The Annual Individual PIT Filing Returns season is upon us and the due date which falls on March 30, 2020 is fast approaching. This in line with Section 41 of the Personal Income Tax Act, 2011, Cap P8 LFN 2004 as amended, Which states that a taxable person shall, without notice or demand, file a return of the income in the prescribed form and containing the prescribed information with the tax authority of the State in which they reside, within ninety (90) days from the commencement of every year.
This detailed piece will keep you informed and guide you on the steps to ensure you stay compliant and avoid the stiff penalties.
- What is PIT Filing Returns?
PIT Returns details all income earned by taxable persons in the preceding calendar year to the Relevant Tax Authority(ies) (“RTA(s)”) of the state in which the taxable person resides. For the 2020 PIT Filing Season the income earned in the calendar year January 1, 2019 to December 31, 2019 is to be filed with the RTA(s).
- Is Filing your PIT Returns the same as Paying your PIT?
No, it is not. Filing your PIT Returns involves providing your RTA with all relevant information on your 2019 income, and especially providing all information on the tax reliefs, deductions, exemptions and credits that you are entitled to, including PIT you might have paid.
- When is the deadline for Filing the 2019 PIT Returns?
Monday, March 30, 2020. This is in line with Section 41(3) of PITA, which states that the taxable person shall file with the RTA within ninety (90) days from the commencement of every year of assessment.