Is my accounting profit the same as taxable income in Singapore?

Not exactly. Your accounting profit, which follows Generally Accepted Accounting Principles (GAAP), might differ from your taxable income, which plays by the Income Tax Act's rules. Here's the lowdown on the differences:

1. Some gains in your books won't be taxed.
2. Tax rules don't always recognise depreciation like accounting does.
3. Certain expenses you might write off, like some car costs and penalties, aren't tax-deductible.