Understanding Form C-S (Lite)

Form C-SSummary: Simplified tax form for smaller businesses.

Form C-S (Lite) is a further simplified version of the Form C-S, designed to make tax filing super easy, especially for small businesses. This user-friendly form, containing just six fields, could take you less than ten minutes to fill, provided you have all the necessary information at hand.

Originally, IRAS introduced Form C-S, an easier version of Form C, to streamline the tax return process for small companies. It’s a concise three-page form requiring only 18 fields to be completed. If your company’s annual revenues are SGD 5 million or less, you’re eligible to use Form C-S.

You’ll need a few key documents to tackle this form:

  • Financial Position Statements
  • Tax Calculations
  • Supporting Schedules

From YA2020 onwards, the Form C-S (Lite) is required to be submitted by the 30th of November every year.

Keep in mind – even if your company hasn’t been active (dormant), you still need to submit your Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) by November 30th each year, unless you’ve been granted an exemption.

 

Eligibility for Using Form C-S (Lite)

Form C-S (Lite) is intended for businesses with yearly revenues of SGD 200,000 or less; however, they must also fulfil the Form C-S eligibility criteria:

  • The company is incorporated in Singapore.
  • The company’s income is taxed at the standard corporate tax rate of 17%.
  • The company isn’t utilising any special schemes, such as foreign tax credits or carry-back of current year capital allowances, or losses.

The form should be filled out by a company representative or an authorised consultant.

 

Steps to Fill Out Form C-S (Lite)

The form can be filled out and submitted online through myTax. While you don’t need to submit any hardcopy documents with this form, your organisation should still prepare adequate documents to input accurate information.