Tuesday, April 13, 2010

Income Tax Return - Integrity Check

One's integrity is measured by his Income Tax Return (ITR). Its not the amount that matters, but the truthfulness of the amount declared. This April 15, 2010, income earners are required to file their ITR for year 2009. For employed individuals, whose income is solely derived from their employment, it is expected that their ITR represents their exact and true income, since it is their employer who deducted the applicable income tax due every pay day. However, for self-employed and those with businesses, where administration and enforcement of our country's tax laws need improvement, greater discretion is given on the taxpayer. Should an owner of sari-sari store, car wash/auto detailing shops, hardwares store, etc. declare or even file their ITRs? How about the millionaires and multimillionaires?

No comments:

Post a Comment