The company needs to submit a complete set of Income Tax Return consisting of the following by 30 Nov of each year:
- Form C
- Appendices to Form C
- Additional Information on Income and Deduction;
And where applicable:
- Group Relief Form for Transferor (GR-A) or Claimant Company (GR-B).
- Audited/Unaudited accounts*
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. You may refer to ACRA’s website for a sample of the accounts ***, including Directors’ Report and Statement by Directors.
Companies that have filed full sets of financial accounts with ACRA in XBRL format are not required to file the same with IRAS. However, companies are still required to submit a copy of their detailed profit and loss statement together with Form C.
In addition, if the company has items listed in the following table in their Form C and tax computation for the Year of Assessment (YA), please furnish the necessary additional information and documents as listed below when submitting Form C. This will help to expedite the finalisation of the company's tax assessment.
Items in the Profit & Loss Statement
| Foreign Income |
Company claiming for income tax exemption for foreign-sourced income received in Singapore from 22 Jan 2009 to 21 Jan 2010, please complete the Declaration Form for Foreign-Sourced Income Received in Singapore from 22 Jan 2009 to 21 Jan 2010 (60kb). Failure to submit the form will lead to a disqualification of the company’s claim.
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| Rental Income/Loss |
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 |
- Date of disposal
- Description of the fixed asset disposed of
- Sales proceeds
- Computation of balancing allowance/balancing charge
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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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