Tax Cheatsheet
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ITC PAY Basis
SSI – entitled to receive, FSI – received in Sg
Current a/c interest – accrues evenly over time
Fixed Deposit interest – date of maturity
1. Net Acc profit (before dep & tax)
Expense Deductible N.D
Charge to P/L Nothing Add
Not charged Minus Nothing
Revenue Taxable N.T
Credited to P/L Nothing Minus
Not credited Add Nothing
Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a)
Less: Non 10(1)(a) income credited to P/L
2. Adjust Profit (s10(1)(a))
• Less: Further Deductions, Capital Allowances
Add: Non 10(1)(a) income
3. Statutory Income
• Less: Trade Loss, Approved Donation
4. Assessable Income
• Less: Group Relief, Carried-back Items, NCTR
5. Chargeable Income
6. Tax @ 18%
• Less: DTR
7. Net Tax Payable/Refundable
1. Loss arising from 10(1)(a) income may be deducted against income from other sources and carry forward/back for set off against income from other YA.
2. Entitled to claim Capital Allowance in respect of capital expenditure incurred in producing the 10(1)(a) income
Badges of Trade
1. Subject Matter (ready mkt, large qty, periodic income)
2. Period of Ownership 3. Frequency of similar transaction
4. Supplementary work 5. Circumstances for realization
6. Motive (ST profit motive)
Services (determine 10(1)(a) or (g))
1. Frequency 2. Organized/Systematic Ops(Supplementary)
10(1)(a) (Active) VS Others (Passive Source of Income)
Or Capital Gain (from disposal)
Income Vs Capital Receipts (PMA Test)
PMA – asset retained produce income
Circulating Capital – asset bought and sold to produce income and used in the income generation process as the means to
10(1)(g) - profits from transaction not in ordinary cse of biz, intention of making profit - Casual Service Income
No Treaty
• S 2(1) definition of PE
(i) Carry on supervisory activities in connection with a building or construction project
(ii) Has another person
ITC PAY Basis
SSI – entitled to receive, FSI – received in Sg
Current a/c interest – accrues evenly over time
Fixed Deposit interest – date of maturity
1. Net Acc profit (before dep & tax)
Expense Deductible N.D
Charge to P/L Nothing Add
Not charged Minus Nothing
Revenue Taxable N.T
Credited to P/L Nothing Minus
Not credited Add Nothing
Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a)
Less: Non 10(1)(a) income credited to P/L
2. Adjust Profit (s10(1)(a))
• Less: Further Deductions, Capital Allowances
Add: Non 10(1)(a) income
3. Statutory Income
• Less: Trade Loss, Approved Donation
4. Assessable Income
• Less: Group Relief, Carried-back Items, NCTR
5. Chargeable Income
6. Tax @ 18%
• Less: DTR
7. Net Tax Payable/Refundable
1. Loss arising from 10(1)(a) income may be deducted against income from other sources and carry forward/back for set off against income from other YA.
2. Entitled to claim Capital Allowance in respect of capital expenditure incurred in producing the 10(1)(a) income
Badges of Trade
1. Subject Matter (ready mkt, large qty, periodic income)
2. Period of Ownership 3. Frequency of similar transaction
4. Supplementary work 5. Circumstances for realization
6. Motive (ST profit motive)
Services (determine 10(1)(a) or (g))
1. Frequency 2. Organized/Systematic Ops(Supplementary)
10(1)(a) (Active) VS Others (Passive Source of Income)
Or Capital Gain (from disposal)
Income Vs Capital Receipts (PMA Test)
PMA – asset retained produce income
Circulating Capital – asset bought and sold to produce income and used in the income generation process as the means to
10(1)(g) - profits from transaction not in ordinary cse of biz, intention of making profit - Casual Service Income
No Treaty
• S 2(1) definition of PE
(i) Carry on supervisory activities in connection with a building or construction project
(ii) Has another person