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2010 tax reutrns
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hello
#1 Posted : Friday, June 17, 2011 9:59:57 AM
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Joined: 6/11/2008
Posts: 257
Is it must to show fixed deposit and stocks in individual returns ?
I want to be a millionaire.
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FUNKY
#2 Posted : Wednesday, June 22, 2011 2:53:38 PM
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Joined: 4/30/2010
Posts: 1,635
Its on you...if you are a honest Kenyan and want to pay full taxes you better show it and then you can also claim your withholding tax back by showing them the certificates.
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dunkang
#3 Posted : Tuesday, June 28, 2011 4:53:08 PM
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Joined: 6/2/2011
Posts: 4,818
Location: -1.2107, 36.8831
What happens when you don't make the returns, say, for the last 3 years?
Receive with simplicity everything that happens to you.” ― Rashi

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For Sport
#4 Posted : Friday, July 01, 2011 12:58:39 AM
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Joined: 12/23/2010
Posts: 1,229
dunkang wrote:
What happens when you don't make the returns, say, for the last 3 years?



You open yourself up to steep penalties and fines for failure to remit any tax due. In addition, the tax remains a debt in KRA's books and attracts interest at the rate of 2% a month. I think this interest is also levied on the penalties prescribed under the Income Tax Act (which is treated as tax). It may be cheaper to get a bank loan to pay your tax smile


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Burning Spear
#5 Posted : Friday, July 01, 2011 11:18:37 AM
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Joined: 7/22/2008
Posts: 1,139
hello wrote:
Is it must to show fixed deposit and stocks in individual returns ?


yes,if you love your country so much and not hit by current inflation.By doing this,KRA watakunyonya mpaka damu.
"You're not supposed to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who says it". Malcolm X
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For Sport
#6 Posted : Friday, July 01, 2011 7:37:43 PM
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Joined: 12/23/2010
Posts: 1,229
FUNKY wrote:
Its on you...if you are a honest Kenyan and want to pay full taxes you better show it and then you can also claim your withholding tax back by showing them the certificates.


Withholding tax is tax that has been deducted at source (by whoever is making the payment e.g. a company which is paying out dividends to shareholders).
What would you be claiming back? Thought the cert. issued just serves as proof that the tax was paid on your behalf.
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