Are interest on underpaid tax deductible? With other words interest paid to the Receiver for taxation underpaid. Can I include these interest as an expense in my current year. Are they deductible on my tax calculation.
Verbal confirmation from the Minister of Finance was obtained this morning that extension for submission of all individual income tax returns (as well as payment of tax) have been granted to 31 July 2016.
The system at Inland Revenue will be amended to change the due date for returns and payments to 31 July 2016.
This should then prevent it from levying penalties and interest for any returns and payments done after 30 June 2016.
Provident fund refunds: I need some clarity on this ASAP. The question Tim ask : Did you receive any pay-outs from your Pension or Provident fund (NOT a Retirement Annuity Fund) for any of the following reasons: fired; quit; retrenchment; cession of the fund; or withdrawal of the fund? This is NOT for pay-outs from retirement, death or ill-health. Do I put in the full claimed amount or only the amount that was paid to me. Here again Tim ask the question: Enter the amount received from the fund ...