“Death, taxes and childbirth! There's never any
convenient time for any of them.” ― Margaret Mitchell,
Are you eligible to file the returns?
If you are employed and you also have a business or
rentals, or if you are purely a business owner or are self-employed, you are
required to file your individual tax returns for yourself and or a
non-individual tax return for your business.
If you are an individual, you are required to have furnished URA with your
provisional return for the year of income 1st July 2014 to 30th June 2015. If
you haven’t, then you will receive a letter like the one below (refer to Sample
Income Tax Notice for Assessment).
Dissatisfied with the URA tax assessment?
Many people fret when they receive such a notice of
assessment especially when URA asses you for ridiculous amounts of tax payable.
The good news is in the last paragraph of the letter which advises you on what
to do 'If you are dissatisfied with this administrative estimated assessment'.
However, to be able to make reasonable estimates, you need to have a reliable
basis of making the estimate. This comes back to the basics, in order to get
accurate and timely information about your business, you need to have proper
books of accounts.
