What is the time frame of taxes?
What is the time frame of taxes?
Tax season is the time period, generally between Jan. 1 and April 15 of each year, when individual taxpayers traditionally prepare financial statements and reports for the previous year and submit their tax returns.
What is the time limit for any company that disputes a tax assessment raised on it by the tax authority to seek for revision of the assessment?
The aggrieved taxpayer may within 30 days of receiving the NORA file an appeal at the Tax Appeal Tribunal or other relevant court having jurisdiction over the dispute.
When should we file tax audit report?
The due date for completing and filing tax audit report under section 44AB of Income Tax Act is 30th September of the assessment year. Hence, if a taxpayer is required to obtain a tax audit, then the assessee would be required to file the income tax return on or before 30th September along with the tax audit report.
What is the tax year in Nigeria?
The Tax Year in Nigeria runs from 1st January to 31st December.
What are the penalties for late tax returns?
You’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill. You’ll pay a late filing penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll be charged interest on late payments.
When can a tax appeal be final and conclusive?
A tax assessment is final and conclusive when the taxpayer loses the right to question or challenge the amount of tax imposed due to his failure to take some steps within specified periods set out under applicable laws.
What is the last date of audit?
The last date for filing the tax audit report for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was ₹5 crore for businesses and ₹50 lakh for professionals and due date for original tax audit report was January 15, 2021.
What is the last date of audit for FY 2020-21?
The due date of furnishing of report of audit under any provision of the I-T Act for the financial year 2020-21, which was 31st October, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is extended to 15th February, 2022.
Is 13th month salary taxable in Nigeria?
13th Salary There are no statutory requirements for 13th-month salary payments. However, bonuses are common at the discretion of the employer.