(Yes/No answer is requested. If yes, state the amount of expenses and how it was reflected in Profit and Loss Statement)
Did you claim the following expenses when computing Adjusted Profit and Loss amount declared in your income tax return for the Year of Assessment 2013?
1. Private food and refreshments consumed at social gatherings and parties;
2. Private gifts for yourself, your family members and friends;
3. Expenses for entertainment and travelling not for business purposes (e,g. overseas holidays with family and friends);
4. Private membership fees or entrance fees, monthly subscriptions to gym, fitness centers, sports club, country club, yacht club etc;
5. Praying and religious expenses including contributions to temples and religious organizations;
6. Interest charges on bank loans and overdraft facilities where the funds were not used for business purposes;
7. Private car expenses such as petrol, insurance, repair and maintenance, road tax, COE, parking and ERP charges, including reimbursements of private car expenses incurred by your employees;
8. Fines and penalties (e.g. traffic fines and penalties for late payments).
More information on the following:
– IRAS Queries on Revenue, Gross Profit and Record Keeping;
– IRAS Queries on Specific Expenses; and
– IRAS Queries on Productivity and Innovation Credit.