On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 18/04/2013.
35.
—(1) Except as provided in this section, the income of any person for each year of assessment (referred to in this Act as the statutory income) shall be the full amount of his income for the year preceding the year of assessment from each source of income after the deduction provided under subsection (2).
[21/2003]
(2) There shall be deducted any allowance falling to be made under section 16, 17, 18A (repealed), 18B, 18C, 19, 19A, 19B, 19C, 19D or 20 that is not fully deducted and which would otherwise be added to, and deemed to form part of, the corresponding allowance for the next succeeding year of assessment under section 23(1).
[21/2003]
[29/2010 wef 23/02/2010]
(2A) A deduction under subsection (2) shall be made in the following order:
(a)
firstly, against income from any trade, business, profession or vocation; and
(b)
secondly, against income from any other source.
[49/2004]
(3) For the purposes of subsection (2), the balance of allowance for the earliest year of assessment shall be deemed to have been deducted first, followed by the balance of allowance for the next earliest year of assessment, and so on.
[21/2003]
*(4) Where the Comptroller is satisfied that any person usually makes up his accounts to a day other than 31st December, he may direct that —
(a)
where the person is not an individual, the statutory income of that person from all sources be computed on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment;
[Act 29 of 2012 wef Y/A 2013 & Sub Ys/A]
(b)
where the accounts relate to a partnership, the income of the partnership be computed under section 36 on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment; or
(c)
where the person is an individual, the statutory income of that person from any trade, business, profession or vocation to which the accounts relate be computed on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment.
[53/2007 wef Y/A 2009]
[Act 29 of 2012 wef Y/A 2013 & Sub Ys/A]
* This subsection will be deleted and substituted as set out in section 20(a) of the Income Tax (Amendment No. 2) Act 2007 (Act 53 of 2007) from the year of assessment 2009.
(5) Notwithstanding any other provisions of this Act, where any dividend derived from Singapore by any person is assessed to tax on a basis period ending on a date other than 31st December, any such dividend —
(a)
derived during the period from 1st January 1992 to 31st December 1992 shall be treated as his statutory income for the year of assessment 1993 and be charged to tax at the rate applicable to him for that year of assessment;
(b)
derived during the period from 1st January 1995 to 31st December 1995 shall be treated as his statutory income for the year of assessment 1996 and be charged to tax at the rate applicable to him for that year of assessment;
(c)
derived during the period from 1st January 1999 to 31st December 1999 shall be treated as his statutory income for the year of assessment 2000 and be charged to tax at the rate applicable to him for that year of assessment;
(d)
derived during the period from 1st January 2000 to 31st December 2000 shall be treated as his statutory income for the year of assessment 2001 and be charged to tax at the rate applicable to him for that year of assessment;
(e)
derived during the period from 1st January 2001 to 31st December 2001 shall be treated as his statutory income for the year of assessment 2002 and be charged to tax at the rate applicable to him for that year of assessment;
(f)
derived during the period from 1st January 2003 to 31st December 2003 shall be treated as his statutory income for the year of assessment 2004 and be charged to tax at the rate applicable to him for that year of assessment;
(g)
derived during the period from 1st January 2006 to 31st December 2006 shall be treated as his statutory income for the year of assessment 2007 and be charged to tax at the rate applicable to him for that year of assessment;
(h)
derived during the period from 1st January 2007 to 31st December 2007 shall be treated as his statutory income for the year of assessment 2008 and be charged to tax at the rate applicable to him for that year of assessment.
[1/90; 20/91; 28/92; 26/93; 1/98; 24/2000; 24/2001; 37/2002; 49/2004; 53/2007]
*(6) Where the statutory income of any person has been computed by reference to an account made up to a certain day, and such person fails for any reason whatsoever to make up an account to the corresponding day in the year following, the statutory income both of the year of assessment in which such failure occurs and of the 2 years of assessment following shall be computed on such basis as the Comptroller in his discretion thinks fit.
[53/2007 wef Y/A 2009]
[53/2007]
* The words in italics in subsection (6) will be deleted from the year of assessment 2009.
*(7) Where it is necessary in order to arrive at the income of any year of assessment or other period, to divide and apportion to specific periods the income of any period for which accounts have been made up, or to aggregate such income or any apportioned parts thereof, it shall be lawful to make such a division, and apportionment or aggregation, and any apportionment under this section shall be made in proportion to the number of days in the respective periods, unless the Comptroller, having regard to any special circumstances, otherwise directs.
[53/2007 wef Y/A 2009]
[53/2007]
* The words in italics in subsection (7) will be deleted from the year of assessment 2009.
(8) The statutory income of an executor of a deceased person for any year of assessment shall be the income of the estate administered by such executor computed in accordance with subsections (1) to (7).
(9) In the case of an estate administered in Singapore a deduction shall be allowed in respect of any income included in the computation of the statutory income which is received by, distributed to or applied to the benefit of any beneficiary of the estate before 31st March in the year next following the year of assessment.
(10) The statutory income of any beneficiary of such estate shall be the amount so received by, or distributed to him, or applied to his benefit during the year preceding the year of assessment.
(11) The statutory income of a trustee (not being the trustee of an incapacitated person) for any year of assessment shall be computed in accordance with subsections (1) to (7).
(12) The following income shall not form part of the statutory income of any designated unit trust or any approved CPF unit trust for any year of assessment:
(a)
gains or profits derived from Singapore or elsewhere from the disposal of securities;
(b)
interest (other than interest for which tax has been deducted under section 45); and
(c)
dividends derived from outside Singapore and received in Singapore.
[32/95; 31/98]
(12A) The income referred to in section 10(20A) shall not form part of the statutory income of any designated unit trust or approved CPF unit trust for any year of assessment.
[49/2004]
(13) No deduction under section 14 shall be allowed in respect of any outgoings and expenses (including any expenses arising from the management of investments) incurred by any designated unit trust or any approved CPF unit trust against any income derived by the unit trust from —
(a)
dividends paid by any company resident in Singapore; and
(b)
interest for which tax has been deducted under section 45.
[32/95; 31/98]
(13A) No deduction under section 14 shall be allowed in respect of any outgoings and expenses (including any expenses arising from the management of investments) incurred by any designated unit trust or approved CPF unit trust against any income derived by the unit trust from discount, fees and compensatory payments for which tax has been deducted under section 45A.
[49/2004]
(14) In subsections (12), (13) and (13A) —
“approved CPF unit trust” means any unit trust scheme approved for the purposes of any investment scheme under the Central Provident Fund Act (Cap. 36);
“compensatory payment” has the same meaning as in section 10N(12);
“designated” means designated by the Minister or such person as he may appoint;
“securities” has the same meaning as in section 10A;
“unit” and “unit trust” have the same meanings as in section 10B.
[32/95; 31/98; 49/2004]
(15) The statutory income for any year of assessment of any beneficiary under a trust shall be that share of the statutory income of the trustee for that year of assessment which corresponds to the share of the trust income to which the beneficiary is entitled for the year preceding the year of assessment.
(15A) Where a unitholder of a real estate investment trust is entitled to an amount, being a return of capital, from a trustee of the real estate investment trust, the cost of the units to the unitholder shall be reduced by the amount entitled.
[27/2009 wef 01/07/2009]
(16) In subsection (15), “statutory income of the trustee” does not include —
(a)
in relation to a trustee of a real estate investment trust within the meaning of section 43(10), any income from any trade or business carried on by the trustee other than the income of the kinds referred to in section 43(2A)(a)(i), (ii), (iii) and (iv);
(b)
in relation to a trustee of an approved sub-trust of a real estate investment trust within the meaning of section 43(10), any income from any trade or business carried on by the trustee other than income of the kinds referred to in section 43(2A)(b)(i) and (ii); or
(c)
in relation to a trustee of any other trust, any income from any trade or business carried on by the trustee.
[53/2007]