When to pay income tax singapore
- when is income tax payable
- when is income tax payable due
- when is income tax payable on an estate
- when is income tax payment
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Income tax payable definition
What is Income Tax Payable?
Income tax payable is a liability that an entity incurs that is based on its reported level of profitability. The tax can be payable to a variety of governments, such as the federal and state governments within which the entity resides.
Once the organization pays the income tax, the liability is eliminated. As an alternative to payment, the income tax liability can be reduced through the application of offsetting tax credits granted by the applicable government entity.
What is the minimum salary to pay income tax in singaporeSince tax credits typically expire after a period of time, one must pay close attention to which ones are available and can be applied to an income tax payable.
The amount of income tax payable is not necessarily based solely on the accounting profit reported by a business.
There may be a number of adjustments allowed by the government that alters the accounting profit to result in a taxable profit, against which the income tax rate is then applied. These adjustments can result in timing differences between the recognition of profits for accounting and t
- when is income tax paid
- when is a tax payment due