How To File Taxes For Small Business – Form C-S/ Form C-S (Lite)/ Form C must be filed by November 30 of each year to avoid enforcement actions such as composition or summons. The filing deadline of November 30 gives companies at least 11 months to file after the report closes.
If your company is new, read Form C-S/ Form C-S (Lite)/ Form C Filing – For New Companies to learn when to file your first Form C-S/ Form C-S (Lite)/ Form C.
How To File Taxes For Small Business
File Form C-S/ Form C-S (Lite) Digital Service for Assessment Year (YA) 2023 is available at mytax..
Small Business Taxes
File Form C-S/ Form C-S (Lite) via mytax. Allow at least 10 minutes to complete Form C-S/ Form C-S (Lite).
If your company’s first set of financial statements covers a period longer than 12 months after its inception, report the relevant financial period on Form C-S/Form C-S (Lite) Part A.
* The time allocation basis may be used if you cannot directly determine the adjusted profit/loss before other deductions for each YA for the relevant basis period.
File format C via mytax. and attach the company’s financial statements, detailed profit and loss, tax calculation and other supporting documents. Allow at least 30 minutes to complete Form C.
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If your company’s first set of financial statements covers a period of more than 12 months since its inception, indicate the relevant financial period in the ‘General Information’ section of Form C.
* A time allocation basis may be used if you are unable to directly determine trading/business income/losses for each YA for the relevant basis period.
From year of assessment (YA) 2021, a new field has been included in Form C-S/ Form C-S (Lite)/ Form C for your company to indicate whether a person who is a Singapore charter party has considered its return. Professionals Limited (SCTP) Accredited Tax Adviser or Accredited Tax Practitioner for Income Tax. The information provided in this area will be used for statistical analysis only.
The pre-populated information is based on the amounts carried forward in the last assessment raised for the immediately preceding YA. This applies even if the assessment for the immediately preceding YA is under objection or demand.
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If the return of the immediately preceding YA is pending, the pre-filled information will be based on the carried forward amounts declared in Form C-S/Form C-S (Lite)/Form C of the immediately preceding YA.
Amounts are pre-populated for your easy reference and you should verify the accuracy of the information. If there is any discrepancy in the details (for example, the amounts transferred by the company in its records differ from the pre-filled records), you can update the pre-filled amounts in the appropriate fields in the “Company Declaration” (except for the current year. Donations).
A 250% deduction for donations is made based on information received from Institutions of Public Character (IPCs). Upward adjustments are not allowed unless your company accepts a non-Singapore dollar functional currency. See details of the current year’s approved donation amounts in the View Donations digital service in mytax.
If your company has made an approved donation that is not reflected in the View Donations digital service, it may be because:
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If your company has adopted a non-Singapore dollar functional currency for the financial period, ensure that the ‘Functional Currency’ on the Corporate Profile page is updated accordingly. You are then allowed to enter the Singapore dollar equivalent of your donation for the current year in the ‘Company Declaration’ box.
If your company qualifies for tax credits for new start-up companies, declare on Form C-S/Form C-S (Lite)/Form C that the company meets all the eligibility conditions.
The taxable income declared must be before the tax benefits given to YA or provided under any scheme.
If you are unable to complete your submission in 1 session, save Form C-S/ Form C-S (Lite)/ Form C as ‘Draft’. The project will be saved until the end of the submission to the portal. You can access the draft anytime before filing and make any necessary changes before you file your Form C-S/ Form C-S (Lite)/ Form C.
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If you or your tax agent need to present the completed Form C-S/ Form C-S (Lite)/ Form C to the relevant staff/clients before filing, you can use the ‘Save Draft’ feature and print the completed Form C-S/ Form C-S. (Lite)/ Form C on “Confirmation Page”.
If you are inactive on Form C-S/ Form C-S (Lite)/ Form C filing service for more than 15 minutes, you will be prompted to respond within 2 minutes. If there is no activity within 2 minutes, you will be automatically logged out of mytax.
Upon successful completion of Form C-S/ Form C-S (Lite)/ Form C, you will receive instant confirmation of receipt. The same confirmation page will be available on mytax. See Notices/Letters – Corporate Tax Digital Service. Please do not send the confirmation page.
Your company is required to prepare its financial statements, tax calculations and other supporting documents before filing Form C-S/Form C-S (Lite)/Form C.
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These documents must be retained and produced upon request, except for the declaration of write-off allowance, which must be filed with Form C-S/Form C-S (Lite).
Dormant companies and companies qualifying as ‘small companies’ are not required to have their financial statements audited as required by the Companies Act, 1967.
You can refer to the Accountancy and Corporate Regulatory Authority (ACRA) website for more information on whether your company qualifies as a ‘small company’.
These documents must be filed with Form C unless it is specifically stated that they must be retained and produced only upon request.
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Companies that have filed a complete set of financial statements with the Accounting and Corporate Regulatory Authority (ACRA) in XBRL format are not required to file the same. Its about
These may be included with audited/unaudited financial statements or tax calculations and supporting schedules.
Companies that need to file revised tax returns after filing a Form C due to an error must file revised tax returns
These documents listed below must be prepared at the time of filing the corporate income tax return. They must be retained by the company and submitted upon request. This list is not exhaustive.
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Your company must maintain proper documentation of its R&D projects to substantiate its R&D claims when requested. All documentation should be maintained from the start of the R&D project and not as an afterthought. Examples include test results, patent issuance as a result of R&D, and press releases. See more examples of information/documentation to help support R&D claims (PDF, 1.21MB).
Please see our electronic tax guide “Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (PDF, 352.3KB)” for a sample breakdown format.
Foreign income is exempt from tax as a result of incentives granted by the foreign jurisdiction (the “taxable” benefit)
Learn more about foreign income that is exempt from tax as a result of incentives granted by a foreign jurisdiction (“Tax Relief”).
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When the amount of the impairment loss exceeds $250,000 for related party trade debt, additional information is required:
* If this is not available, a letter (XLSX, 12 KB) confirming that foreign tax has been paid/will be paid** on the remitted income may be submitted instead. The certification must be done by the company’s director/auditor, a public accountant in Singapore or a public accountant in the country/territory where the income is earned.
** The company may subsequently be required to confirm the amount of foreign tax paid after it has been paid.
You can check your company’s tax assessment status via mytax. or an integrated corporate income tax telephone service. These services are available 24 hours a day.
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You must fill Form C-S/ Form C-S (Lite)/ Form C to avoid errors. However, if errors are detected after filling Form C-S/ Form C-S (Lite)/ Form C, you can revise the amount declared.
2. Disclosure of errors or omissions through revised income tax computation(s) (except in situations where companies are selected for audit/investigation) may be considered voluntary disclosure. 2021-12-05 00:00:00 2021-12- 24 00:00: 00 https:///r/taxes/small-business-tax-services/ taxes english Check out our complete guide to understanding small business tax services. Choose the right tax services for your needs by keeping track of these key elements. https:///oidam/intuit/sbseg/en_us/Blog/Photography/Stock/small-business-tax-hero.jpg https://https:///r/taxes/small-business-tax-services/ small Business Tax Services: What You Need to Know |
As a small business owner, you have more than enough on your plate. You can manage the day-to-day operations of your business, manage both customers and employees, and put your efforts into growing your business and its services. With all these responsibilities, it can be difficult to find time for bookkeeping and tax preparation.
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