It’s the financial year closure for most companies and economies. There are a lot of responsibilities on the major living lot on the globe. Working individuals and professionals have to file their taxes. Governments have to prepare new budgets, new taxation policies and announce modified tax rules. Commercial entities, enterprises, businesses and organizations have to declare their income, expenditures and profits/losses, pay taxes and submit annual reports.
Working men and women have to be aware of their tax commitments and waivers. All professionals would now be seen hurrying to one or the other tax agent. In the days of e-filing, most of us prefer to take the online help. Still we all want someone to guide us. It’s simple. Websites like those of income-tax filing are available in all countries on the respective government homepages. For example,
https://incometaxindiaefiling.gov.in/ is for earners in India
www.irs.gov/Filing is for earners in US
www.hmrc.gov.uk/sa/ is for earners in UK
You may heave a sigh of relief if you are working a country of no taxes, like Muscat!
The instructions for tax are clearly mentioned on each website. We can call or chat or email if we have any queries and doubts. Further we can take the help of banks that often help with filing tax returns.
Businesses and Corporates
All the above advice holds true for small and medium enterprises as well as large companies. The same is true of businesses or institutions. All instructions are clearly laid on the online government websites. Make sure that you do not go beyond the deadlines. Otherwise there are penalties and extra fees. Do not miss on your incentives of location, business type and other such parameters. There are law consultants who can help you with timely details.
It is the beginning of a new financial year and governments are ready to make new announcements on tax regimes and policies. Remember that inflation is already taxing individual incomes. Ensure that the new tax policies are more in favor of education, liberalization and common man’s needs. Education is for safeguarding future of the economy. Liberalization is for collaborating in the globalization of the world industry. Favoring common man’s needs is for maintaining harmony in the rich-poor balance-ridden world.
It’s an exam where we have to do our task in the given time.
Finally, let’s shoulder our responsibility well without blaming it on others.