PAPERSPAST

RETURNS OF INCOME DUE.

PENAtTY FOR NECLEGT.

Furnishing a return of income is an anuual duty imposed by law on all companies and persons in business, whether fur the whole or part of the income year and irrespective of whether a profit or a loss was made also by all persons in receipt of income from salary, wkgi'S, interest, rent, auuuity or other anuual payment, where such income exceeds £250 per an iiuin. Returns are required annually frcun such persons notwithstanding that by reason of the special exemptions allowable by law they uioy not be liable for tax. Form No. 3, which is now obtainable at all post offices, is the form to be utilized by all individual taxpayers, partnerships, estates, and commercial, industrial or investment companies. The return should be completed and forwarded to tho Commissioner of Taxes, Wellington, on or before the Ist June. If for any reason the return cannot be furnished by the prescribed date application should be made for an extension of time. Wlieie returns are accepted compiled to a date subsequent to the 31st March they should be furnished within two months of that date. Any person required by law to fur nish a return and neglecting to do so ia liable on conviction to a penalty not exceeding £100. Neglect to furnish returns at the prescribed time not only renders taxpayers liable to prosecution, but also results in many cases in an assessment of considerably more tax than would otherwise be payable. In the absence of a return the De partment has power to make au assessment of an amount on which it is considered tax ought to be levied. The acceptance of the estimated assessment does not, however, absolve the taxpayer from the duty of furnishing a return. If the tax payable under the estimate assessment is more than the amount payable on the taxpayer's actual assessable income, the taxpayer may render himself liable for the higher amount in addition to prosecution for failure to furnish the return at the prescribed time. Reports of prosecutions for failure .to make returns in the past should be taken as a warning, ar.d all persons liable to furnish returns are therefore advised in their own interests to forward such returns on. or before the Ist June.

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