Tag Archives: #IncomeDeclaration

Why is the filing of income tax returns mandatory?

File income tax returns

Filing income tax returns   Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »

What is the definition of a turnover in tax audit?

Turnover vs. retention

What is the Definition of Turnover in Tax Audit? Introduction Tax audits are a crucial aspect of financial compliance, ensuring businesses adhere to the regulations set by tax authorities. One of the key factors in a tax audit is the concept of turnover, which determines whether a business is liable for an audit. Understanding turnover… Read More »