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With reference to the Income Tax Act (Cap.470), explain the term "incorrect returns".

      

With reference to the Income Tax Act (Cap.470), explain the term "incorrect returns".

  

Answers


Wilfred
This is a return of incorrect tax which does not show the true position of a taxpayer by omission of
certain income or a relevant fact.
If this is through negligence heavy penalties will be improved.
It is under declaration of income or incomplete returns. This is due to:
i) gross or willful negligence on the part of the tax payer and his accountant, or;
ii) fraud on part of taxpayer
Wilfykil answered the question on February 15, 2019 at 08:49


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