Attention those with rental income! Deadline for income tax returns announced: Penalties will be imposed for failure to file

According to the announcement by the Revenue Administration (GİB), the period for filing annual income tax returns has begun. Taxpayers will be able to submit their declarations regarding their 2024 earnings electronically until Wednesday, April 2.

While taxpayers taxed under the actual method due to commercial, agricultural, and professional activities can send their declarations via the Digital Tax Office, those who only earn income from wages, rent, securities capital gains, or other earnings will be able to process their transactions quickly through the Ready-to-File System.

The first installment of the income tax calculated on the declarations and the stamp duty will be paid by April 2, and the second installment by July 31.

Guides, brochures, and infographics prepared to help taxpayers complete the process more easily have been made available on the GİB website.

WHAT HAPPENS IF YOU DO NOT FILE A DECLARATION?

If declarations, which are mandatory to be submitted electronically, are not filed on time, a special irregularity penalty will be imposed. Furthermore, if the tax is not accrued on time, a tax loss penalty equal to one times the tax amount will be applied.

News Source: AA