Do you know WHAT income tax entails and WHO should file for the income tax?
Income tax is a direct tax that is imposed on income derived from Business, Employment, Rent, Dividends, Interests, pensions among others.
Methods of collecting income tax include; Pay As You Earn, Withholding Tax, Instalment tax, Advance Tax, Turnover Tax and capital gains tax.
Failing to file income tax, late filing and filing in the wrong way attracts different levels of penalties.
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