Get HK IR56M 2017-2024

exceeds $25,000 per annum. ✧ You should report amounts ing to the year of assessment, namely, from 1 April to the following year's 31 March. Please note that your annual accounting date may not be the 31 March and you have to calculate a figure for reporting.

Penalties for filing late can mount up at a rate of 5% of the amount of tax due for each month that you're late. If you're more than 60 days late, the minimum penalty is $100 or 100% of the tax due with the return, whichever is less. Filing for the extension wipes out the penalty file by the extension deadline.

Failure to file the Annual Returns within a prescribed time period will result in a maximum penalty of HK$50,000 for each breach. There is also a daily default fine of HK$1,000.

Income to be reported. (a) Salaries Tax is charged on employment income arising in or derived from Hong Kong which includes income derived from services rendered in Hong Kong and remuneration paid to an employee under certain service company arrangements.

Failure to file the tax return by the due date, July 31, 2023, will have financial implications. 1. Penalty: Late filing attracts a penalty of Rs 5000 for individuals with total income exceeding Rs 5 lakh. For individuals having a total income upto this limit, the penalty is Rs 1000.

The person to whom recovery notice is issued must pay money, if any, not exceeding the amount of tax in default held on account of the defaulter to the IRD within a stipulated time. Failure to do so will render the person personally liable for the whole of the tax which he was required to pay.

Form No.: IR56M. Form Title: Notification of remuneration paid to persons other than employees.

Date: Individual Income Tax Returns should be filed on or before 30th June of the following year. Penalty on late filing: Whichever is higher between, 5% of the tax due or Kshs. 2,000. Penalty on late payment: 5% of the tax due and a late payment interest of 1% per month on the unpaid tax until the tax is paid in full.