A Simpler Way to File Your Income Tax Return

The C-S (Lite) Form is a simpler way to file your income taxes. With this form, you only need to complete six fields if your company has straightforward tax matters.

 

A Guide to Understanding Your C-S (Lite) FormWhy You Should Use It

The C-S (Lite) Form was only introduced for YA 2020. The purpose of the form is to enhance the overall e-Filing experience. Especially for the smaller companies who might not be able to hire help. With the form, the process is much easier.

All qualifying companies must file their forms by 15 December 2020.

 

Who Is Eligible for This Form?

You can file the C-S (Lite) Form in Singapore if you meet the following criteria:

  • Your annual review is $200,000 and below.
  • You meet all the qualifying conditions of your existing C-S Form.
  • Your company was incorporated in Singapore
  • Income derived for your company after the 17% corporate tax rate
  • Your company doesn’t intend to claim group relief or investment allowance
  • Your company doesn’t intent do carry back Current Year Capital Losses or Allowances

 

How to File Your C-S (Lite) Form

You may file your forms via the myTax portal. Before you file, however, you need to prepare the company’s tax computation. You will also need to prepare supporting schedules. More information about how to prepare your company’s tax computation is available here.

If you are filing with the C-S (Lite) Form, you don’t need to submit your financial statements. However, you should still have them ready in case the Inland Revenue Authority of Singapore (IRAS) needs them.

You will need to submit your forms via IRAS’ myTax portal.

 

Need Assistance?

Tax matters still giving you a headache? Don’t have the time to do it because you’re busy planning your business’ success? That’s what 3E Accounting is here for. We are the one-stop solution provider for all your business needs. Let us help you take care of your C-S (Lite) Form while you focus on the bigger picture.

For more information about our taxation services, contact the 3E team today.

A Guide to Understanding Your C-S (Lite) Form