How to Submit PIC Claim?

The application process for submitting PIC claim is very simple and straightforward.

To claim your 400% tax deduction, follow the below steps:

Step 1: Download the income tax return forms for the relevant year. You are required to fill out two forms – Form C/Form C-S and the IRIN Form by the appropriate due date. Sole-proprietors and partnerships are required to submit a separate form together with their Income Tax Return.

Step 2: All the information that you require to fill out to apply for the tax deductions is on Section E of the IRIN Form.

Step 3: The tax deductions application is submitted once annually. To make the claim, you are required to file and submit your company’s income tax return by the due date of 30th November in the Year of Assessment. The partnership or sole proprietor can submit the income tax return before the due date on 15th April.

To claim your cash payout, follow the below steps:

Step 1: Authorize an employee, business owner or a third party agent via e-Services Authorisation System (EASY). Refer this step-by-step EASY authorisation guide for more information.

Step 2: Keep the entire information ready required to e-File the application. Also determine your PIC qualifying expenditure incurred dates.

If expenditure incurring date lies before and after 1 Aug 2016, you need to classify your claims into two categories:

  • Expenditure incurred before 1 Aug, 2016 – 60% conversion rate; and
  • Expenditure incurred on or after 1 Aug, 2016 – 40% conversion rate.

Step 3: After you have authorized a person and he has all the required information in hand, he can log in to mytax.iras.gov.sg to e-File cash payout applications. The application can be submitted anytime after end of pertinent financial quarter. However, the submission should be done before the filing due date of Income Tax Return for the pertinent YA.
Once you have applied online, you will receive an acknowledgement to confirm that your application has been received. While the standard period to disburse the cash payout is 3 months as set by IRAS, the applications are processed within 6 weeks in most cases.