Companies and Political Parties Bear All
New procedures and proposed changes now mean that companies and political parties will have to include much more in their tax returns. Taxpayers will now have to specify the other source from which any income has come.
After regular taxpayers were asked to declare their liabilities and assets in the new Tax Return forms, it’s now being asked of firms, companies and parties to provide further disclosures. The full details of the new form are yet to be drafted, however.
When they are computing their new total income, taxpayers now have to specify the other source from their income. If they have multiple sources of income, then each source needs to be listed.
Currently, some companies do not make these other sources clear when compiling their tax returns. Oftentimes, further income will be noticed by the tax department, and a whole host of problems begin. It is hoped that this new procedure will clear up any problems which occur when companies file their tax returns every year.
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