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

The definition of a turnover in tax audit In the context of a tax audit, turnover represents the complete income generated by a business through its operations within a specific financial year. Turnover is an important factor in determining the tax liability of a business, as it used to calculate various taxes such as income… Read More »