Relief cap
Is there a limit on personal reliefs?
The situation
Total personal reliefs are subject to an overall cap set by IRAS.
The law
- Income Tax Act 1947, resident individual rates: Progressive resident rates from 0% up to 24% on chargeable income above S$1 million
What it means for you
Even if you qualify for many reliefs, the total claimed is capped. Plan voluntary contributions, such as SRS, knowing the cap. Check IRAS for the current figure.
What to do
- List reliefs.
- Check the cap.
- Plan contributions.
- File.
We can do this for youIndividual income tax return for employees and self-employed: SGD 200