The income tax filing season is upon us. You need to file your income taxes by 15 April 2009 (or 18 April 2009 for efiling) if:

• your Singapore income for the previous year is $22,000 or more; and/or
• you wish to claim tax deducted at source in respect of Singapore dividends that you received last year.

The penalties for non-filing are severe if you are required to file your income taxes. To be safe, check with the Inland Revenue Authority of Singapore (IRAS).

So far, my practice has been to file early and pay up my taxes at one go. This way I feel the pain once and forget about taxes for the other 11 months of the year. Some people choose the GIRO method of monthly deductions which help in the cash flows.

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