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TAX ADMINISTRATION - Coggle Diagram
TAX ADMINISTRATION
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Instalment payment
Co, LLP, Trust
Existing
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tax estimated will be payable in 12 equal instalments on 15th every month, starting 2nd month of BP
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New
first BP at least 6m long, estimate tax must be furnished within 3m from date of commencement of operations
tax estimated will be payable in equal instalments over no of months in BP, 1st instalment being 15th of 6th month
Individuals
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Buss Y
DG estimate tax payable based on preceding years tax payable and require them to pay estimated tax in instalments at prescribed due dates
if estimated tax instalments not paid within 30d of due date, penalty 10% of amount unpaid
any balance tax payable when actual self-assessed tax determined payable on due date, failing which 10% penalty of amount unpaid
Amended return
can only be made once for each YA but it can only be made in respect of errors :
- non-declaration/under-declaration of taxable income
- over-claiming of deductions for exp, CA, incentives or relief
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Change of address
- within 3m fr date of change of address
Underestimation ETP
if tax liability for relevant YA exceeds tax estimate/revised by >30%, there will be 10% penalty levied on amount in excess of 30% buffer
Waiver
for newly-commenced co which is SME, the requirement to provide an estimate of tax is waived in respect of 1st YA with BP & immediately following YA