ByIf your company’s financial year ends on June 30th, you have until December 31st, 2024 to file your annual income tax return. No extensions will be granted unless you formally apply for one.
What You Need to Prepare Your Tax Return:
To ensure a smooth filing process, gather the following documents:
- Financial Statements:: A comprehensive record of all business activities, including sales, purchases, expenses, and income.
- Bank Statements: Detailed bank statements for the period of July 1st, 2023, to June 30th, 2024.
Why Timely Filing is Crucial:
Failing to file your tax return on time can have serious consequences. You may face penalties, including:
- Removal from the Active Taxpayer List (ATL): This can impact your future business operations and creditworthiness.
- Late Filing Fees: These can significantly increase your tax liability.
To avoid these penalties, ensure you file your return before the deadline.
Seek Professional Help:
If you’re unsure about the tax filing process or need assistance, consider consulting a tax professional. They can help you:
- Understand complex tax laws and regulations.
- Accurately calculate your tax liability.
- Prepare and file your tax return on time.
Don’t Delay, Act Now!
Start preparing your tax return today to avoid last-minute stress and potential penalties.
