What is the personal income tax relief cap and why is there a cap on this relief for cash top-ups made?
The personal income tax relief cap sets a limit on the total amount of tax relief you can claim.
Even though each relief serves a good purpose, some individuals may end up with a significantly reduced taxable income when multiple reliefs are combined. Therefore, tax relief on cash top-ups is also subjected to the personal income tax relief cap.
This information is sourced from CPF
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