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Year end Closing
ECI – Estimated chargeable income
All companies carrying on a trade or business are required to file an estimate of their chargeable income (ECI) within 3 months after the end of its accounting period. You have to file ECI even if you estimate the income to be "zero".
Form C
What to file with Form C?
Full set of accounts - FRS (audited/unaudited) - See ACRA obligations
Tax computation schedules (capital allowances claims, deductions...etc)
You have to file your Form C by:
| YA | Year ended (basis period) | File by |
| 2008 | Year ended 2007 accounts | November 2008 |
| 2009 | Year ended 2008 and beyond accounts | October 2009 |
Penalties – IRAS
If you do not fie your Company's Form C on time, the following penalties can be charged:
Anywhere between S$200 to S$1,000
Even if you pay the above, you still have to file your Form C and accounts.
You have to attend Court PERSONALLY! And be liable for further penalties!!