What documents need to be prepared
All companies need to prepare the following before completing the Income Tax Return (Form C/ Form C-S):
- Audited/Unaudited accounts(1)(3)
The accounts (including notes to the accounts), prepared in compliance with the Companies Act, must be accompanied by the Directors’ Report and Statement by Directors.
- Tax computation and supporting schedules
Please refer to the Additional information to be furnished in tax computation for a list of details to be provided in the company’s tax computation, where applicable.
What documents need to be filed
Companies filing Form C/ Form C-S are required to submit the following documents:
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If You Are Filing
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Documents to be Filed
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When to Submit
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Form C
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- Form C
- Form IRIN 301 (Additional Information on Income and Deductions)
- Group Relief Form for Transferor Company (GR-A) or Claimant Company (GR-B), where applicable
- Audited/Unaudited accounts
Companies that have filed a full set of financial accounts with ACRA in XBRL format are not required to file the same with IRAS. However, they are still required to submit a copy of their detailed profit and loss statement together with Form C.
- Tax computation and supporting schedules
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30 Nov of each year |
| Form C-S |
From Year of Assessment (YA) 2012, companies that meet qualifying conditions may report their income by filing Form C-S, instead of Form C.
The audited/unaudited accounts, tax computation and supporting schedules are not required to be submitted together with Form C-S. They are to be prepared and retained for submission upon IRAS’ request.
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30 Nov of each year
Qualifying companies that e-File Form C-S may do so by 15 Dec of each year |
Additional information to be furnished in tax computation
Please furnish the following additional information in the company’s tax computation, where applicable:
Items in the Profit & Loss Statement
| Rental Income |
Statement of gross rental and direct expenses incurred on each property and state the rental period
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| Gross Loss |
Reasons for the substantial drop in turnover for current year as compared to previous year
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| Impairment Loss in respect of Bad Debts/Provision for or Doubtful Debt |
- Details of debts (name and amount owing by each debtor) which was not incurred in respect of the trade or business such as loans and advances;
- Details of debts which were taken over in the case of a transfer or merger of business;
- Details of debts in respect of a trade that had ceased, including any activity granted with pioneer incentive that had ceased;
- Segregation of debts relating to the different tax rate categories.
The following additional information is required for trade debts owing by related parties, where the amount of impairment loss exceeds $250,000:
- Relationship between the company and the trade debtor;
- Whether normal credit policy and terms were extended to the related party. If not, please provide the reasons for the extended credit policy and terms;
- Whether steps were taken to recover and enforce the debts. If not, please provide the reasons for not enforcing the debts;
- Reasons why the related party was unable to repay the trade debt.
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| Exchange Loss/Gain |
- Amount of gain or loss that is capital in nature
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| Motor Vehicle Expenses |
- Registration number of and amount applicable to each vehicle
- Amount applicable to private cars and Q-plate cars registered on or after 1 Apr 1998
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Items in the Balance Sheet
| Addition of New Assets |
- Description and purchase price of each asset. For motor vehicles, state the registration number of each vehicle
- Assets purchased on hire purchase terms: deposit and principal paid during the year for each asset
- Computation of capital allowances
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| Sale of Fixed Assets |
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| Purchase of Shares (For Each Block of Shares) |
- Name of the company
- Date of purchase and purchase price
- Number of shares purchased
- Reason(s) for the purchase
- Means of financing the purchase
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| Purchase of Property |
- Address of the property
- Date of purchase and purchase price
- Name and address of the vendor and whether the vendor is related to the company, its directors or its shareholders. If so, state nature of the relationship
- Purpose of acquisition (e.g. for rental, resale)
- Use of the property since its acquisition and duration of each use. If the property was vacant at any point in time, please specify the period
- Means of financing the purchase
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| Gain/Loss on Sale of Shares (For Each Block of Shares Disposed of) |
- Name of the company
- Date of purchase and purchase price
- Date of sale and sale price
- Number of shares purchased and sold
- Reason(s) for the purchase and sale
- Basis of arriving at the gain/loss on disposal
- Reason(s) for treating the gain as not taxable or loss as deductible, if applicable
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| Gain/Loss on Sale of Property |
- Address of the property
- Date of purchase and purchase price
- Date of sale and sale price
- Name and address of the purchaser and whether the purchaser is related to the company, its directors or its shareholders. If so, state nature of the relationship
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Other Items
Foreign Tax Credit
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For double taxation relief (DTR) and unilateral tax credit (UTC):
- Country in which foreign tax was paid
- Nature of the income
- Description of the services rendered, and whether the income was derived through a permanent establishment (PE) in the foreign country together with your basis (if applicable)
- Name of the payer
- Date of withholding tax receipt/voucher/letter
- Gross amount, withholding tax rate and amount of tax withheld in foreign currency (please also state the corresponding S$ amount)
- For a claim of DTR, state the relevant Article of the Double Taxation Agreement under which the tax was withheld
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| Double Deduction |
For each further deduction claim under S14B:
- Date of approval letter
- Details of event
- Period of event
- Claim amount per certificate
- Amount incurred on eligible expenses
- Amount qualifying for further deductions
For each further deduction claim under S14L:
- Name of employee
- NRIC no. / Passport no./ FIN No. of employee
- Date of approval letter from Ministry of Manpower (for Singapore citizens and permanent residents)
- Whether the new employee is a P1 or P2 work pass holder
- Amount incurred on eligible expenses
- Amount qualifying for further deductions
- Confirmation that the new employee has not come to work in Singapore on secondment or as a result of intra-company transfers
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