A specific income tax return is a declaration of income earned by a job or business within a specific year. Every country has its online portal to fill the ITR. And if you are living in Kenya, then you need a KRA PIN to file the income tax returns for a selected session.
The PIN stands for Personal Identification Number which is pre-owned while doing business with Kenya Revenue Authority, work providers, or other government bureaus. The term Personal includes both specific and fictitious persons i.e. club, company, trust ad so on.
Top Three Reasons To File Your Taxes Online
When it involves to filing taxes, you’ve got a choice: either you go with the old fashioned process which was, fill every detail in hard copy and then send it to the authority by rushing to the post office, or you can log on to the computer and file your taxes electronically.
Let’s Know The Benefits Of Filing Tax Returns Online
1. Make Fewer Errors
The advantage of filing taxes digitally is that you are less likely to make a mistake. In reality, the error rate for electronic returns is under 1%.
2. You’ll Get Your Tax Refund Earlier
If you need a refund from KRA, chances are, you can get the money earlier rather than getting it from the offline process.
3. Makes Your Life Convenient
It is an easier way to file your tax digitally, as it helps you to save time and money. By sitting at home only, you can file your income tax returns.
How To Pay Individual Income Tax?
First, you need to register your profile online iTax portal. And then generate a payment slip from the panel and send it to the any of the appointed KRA banks to clear the dues tax amount.
The tax filing system is designed to accept the various types of revenue returns such as income tax related to the resident individual, corporate, partnership, and indirect tax such as an excise. Based on your tax obligation, you need to choose the right type of tax returns and file it.
The process of filing Kenyan IT returns is almost natural for all types of returns, such as an individual, income tax for corporate or filing VAT returns. The only thing which differs is the required details and the form format.
The above information will help you to make a smart decision that it’s better to file your taxes digitally rather than doing it offline.