Changes to Income Tax Annual Return forms and filing - TopicsExpress



          

Changes to Income Tax Annual Return forms and filing procedures Income Tax Annual Returns for all categories of taxpayers are due March 15, 2015. The forms used to file Income Tax Annual Returns will be changed to reflect changes to the tax legislation during 2014 such as the introduction of the Minimum Business Tax and the Fiscal Incentives Act. Minimum Business Tax paid by an entity during 2014 can be deducted from actual income tax payable when filing Income Tax Annual Return for the year ended December 31, 2014 if the actual tax liability is greater than the Minimum Business Tax paid during the year. If the actual tax liability calculated on the 2014 Income Tax Annual Return (due March 15, 2015), is less than $60,000, the entity would not be entitled to a refund of Minimum Business Tax already paid. Individuals who paid Minimum Business Tax during 2014 can deduct Minimum Business Tax already paid from actual income tax payable when filing Income Tax Annual Return for the year ended December 31, 2014.Individuals will be entitled to a refund of Minimum Business Tax if the actual tax liability calculated on the 2014 Income Tax Annual Return (due March 15, 2015), is less than the Minimum Business Tax already paid. Changes will also be made to the filing procedures for Self Employed Individuals. Effective January 1, 2015 Self Employed Individuals are required to file their Income Tax Annual Returns on the new S04 Self Employed Persons Annual Return of Income, Taxes and Contributions. The new S04 replaces the IT01 Income Tax Annual Return for Self Employed Individuals and allows Self Employed taxpayers to file their Income Tax and statutory contributions on one form at one collectorate, eliminating the need to visit NIS and NHT locations to file NIS and NHT contributions after filing income tax. For more information on this and other tax developments contact AMCS Jamaica Limited. Need assistance preparing your tax returns? Call today! Tel (876) 331-8202, Fax (876) 906-7423 Email: amcsjamaicaltd@gmail Location: 22B Old Hope Road, Kingston 5, Jamaica W.I. Save time and money! File correctly and file on time!
Posted on: Thu, 01 Jan 2015 18:45:00 +0000

Trending Topics



Recently Viewed Topics




© 2015