Things To Note:
1.The figures provided above are indicative and were derived from the tax calculator made available on the IRAS website. These supplied figures are also largely relevant to individuals hailing from other self-employed professions (sole-proprietors, hawkers, taxi-drivers etc).
2. The annual year of assessment is typically defined as that starting from 1 January to 31 December of the previous calendar year. Tax paying individuals are expected to file anywhere from early March till mid April in the current year.
3. Tax schedules are subjected to changes at the discretion of the relevant authorities. It is strongly advised that the individual consult the official online tax filing portal for the latest updates.
4. The "Taxable Income" definition excludes other sources of income and expenses incurred. It is computed as gross income less total reliefs enjoyed.
5. Final payable tax amount is reflected for total relief amounts in quantum of 2.5K. For example, if a private tutor earns a gross annual income of 40,000 SGD, qualifies for earned income relief of 1000 SGD + child relief of 4000 SGD = 5000 SGD, then the taxable income is 40,000 - 5000 = 35,000 SGD, for which he/she is liable for a tax amount of 187.50 SGD. A 50% tax rebate (subjected to a 1000 SGD cap) has already been factored into consideration.