Form C/C-S Preparation and filing
Tax services
Form C and Form C-S are the 2 types of Corporate Income Tax Returns. Form C is a 7-page form along with financial statements and tax computations along with others. Form C-S is an abridged 3-page income tax form that helps small companies to report their annual income to IRAS. A company would only need to submit and file either 1 of the 2, not both.
What are Form C and Form C-S?
Both forms are used by companies to declare their actual income to the IRAS. Companies must ensure that the forms are correctly completed and give a full and accurate account of the company’s income. Even if your company is making losses, the IRAS dictates that you need to file the Form C-S/C. They can be submitted on paper or via e-filing.
While the Form C/C-S should be filled in by someone who understands Singapore tax rules well like Tianlong Services, the responsibility ultimately rests with the company’s directors.
Eligibility to file Form C-S
Beginning YA 2017, companies must meet the following criteria to qualify for Form C-S filing:
Must be incorporated in Singapore
Must have an annual revenue of $5 million or less
The company only derives income taxable at the prevailing corporate tax rate of 17%
The company is not claiming any of the following in the YA
1. Group Relief
2. Investment Allowance
3. Foreign Tax Credit and Tax Deducted at Source
4. Carry-back of Current Year Capital Allowances/ Losses
A company that does not meet any pf the above conditions must file Form C accompanied by their company’s financial statements, tax computation and supporting schedules.
Documents needed for filing of Form C/C-S
Before completing the Corporate Income Tax Return (Form C-S/ C), all companies must prepare the following documents:
- Audited/unaudited financial statements,
- Tax computation and supporting schedules, and
- Other claim forms
It’s important to note that the due date for e-filing is December 15 while paper Form C-S should be filed by 30 November.
E-filing Procedure for Form C/C-S
- Go to the website: mytax.iras.gov.sg
- Select “Organisation/Business Tax Matters” and login using CorpPass
- Enter the tax reference number of your company
- Click “Corporate Tax” and select “File C-S/C”
- Select the year of assessment (YA) for the year you are filing and continue to Form C-S
- Go on to save the confirmation page and after saving, click “submit”.
Important: If you leave the filing webpage idle for at least 20 minutes, you will be logged out automatically and you’ll have to login again to complete the process. Therefore, if you are short on time, you can always save the current session and continue later. The saved draft will remain in the portal up to the final date for e-Filing (15th December).
Conclusion
Filing returns to IRAS could be monotonous and time-consuming. We offer assistance to companies in Singapore to complete and file the Form C / Form C-S. Feel free to reach out to Tianlong Services Singapore for professional assistance. Contact us TODAY!
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You will get a month’s worth of bookkeeping. Whether or not you continue with us, your reports for the month are yours to keep.