21st December 11, 2012 â€“ CRA, the Canada Revenue Agency has started playing strictly with the tax payers who fail to disclose the true income in their ITR Canada on the due date.
Online PR News – 04-January-2013 – Toronto/Ontario – 21st December 11, 2012 â€“ CRA, the Canada Revenue Agency has started playing strictly with the tax payers who fail to disclose the true income in their ITR Canada on the due date. The agency has warned of imposing heavy penalties on such faulty taxpayers.
ITR is an essential process in every country to make sure that every earning person residing in the country on permanent basis is paying the tax on his or her income to the Government. People fail to follow the rule is breaching the regulations set by the government and he is liable to pay a penalty.
â€śCanadian income tax return filing is now become harsh considering the facts that many people are not filing their returns on time. We have made the rule to charge a penalty from the taxpayers who not deposit the required tax on due date. Our penalty charge is 5% of the balance tax amount and we even charge the 1% amount on each month by which the tax file is late,â€ť said CRA.
Along with the first time faulty taxpayers, the CRA is even sterner with the second time flawed tax filers. According to the CRA regulations, if the taxpayer is again found faulty within the three years of his first late return file he will be charged with double the penalty. Like the second time faulty taxpayer is liable to pay 10% of the balanced tax amount and 2% each month following the due date.
CRA adds â€śWe are not only sparing the late tax payers with the hefty penalties, but this time we are charging a compound interest daily. The taxpayers who have some unpaid amount are liable to pay this daily interest and even the penalty payers are required to pay the interest daily starting from the return due date.â€ť
The entire scenario is changed under the light of increasing number of people deceiving the CRA by not paying the taxes on time and sometimes even not paying at all. The faulty taxpayers are in this way hampering the Government functioning and even giving a set back to the progress and growth of the country.fore more info:http://www.itrtoday.com
CRA has all the rules and regulations clear about the income tax file and even the due date of ITR is informed very much in advance to the public, but still the people with wrong intentions cheat the agency hence forcing the department to levy huge fines.
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