Will I get into trouble if my actual income declared to the Inland Revenue Authority of Singapore (IRAS) in the following year is different from the estimated income which I provided via the Contribute As You Earn (CAYE) digital services?
No, as the revenue and expenses information you provided via the Contribute As You Earn (CAYE) digital services is only an estimate of your business outlook for the year. You are still required to separately declare to the Inland Revenue Authority of Singapore (IRAS) your actual net trade income (NTI), which may differ from the estimated revenue and expenses provided for the purposes of CAYE.
This information is sourced from CPF
Related questions
Why do I still need to declare my income to the Inland Revenue Authority of Singapore (IRAS) when I have already provided my estimated income via the Contribute As You Earn (CAYE) digital services?
Will the estimated income that I provided for the computation of my Contribute As You Earn (CAYE) contribution rate be used as the income to compute my MediSave payable?
How will the Contribute As You Earn (CAYE) scheme affect my income declaration to IRAS for tax purposes?
I used to declare my income to CPF Board to determine my Workfare Income Supplement or for reconciliation of my Contribute As You Earn contributions. Why is CPF Board no longer accepting income declarations?
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