Have you Filed your 2023 Tax Returns? Ready to file?
As we step into the new year, it’s that time again for taxpayers to fulfill their obligations by filing their 2023 tax returns. The Kenya Revenue Authority (KRA) reminds all individuals, companies, partnerships, and others with a KRA PIN to ensure timely submission of their income tax returns for the period of 1st January to 31st December 2023.
What is an Income Tax Return?
An income tax return is a declaration made by an individual or entity, detailing all income earned from various sources during the tax period, along with the self-assessed tax paid during that period. It serves as a vital document for taxation purposes and compliance with the Income Tax Act.
Why do we file Returns?
Filing tax returns is not just a legal requirement; it offers numerous benefits to taxpayers and the tax authorities alike:
- It enables individuals to ascertain any tax refunds owed to them or determine if they owe any taxes.
- Facilitates transparency and compliance in taxation, promoting fair and equitable tax practices.
- Helps the KRA identify non-compliant taxpayers and enforce tax regulations effectively.
Who should file a return?
Every entity with a KRA PIN is mandated to file a tax return, regardless of whether they had income during the tax period or not.
Do I need to file if I had no income last year?
Yes, individuals with a PIN are required to submit a return by 30th June 2024, even if they had no income, in which case they must file a NIL return.
What do I need to have before filing my returns?
The documentation required varies depending on the source of income:
- For employment income only: A P9 form from the employer, insurance policy certificate, mortgage certificate, and tax exemption certificate if applicable.
- For other sources of income: A detailed book of accounts including income statement, balance sheet, withholding certificates, and records of advance payments.
Key things to Remember as you file your tax returns
Taxpayers are advised to keep the following points in mind while filing their returns:
- Errors can be corrected by filing an amended return.
- Filing is mandatory even if employment status changed during the tax period or if there were multiple employers.
- Declaration of all sources of income, including foreign income, is required.
- Password resets and email changes for iTax portal access can be facilitated through official channels.
For further assistance or queries regarding tax filing, taxpayers can contact Holimedia Tax Division for Quick assistance. Holimedia is dedicated to assisting taxpayers in filing their returns conveniently from the comfort of their homes. Visit www.holimedia.co.ke/tax and submit your KRA PIN number and contact details. Our expert team will ensure your tax filing needs are sorted within one business day.
