CHECKLIST ON INCOME REPORTING
(For your retention)
Year(s) of Assessment ______________
Please answer ALL of the following questions by putting a  in the box.
(A)
Reporting of Revenue & Gross Profit
1.
Have you reported your revenue based on all the sales invoices or sales records
(including cash sales)? Estimates are not acceptable.
2.
Have you reported your revenue based on the full gross sales figure? (i.e. revenue
reported should be the gross sales figure before deducting any cash purchases, subcontractor’s fees and other expenses)
3.
Have you reported all other sources of income received by the business? (E.g. sublet
of business premises)
4.
Are all your purchases and sub-contractor’s fees fully supported by invoices, receipts,
payment vouchers? All claims for purchases and sub-contractor’s fees must be based
on actual amounts incurred and duly supported by documents.
Yes
No
If your answer is “No” to any of the above question(s), please review your sales / & purchases amount
and submit a revised Profit and Loss Statement for the year(s) concerned.
(B)
Claim for Expenses
Yes
No
Have you claimed any of the following expenses in arriving at your Profit/(Loss) amount declared
in your Income Tax Return for the Year of Assessment _______?
1.
2.
3.
4.
Your own salary, bonus, allowances, CPF/ Medisave Contributions and income tax.
Private / Domestic Expenses such as :
- Food and household expenses for self, family members and friends;
- Gifts for self, family members and friends;
- Medical expenses for self and family members who are not working in the
business;
- Entertainment for self, family members and friends;
- Travelling expenses for personal trips with family members or friends;
- Personal membership/subscriptions/entrance fees to social clubs;
Insurance premiums for policies (e.g. life insurance policy, education plan, home
insurance, mortgage insurance etc) taken up for self and family.
Motor vehicle expenses (e.g. petrol costs, insurance, repair and maintenance, road tax,
COE, parking fees and ERP charges etc.) incurred by you and/or reimbursements of
such expenses incurred by your employees, in respect of private hire cars or private
cars (E, Q or S-plate cars).
Praying and religious expenses including contributions to temples and religious
organizations.
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(B)
Yes
Claim for Expenses (cont.)
5.
Donations to charitable organizations.
6.
Penalties, fines (e.g. traffic fines) and late payment charges.
7.
Purchase of fixed assets.
No
Please note that the above expenses are not deductible for income tax purposes.
If your answer is “Yes” to any of the above question(s), please exclude them from your revised Profit
and Loss Statement for the year(s) concerned.
(C)
Any Other Income
1.
Are you in receipt of any other sources of income? (E.g. income from rental
of properties, director’s fees, freelance / part-time income etc.)
2.
If your answer is ‘yes’ to Question 1, have you declared these sources of
income in your annual income tax return?
N.A.
Yes
No
If your answer is “No” to Question 2, please let us have the details of the omitted income (E.g. Nature of
the service rendered, the service period, gross income received) for the year(s) concerned.
The above checklist may not be exhaustive. For more details on common mistakes made by self-employed persons
and disallowable business expenses, visit our website at www.iras.gov.sg. If you uncover other errors, please correct
them and submit the revised Profit & Loss statements.
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