Navigating Personal Income Tax (PIT): A Comprehensive Guide for 2024

As we enter the Annual Personal Income Tax (PIT) Returns filing season, it’s important to note the approaching deadline of March 31, 2024, as required by Section 41 of the Personal Income Tax Act, 2011. This guide is designed to provide you with all the necessary information to ensure compliance and avoid potential penalties.

Understanding PIT Returns Filing

This process entails the meticulous documentation of all income accrued in the preceding calendar year, covering the period from January 1, 2023, to December 31, 2023. The filing is directed to the State Internal Revenue Service (SIRS) corresponding to the taxpayer’s residence.

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