Income Tax Act 1947 · 2020 Revised Edition · Part 8 · Ascertainment of Statutory Income
36. Partnership
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Where a trade, business, profession or vocation is carried on by 2 or more persons jointly —
the income of any partner from the partnership for any period is deemed to be the share to which the partner was entitled during that period in the income of the partnership, such income being ascertained in accordance with the provisions of this Act, and must be included in the return of income to be made by such partner under the provisions of this Act; and
the statutory income of any partner from the partnership is computed in accordance with section 35 by treating the partner’s share of the divisible income of the partnership as though it were income of a trade, business, profession or vocation carried on or exercised by the partner.
Sections 13G, 13P, 43N and 43P apply in relation to the income of a partner from a partnership as they apply in relation to the income of a company, with such modifications and exceptions as may be prescribed by the Minister by regulations.
company
“company” means any company incorporated or registered under any law in force in Singapore or elsewhere;
Despite anything in sections 14E, 19B and 19C, those sections apply for the purpose of making a deduction or an allowance to the partners of a partnership for expenditure incurred by the partnership to which those sections apply, subject to such modifications and exceptions as may be prescribed by the Minister.
prescribed
“prescribed” means prescribed by rules or regulations made under this Act;
Regulations under subsections (1A) and (1B) may make provision ––
for the manner in which a concessionary rate of tax under sections 43N and 43P may be accorded to a partner of a partnership being an individual;
in a case where any deduction, writing‑down allowance, exemption or concessionary rate of tax ought not to have been allowed to a partner of a partnership due to non‑compliance with any condition imposed on the partnership, for the recovery from the partner —
if the partner is a company, of the amount of tax which would otherwise have been payable; or
if the partner is an individual, of an amount to be computed in the prescribed manner;
for the recovery of the amount referred to in paragraph (b) by deeming a specified amount as the income of the partner for the year of assessment in which the Comptroller discovers the non‑compliance referred to in that paragraph; and
generally to give effect to or for carrying out the purposes of those sections as they apply to a partnership.