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Tax compliance: What do you need to do?
Tax compliance: What do you need to do?
Future Tax Estimation for the Upcoming Year
Future Tax Estimation for the Upcoming Year
Explanation: A SET (Statement of Estimated Tax) filing records your estimated tax payable for a particular financial year.
Deadline: 15th August
Penalty for non-compliance: Rs. 50,000.
Pay 1st Quarter Tax Dues
Pay 1st Quarter Tax Dues
Pay any extra tax due each quarter, based on your Future Tax Estimation. Extra taxes are due if you have interest income, rental income, or any income other than employment income.
Deadline: 15th August
Penalty: 20% after 14 days, with 1.5% interest each month on overdue taxes
Pay 2nd Quarter Tax Dues
Pay 2nd Quarter Tax Dues
Pay any extra tax due each quarter, based on your Future Tax Estimation. Extra taxes are due if you have interest income, rental income, or any income other than employment income.
Deadline: 15th November
Penalty: 20% after 14 days, with 1.5% interest each month on overdue taxes
Pay 3rd Quarter Tax Dues
Pay 3rd Quarter Tax Dues
Pay any extra tax due each quarter, based on your Future Tax Estimation. Extra taxes are due if you have interest income, rental income, or any income other than employment income.
Deadline: 15th February
Penalty: 20% after 14 days, with 1.5% interest each month on overdue taxes
Pay 4th Quarter Tax Dues
Pay 4th Quarter Tax Dues
Pay any extra tax due each quarter, based on your Future Tax Estimation. Extra taxes are due if you have interest income, rental income, or any income other than employment income.
Deadline: 15th May
Penalty: 20% after 14 days, with 1.5% interest each month on overdue taxes
Final Payment
Final Payment
Unpaid taxes can be settled on the Final Payment deadline after calculation of taxes payable after the 4 quarterly payments.
Deadline: 30th September
Penalty: 20% after 14 days, with 1.5% interest each month on overdue taxes
Annual Tax Return Submission
Annual Tax Return Submission
Submit your complete earnings, deductions (to reduce tax) and asset details to the IRD to ensure compliance.
Deadline: 30th November
Penalty: Rs. 1,000,000 for non-submission
2024 Taxes Clarified
TESTIMONIALS
We've got A's for your Q's
We've got A's for your Q's
I am paying tax as APIT/PAYE
I am paying tax as APIT/PAYE
I pay APIT now. Do I still need to file the SET & Return every year?
I pay APIT now. Do I still need to file the SET & Return every year?
Yes. According to the new law, you are required to file the SET & Return every year even though payments were made on your behalf.
Yes. According to the new law, you are required to file the SET & Return every year even though payments were made on your behalf.
Do I need to pay taxes even though I pay APIT?
Do I need to pay taxes even though I pay APIT?
Yes. If you have any other income sources which add to your overall income, you need to consider that in your tax calculation.
Doesn't my company also do the Return filing while paying APIT?
Doesn't my company also do the Return filing while paying APIT?
No. Your company will only deduct your tax payment from your salary and make that payment to the IRD on your behalf. It is the taxpayer's responsibility to file the SET & Return after considering other income and deductions.
My taxes are already deducted as Withholding Tax?
My taxes are already deducted as Withholding Tax?
Do I need to open a tax file if I'm earning above Rs. 100k per month?
Do I need to open a tax file if I'm earning above Rs. 100k per month?
Yes. According to the new tax law, you are required to open a tax file if you earn over Rs. 100k from any source. Even if withholding tax is deducted, there might be more tax to be paid depending on your income bracket.
The Bank deducted Withholding Tax on my earnings, do I need to pay any more?
Possibly. WHT is not considered as final tax; you need to calculate your tax payment based on your income bracket, and then exclude the WHT deduction from your final tax liability. If your income bracket falls below the threshold, there won't be any additional payments.
Do I need to file a SET & Return every year?
Yes. According to the new law, you are required to file a SET & Return every year if you have a tax file.
My Income is in Foreign currency?
My Income is in Foreign currency?
How is foreign Income defined?
How is foreign Income defined?
Foreign income refers to income earned from sources outside your country of residence. It can include salaries, wages, rent, dividends, or any other type of income received in a foreign currency.
Do I need to pay tax for my Foreign Income?
Do I need to pay tax for my Foreign Income?
No. If there is a contract with the foreign company and the payment is received from the foreign company through a bank, you can claim an exemption. But if you receive the payment from a resident company, then you are liable to pay taxes. In either case, you need to show the details in your Return.
Do I need to open a tax file even though I'm earning in Foreign Currency?
Do I need to open a tax file even though I'm earning in Foreign Currency?
Yes. If your overall income (foreign/local) is above 100K per month/1.2 Million per year, you are required to open a tax file.
Do I need to file the SET & Return every year?
Do I need to file the SET & Return every year?
Yes. According to the new law, you are required to file a SET & Return every year if you have a tax file.
I'm overseas now. Can I close my tax file?
I'm overseas now. Can I close my tax file?
Yes. You can request to have your file closed from the IRD, along with the required documents. Keep in mind, while the process is going on, as long as your file is open, you must file the SET and Return. But if you have local income that exceeds 1.2 Million per year, you can't close your tax file.
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