Overview of Form CS Lite
The Inland Revenue Authority of Singapore (IRAS) expects that all firms pay corporate tax in Singapore. Also, corporations require delivering reasonable forms to announce their real taxable earnings. This is why all industries established in Singapore need to document a Corporate Income Tax Return – Form C, which arrives in 3 various types:-
- Form C-S (Lite)-This category is adequate for corporations whose annual income is not further than $200K, and they fulfill other qualifying situations.
- Form C-S– This category is for those corporations with $5 million of annual earnings or below.
- Form C– This kind is adequate for all firms and is crucial if your corporation does not fulfill the situations for documents.
What Is Form C-S (Lite), and When Can You File It?
This form is submitted when documenting corporate taxes in Singapore, and your company’s annual earnings are $200K or shorter. This document must be submitted if your corporation tolerated losings in the financial year or didn’t give rise to any revenue in the prior year of examination.
Dissimilar to those who wield Form C, this Form CS (Lite) doesn’t need more tax calculations and monetary statements. Nonetheless, you should have them prepared if the IRAS inquiries these papers.
Qualifying Conditions for This Form:-
- You just have earnings subject to the 17% Corporate Income Tax Rate.
- Your business isn’t contending for group relief, foreign tax credit, investment income, or carry-back of the current year’s capital allowances/losses.
When Submitting this form:-
- The form should encompass a statement proclaiming the corporation’s eligibility, related data from monetary information, and tax adjustments. Form CS (Lite) includes only six areas you require to fill before submitting.
- You can deliver this form via the IRAS website. In performing so, your corporation must approve you for that action, and you will compel a Singpass account to perform so. The deadline for proposing corporate taxes is generally the 30th of November.
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Other IRAS tax filing information
Companies are expected to document their corporate income tax return through myTax Portal by 30 November each year. While corporations filing Form C-S or Form CS (Lite) are not expected to submit their financial statements and tax analyses to IRAS. Still, corporations are expected to ready these documents as IRAS may order for them.
The option to file Form CS (Lite) will occur (at the form selection) once you implied that the corporation’s earnings are SGD 200,000 or below.