Year of Assessment (YA)

'Year of Assessment (YA)' refers to the tax year in which income tax is calculated and charged. Each YA begins on 1 Jan and ends on 31 Dec.

Example: YA 2007 refers to the tax period 1 Jan 2007 to 31 Dec 2007.

Basis period

'Basis period' refers to the period that the income is earned, for a particular YA. The basis period for a particular YA is always the previous year of that YA.

Example: The basis period for YA 2007 is 1 Jan 2006 to 31 Dec 2006.

This does not apply if you receive business income and the accounting period of your business does not end on 31 Dec each year.

Notice of Assessment (NOA)

'Notice of Assessment' refers to your tax bill. It shows the types of income and amount of income subject to tax, calculates the tax amount you need to pay and shows the deductions given, as well as the credit balance to be refunded to you.

Assessable income

'Assessable income' is your total income less approved donations.

The total income shown on your tax bill is the net amount after deducting your expenses claim, if any.

Example: 'Employment' income shown is the net amount after deducting your employment expenses. 'Property' income shown is the net rental income after deducting your rental expenses.

Personal reliefs

'Personal reliefs' are the deductions which help you to save tax. 

Chargeable income

'Chargeable income' is your 'assessable income' less 'personal reliefs'.

Source: IRAS