RETURNS OF INCOME

Dominion, Volume 28, Issue 184, 3 May 1935, Page 13

RETURNS OF INCOME

i Must Be Completed This Month Returns of income for the year ended March 31, 1935, require to be completed and forwarded to the Commissioner of Taxes on or before June 1Forms are' obtainable from all post offices.

Furnishing a return of income is an annual duty imposed by law on all companies and persons in business, whether for the whole or part of the income year and irrespective of whether a profit or a loss was made; also by all persons in receipt of income from salary, wages, bonus, allowances, interest, rent, annuity or other annual payment, where such Income in conjunction with income from free-of-tax Government securities, company debentures issued free of tax, and from dividends or other profits from shares in companies trading in New Zealand exceeds £2OO per annum. Returns are required annually from such persons notwithstanding that by reason of the special exemptions allowable by law they may not be liable for tax.

Any person required by law to furnish a return and neglecting to do so is liable on conviction to a penalty not exceeding £lOO. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution, but also results in many cases in an assessment of considerably more tax (han would otherwise be payable.