deductions like donations and reliefs can help lower your income subject to tax. | |
| Chargeable income | This refers to your 'Income', after subtracting 'Deductions'. | |
| Tax payable | This refers to the amount of tax that you need to pay. | 'Tax payable by 27 May 2024 $2,275.00' means you must pay $2,275.00 to IRAS by 27 May 2024, unless you are paying your taxes via GIRO. |
| Tax repayable/discharged | This refers to the amount of tax that will be refunded to you. | 'Tax repayable/discharged $300' means $300 will be refunded to you. |
General income tax glossary
| Tax terms | Explanation | Example |
|---|---|---|
| Basis period | This refers to the period of income relevant to the Year of Assessment (YA). The basis period for a YA is the year preceding that YA. The basis period for YA 2024 is 1 Jan 2023 to 31 Dec 2023. If you receive business income, the basis period may be different if your accounts are made up to a date other than 31 Dec. | Example 1: Employment income Mr Tan has employment income from 1 Jan 2023 to 31 Dec 2023. This income is earned in the basis period from 1 Jan 2023 to 31 Dec 2023 and hence, it will be assessed in the Year of Assessment 2024. Example 2: Business income Mr Lee is a sole-proprietor. His business financial year ends on 31 Mar 2023. His business income is earned in the basis period from 1 Apr 2023 to 31 Mar 2023 and hence, it will be assessed in the Year of Assessment 2024. |
| Assessable income | This is your total income after deducting allowable expenses and approved donations. Total income includes:
Note: Chargeable income is the remainder of your assessable income after deducting personal reliefs. | Mr Lim has: Employment income = $50,000 Allowable expenses and donations = $5,000 Assessable income = $50,000 - $5,000 = $45,000 Personal reliefs = $10,000 Chargeable income = $45,000 - $10,000 = $35,000 |
| Personal reliefs | There are deductions which can help you save tax. These are allowable if:
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| Personal Income Tax Rebate | As announced in Budget 2024, a Personal Tax rebate will be granted to all tax residents for Year of Assessment 2024. The rebate will be 50% of tax payable, capped at $200. |