30th November
RETURN OF INCOME FOR THE YEAR OF ASSESSMENT 2017/18
As per the provisions of Inland Revenue Act No. 10 of 2006, every person who is chargeable with income tax shall furnish a return of income for any year of assessment on or before the thirtieth day of November immediately succeeding the end of that year of assessment. The return can be furnished either in writing or by electronic means and it should contain particulars specified by the Commissioner-General.
WHY IS IT IMPORTANT ?
If the return of income has been furnished on or before the due date, no assessment can be raised after expiry of 18 months from 30th November of the immediately succeeding year of assessment.
IF NOT COMPLIED ……………….
If the Return is submitted after 30th November, an assessment can be raised up to 4 years from 30th November of the immediately succeeding year of assessment
&
A penalty of a sum not exceeding Rs. 50,000 could be imposed on non filing of return of income
SPECIALLY FOR COMPANIES……
Any company filing a Tax Return without relevant Audited Financial Statements or specified Schedules, or with estimated figures of income etc., will be deemed not to have furnished a Return for the purpose of Inland Revenue Act.
