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Home > Accounting > Question

What happens when the tax rate changes:

0
A) Previous tax returns are cancelled
B) A separate return is filed for the changed period
C) No action is required
D) Tax collection stops

Correct Answer: B) A separate return is filed for the changed period

• When the official statutory tax rate changes mid-year, businesses typically ensure A separate return is filed for the changed period. • Standard corporate transactions are strictly taxed precisely at the rate applicable on the Date of supply. • Retrospective cancellation of legally filed previous tax returns is practically Never done. • The basic tax heavily applied directly on personal corporate earnings is called Income Tax. • Tax actively deducted at the very source of an employee's salary is called Withholding Tax.

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