Companies filing Form C are required to file their accounts, tax computation and relevant supporting documents together with Form C by 30 Nov of each year. For example, in the year 2013, these companies will have to file Form C, financial accounts for the accounting year ending in 2012, tax computation and relevant supporting documents for Year of Assessment (YA) 2013 by 30 Nov 2013.
Or alternatively qualified company can file Form C-S. Form C-S is a shortened 3-page tax return for small companies to report their income to IRAS. Companies filing Form C-S are not required to submit financial accounts, tax computation and supporting schedules with the form. However, they are still required to retain and submit them to IRAS upon request.
Majority of Companies are taxed at the rate of 17% on chargeable income, after exempt amount. The preparation of tax computation could be complex in such a way that it has to be determined whether certain income/expense is tax exempt or taxable. Common error of clients are a confusion between items which is taxable, non-taxable, deductible or non-deductible under Income Tax Act.
How can we help you with your tax matters
- Preparation of tax computation
- Estimated Chargeable Income submission within 3 months after the Company’s financial year ended
- Filing of annual tax return (Form C/Form CS)
- Liaise with IRAS on queries related to taxation