Just when we chartered accountants were getting ready to wind up the current season of Income Tax Returns for the year ended 31/03/2012 for the clients who were not subject to Tax Audit (meaning those whose turnover / professional fees did not exceed the limits specified), and thanks largely to the power outages (of course, I do sympathise with the plight of the people who were stranded without power for days on end !! As well, a word of deepest sympathy for whom this was the cause of their death too !!)
In any case, the last date for all the aforesaid cases was 31/07/2012, which was then delayed to 31/08/2012 for the reason that many people who could not complete their accounting entries because there being no power available (in this day and age, it is very normal for most people to use computers and accounting softwares like Tally for accounting purposes). Even if the books of account were to be written by hand, it would require electricity, at least after the sun goes down.
So good for some people and bad for those who like to tie up loose ends before completing the season, who now have to compulsorily wait for that date, for there are always some clients who are, for some reason or the other, unable to complete their accounting work almost uptil the last date!!
So now you are updated about the reason why that date had to shift!!
Sayonara for now. Hope to come back to you with some more news soon !!
Hello?
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ReplyDeleteI talked about taxes on Dividends in one of my blogs of last year. Bottom line you have to earn more
than $49,000 in dividends for federal taxes to kick in. In Ontario, where I live you cannot avoid
the Ontario Health Premium. In Ontario all you pay prior to $49,000 of dividend income is the Ontario
Health Premium.
Another consideration is that if you are building a portfolio of dividend stocks like I did,
my dividend income was always increasing. I had no year when my dividends did not increase.
They also increased more than the rate of inflation. However, the increases did vary from year
to year ranging between 5% and 23%.
profit
income
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