Offences for filing a wrong return
A person who files a wrong return due to negligence or without reasonable excuse can be brought to court. If convicted under Section 95, the person may pay a penalty up to two times the amount of tax undercharged. A fine or an imprisonment will also be imposed.
If a person is found to be evading tax, he can pay a penalty up to three times (if convicted under Section 96), or up to four times (if convicted under Section 96A) of the tax undercharged. A fine or an imprisonment will also be imposed.
Informing IRAS voluntarily on the omissions or errors made
Why you should inform IRAS voluntarily
Instead of imposing maximum penalties of up to 200% of tax undercharged for submission of incorrect Income Tax returns due to negligence or without reasonable excuse, IRAS is prepared to waive the penalty or accord a reduced penalty of 5% p.a. for first-time voluntary disclosures which meet the qualifying conditions under the IRAS Voluntary Disclosure Program.
How to inform IRAS
By post:
Inland Revenue Authority of Singapore
55 Newton Road, 3rd storey, Revenue House
By email