If your company is operating a business or trade in Singapore you need to mandatorily report your company’s income to IRAS on a yearly basis by filing the income tax return. You can use the Form C-S/C to declare the actual income of your company. Even if your firm is making losses, it is still mandatory that you file the “Form C-S/C”. In case your company does not meet the eligibility conditions to file “Form C-S”, you will need to file “Form C” along with your tax computation, financial statements, and supporting documents. As a company owner, you will be held responsible to complete the form with all the required information and report your firm’s income accurately.
Before the e-filing of “Form C”, either the third party or you need to be authorised by an organisation as the “Approver” in CorpPass for Corporate Tax (Applications and Filing).
Navigate to “Corporate Tax” on the main menu and choose “File Form C-S/C”. Pick the YA you’re initiating the filing for, succeeded by the “Form Type”.
An organisation will have to authorise an “Approver”. This can either be you or a third party. The “Approver” nomination has to be made in CorpPass with respect to “Corporate Tax (Applications & Filing). This authorisation has to be completed before you or the concerned third party e-files “Form C-S.
On the menu bar, click on “Corporate Tax” and opt for “File Form C-S/C”. Choose the YA you’re filing for and select “Form C-S” to start filling up the form. On completing the form, you’ll need to click on the “Confirmation Page”. Prior to clicking on the “Submit” button, consider printing or saving the confirmation page. After you’ve successfully finished filing, you’ll receive an acknowledgement instantly.
As a business owner, you need to mandatorily maintain accurate records and documents related to your business transactions. To name a few, you will need documents such as accounting records, bank statements, source documents, supporting schedules, etc.
IRAS recommends you to utilise accounting software because it will help you stay compliant with all the necessary tax obligations as well as assist you with enhanced record keeping. An accounting software will help you further in validating the efficiency and effectiveness of your business operations.
When your company meets all the eligible conditions to file “Form C-S”, you need to be prepared with all the financial statements (audited/unaudited), tax calculations, backup schedules, and claim forms.
In case your company qualifies only to file “Form C”, you need to be ready with “Form IRIN 301”, a profit & loss statement in detail, financial statements (unaudited/audited), necessary claim forms, tax computation, and relevant schedules.
According to the Companies Act, both a company that complies with the small company criteria and an inactive company need not evaluate their financial statements for the financial years beginning from 1 July 2015. For a financial year that began prior to 1 July 2015, both exempt private firms and inactive companies who have earned a revenue of less than S$5 million need not review their financial statements.
As a company owner, if you filed your company’s complete financial statements with the Accounting and Corporate Regulatory Authority (ACRA) in the Extensive Business Reporting Language (XBRL) format, you need not file the same financial statements with IRAS.
Tax computation will include the following details:
|New Asset Addition|
|Fixed Assests Sales|
These documents need to be kept ready during the time of ITR (Income Tax Return) submission. These documents need to be saved by the employer and submitted only when IRAS requests for the same.
Q. What is the due date for e-filing “Form C-S”?
A. It is 15th December. This is a 15-day extension from the due date for filing the paper “Form C-S”, which is 30th November.
Q. Which are the prefilled-fields with effect from the 2018 Year of Assessment? A. The fields that will be pre-populated include:
Q. How does IRAS determine the pre-populated data?
A. The unused amounts that are brought forward in the present Year of Assessment will be pre-populated depending on the amounts that were carried forward in the previous assessment as declared by IRAS in relation to the immediate earlier Year of Assessment. This will be applicable even when the assessment made by IRAS for the immediate previous Year of Assessment is going through a query or objection.
On the contrary, in case the assessment is not finalised for the immediate earlier YA, the unutilised amounts that are brought forward in the present Year of Assessment will be pre-populated with the amounts that are carried forward as per how it was declared in the “Form C-S/C” of the immediate previous YA.
Q. Is there an option to save the draft version of the “Form C-S” during filing?
A. Yes, you’ll be able to save a draft copy. You need to click on the button “Save Draft” which is towards the bottom of the form.
Q. Is there an option to recover a copy of the “Acknowledgement Page”?
A. Yes, you can access the path given below:
Corporate Tax->View Corporate Tax Notices
You can retrieve it post the 3rd business day since submission.
Q. What is DIN (Document Identification Number)?
A. It is a unique number which is given by IRAS in order to recognise each of the income tax returns they have issued. The DIN is unique to every firm’s Form C-S/C for the specific Year of Assessment. It cannot be used by the company for another Year of Assessment. Also, it cannot be used by another firm too.
As a company owner, you will need a DIN only if you’re downloading the Form C-S/C copy and making a paper form submission to IRAS. You’ll be able to get a DIN via “View DIN” e-Service.
Q. Is it mandatory to complete all sections of an online “Form C”?
A. In an online “Form C” every field will be pre-populated with a zero. Hence, you need to key in your details in sections which should not be updated as “zero”. You’ll be prompted by the system to key in details in case you have missed filling in your details.
Q. How can I submit my financial statements, tax computation, and other additional documents online in addition to my “Form C”?
A. Post completion of the “Form C” online, you need to click the button ‘Submit Document’ which is placed towards the bottom section of the confirmation page & upload the required documents under relevant categories.
Q. Who is eligible to make document uploads?
A. The “Approver”, as well as the “Preparer” can make document uploads. But, these documents can be submitted to IRAS only by the “Approver”.
Q. For a document upload, what is the maximum file size that is allowed?
A. For the following kind of documents, 4MB per document is the maximum file size that is permitted:
For declaring a WDA claim for IPR (Section 19B) & a claim form for R&D, 2MB per document is the permitted maximum file size.
Q. How can I check if I have submitted my document successfully?
A. The page “Submit Document” will display the status for your document upload:
Q. Can I check the upload status of my tax computation and financial statements?
A. Yes, you can check the status on the 3rd business day post submission. You need to access the following path:
Corporate Tax -> View Corporate Tax Filing Status in myTax Portal
Q. What to do in case I submitted an incorrect document?
A. You will need to send an email through “myTax Mail” with the details given below: