The filing of Estimated Chargeable Income is an annual requirement by IRAS to all companies registered with ACRA in Singapbuy cheap kamagra ukore. The Estimated Chargeable Income carries information about the revenues of a company. It should be filed within three months after a company’s Financial Year End (FYE) ends. If the company incurs losses or zero income, it should still file a NIL ECI.
What is an Estimated Chargeable Income
The ECI is the declaration of a company’s chargeable profit for a Year of Assessment. The revenues are the main source of income of a company. It does not include other items such as disposal or gain of fixed assets.
Your company’s income is appraised on a preceding year, the Year of Assessment, which is towards the financial year ending. Mostly, the audited accounts of your company are used to determine your revenues. In cases where the audited accounts are not available, your company’s management accounts are used instead. However, if the amount on your audited accounts is different from your ECI form and there are no changes in your estimated income, you are not required to change your revenue figure.
Who Must File an ECI
According to Inland Revenue Authority in Singapore (IRAS), all companies registered with ACRA should declare their revenues on an Estimated Chargeable Income Form within three months after their FYE ends. The IRAS sends a notification to your company to file your ECI. Beginning the Year of Assessment (YA) 2013, IRAS does not require companies to file their casino canada ECI if their FYE is October 2012 or after, and if they fit the following conditions:
- Your company’s ECI is NIL
- Your company’s annual revenue does not exceed S$1 million
How to File Your ECI
There are two methods to file your company’s Estimated Chargeable Income. They are:
- Electronic filing using IRAS’ e-portal – If you are the director of your company or an authorized staff, or a tax agent, you can be an approver for corporate tax matters and you can use your company’s e-Services Access Code.
- Manual filing of an ECI form – You shall complete the ECI form and submit it to IRAS via post mail or fax. There are two types of an ECI formâ€”the ECI form for a company and the ECI form for a tax agent.
Benefits of Filing Your ECI
The primary benefit of filing your ECI is the chance to pay your tax in installments. The number of installments is relative to how you file your ECI.
- For e-filing, you have 10 installments if you file your ECI a month after your FYE, while paper-filers have five
- If you file your ECI two months after your FYE, you have eight installments if you e-file and four installments if you use the form
- If you file your ECI three months after your FYE, you have six installments if you file online and three installments if you use the form
If you file your ECI using its online portal, you will receive a confirmation receipt from IRAS. But if you send your ECI form via fax or post mail, you will not have any confirmation receipt.