TP FAQs 6: How the information in Form C differs from the contemporaneous TP Documentation

Form C 内的信息与转让定价同期资料有什么不一样 - PDF

6. Form C 内的信息与转让定价同期资料有什么不一样

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The DGIR is granted vast powers by Sections extensive Act to gather returns and information.

A taxpayer actively involved in employment, business, profession, or vocation must fill out the appropriate return form and include all the particulars mentioned.

These are the primary types:

• Form B (CP 4A) and Form BE (CP 4B) for individuals

• Form C (CP 5) for companies

• Form P (CP 3) for partnerships

• Form M (CP 54) for non-resident individuals, and

• Form T (CP 2) for trusts, estates, clubs, associations, societies, etc.

Hence, Form C is:

• a statement under section 77A of the Income Tax Act 1967 (ITA 1967);

• an income tax computation under subsection 77A(3) of ITA 1967; and

• a deemed notice of assessment under subsection 90(2) of ITA 1967.

Form C for YA 2022 consists of the followings:

• Basic particulars

• Part A: statutory income, total income and chargeable income

• Part B: tax payable/repayable and status of tax

• Part C: capital allowances and charges under schedule 3, reinvestment allowance under schedule 7A and investment allowance for the service sector under schedule 7B

• Part D: incentive claim

• Part E: claim for losses

• Part F: particulars of company

• Part G: other particulars

• Part H: particulars of auditor

• Part J: particulars of the tax agent and signature of the person who completes this return form

• Declaration

If you look closely, you will notice that the taxpayer is responsible for filling out most of the information on Form C. Some of the fields demand numerical data, while others require information that is pertinent to the situation.

The taxpayer must also provide a yes or no response to some of these questions, for example, F8 under Part F, whereby the taxpayer is being asked whether he carries out controlled transactions under sections 139 and 140A or not.

Enter the number '2' in the space provided for 'No' if there are no controlled transactions or if the question does not apply, and then move on to the next question.

However, if the answer is affirmative (if the company carries out controlled transactions), the taxpayer must further fill in other information as required in the appendix.