income tax return acknowledgement receipt download

Tax returns refer to a declaration of income earned by an individual, business or company within a particular financial period. But first, let's understand what tax returns mean, and the steps in filing individual or company returns. This article explores income tax returns and how you can file them. Whether you are employed, self-employed, doing business or you recently worked and earned a salary, this is the time to file your tax returns and evade unnecessary penalties from the taxman. Late filing of income tax company/partnership attracts a 5% of the tax due or Ksh20,000 whichever is higher.

Late filing of Excise Duty, Value Added Tax (VAT) attracts 5% of the tax due or Ksh10,000 whichever is higher.Late filing of Monthly Rental Income (MRI) returns attracts 5% of the tax due or Ksh2,000 whichever is higher or Ksh20, 000 for non-individuals.Late filing of individual returns (PAYE) attracts 25% of the tax due or Ksh10,000 whichever is higher.If an individual or company fails to file returns in the required time they attract a penalty for late filing: If a company’s accounting period starts January 1 - December 31, it should file its returns on or before June 30 of the following year.įor years now, the Kenya Revenue Authority (KRA) has an online tax return platform (iTax) which has simplified the process. For companies, this period varies depending on their financial year.

Income tax return acknowledgement receipt download