Your company needs to furnish Estimated Chargeable Income (ECI) within three months from the end of its financial year.
For example:
| E.g. no |
Financial year-end |
Due date for filing ECI |
Period covered in the accounts |
Year of
Assessment (YA)
|
Due date for filing ECI
for that particular YA |
1 |
31 Dec |
31 Mar of the following year |
1 Jan 2009 to 31 Dec 2009 |
2010 |
31 Mar 2010 |
2 |
31 Mar |
30 Jun |
1 Apr 2009 to 31 Mar 2010 |
2011 |
30 Jun 2010 |
If you submit your company's ECI within the qualifying period, you can pay your tax in instalments. It is better for your company to submit the ECI earlier, as the earlier the ECI is submitted, the higher the number of payment installments given.
To encourage you to e-File, with effect from YA 2008, the number of instalments given to those who file ECI electronically is more than that given to those who file ECI using paper ECI Forms.
To find out how to file ECI and the number of instalments allowed, refer to How to File.
What if I don't file
If your company does not submit the ECI within three months from the end of its financial year, we may issue a Notice of Assessment (NOA) based on our estimation of your company's income.
If you do not agree with our estimated assessment, you must object in writing within 30 days from the date of the NOA. Otherwise, the estimated assessment will be treated as final, even if the actual income based on your Form C and accounts submitted subsequently is lower than our estimates. This means we will not amend your estimated assessment based on your Form C and accounts since there is no valid objection to the estimated assessment within the stipulated time.