Rush To Your Desk : Serious Consequence for Late Filing or Failing to File Form C-S/ C
All companies must file their Income Tax Return (Form C-S, or Form C together with accounts and tax computation as required) by 30 November (paper-filing) or 15 December (e-filing).
IRAS takes action against companies that do not file their Income Tax Return on time or fail to file altogether.
A dormant company must submit its Income Tax return unless the company has been granted waiver of Income Tax return submission.
What happens to Companies For Late/ Non-Filing ?
If a company fails to file the Form C-S/ C, accounts and tax computation by the due date, IRAS may take the following actions:
1. Issue an estimated Notice of Assessment (NOA). The company must pay the tax amount based on this estimated NOA within one month
2. Impose a composition fee not exceeding $1,000
3. Issue a Section 65B(3) notice to the director
4. Summon the company or person responsible for running of the company (including the directors) to Court. If the filing for any year of assessment is outstanding for 2 years or more, the penalty imposed could be twice the tax amount assessed by IRAS in addition to a fine not exceeding $1,000
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