Income tax

In our Tax Help section, we will help you with all your tax questions

A good tax planning with reasonable tax knowledge can help you to minimize your tax liability. Tax is paid on your income earned during every entire financial year. 'Tax Time' is the period within which you have to submit your return or provision based statements, to the tax assessing authority. Suppose, you have a financial year from January to December. In that case, your tax time should be from January 1- April 15. During the 'tax time' you have to total all your incomes (from every source) to find your total income during the year and from that total, deduct all expenses admissible by the tax authority (called legitimate deductions, like some educational or medical expenses, rent paid, etc) which were essential to your life or were made to earn your income. Such deducted amount is again subject to some deductible allowances like insurance premium, depreciation on assets, etc. You must learn about the treatment for those allowable allowances. Now, the final figure that you have worked out would be your taxable income which is again subject to exemption up to first 20,000 Gourdes.

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