Form C-S (Lite)
The Form C-S (Lite) is a simplified version of Form C-S. This form has only six fields to fill out and takes less than ten minutes to complete if all of the necessary information is readily available.
IRAS produced Form C-S, a simplified version of Form C, to make the process of filing tax returns for small businesses easier. It’s a three-page form with only 18 fields to complete. Companies with yearly revenues of SGD 5 million or less are eligible to fill out Form C-S.
The following are the primary documents needed to complete this form:
- Statements of financial position.
- Calculations of taxes.
- Supportive schedules
Since YA2020, the C-S (Lite) form has been required to be filed by the 30th of November each year.
A dormant firm must also file its Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) by the 30th of November each year unless a waiver has been granted.
Who Is Eligible to File Form C-S (Lite)?
This form is for businesses with yearly sales of less than or equal to SGD 200,000. They must, however, meet the Form C-S qualifying requirements.
These are the following:
- The business is based in Singapore.
- The income of the corporation is taxed at the usual corporate rate of 17%.
- No special schemes, such as foreign tax credits, carry-back of current year capital allowances or losses, are being used by the company.
Someone from the company or an external consultant with the necessary authority must fill out the form.
How to Fill Out Form C-S (Lite)?
On myTax, you can submit the form online. Although no physical documents must be presented with this form, the organization must nevertheless prepare appropriate documents to enter the accurate information.