Section 116: Return of income by companies

116. Return of income by companies (1) Subject to this Act, every company, non-resident société, cell of a protected cell company, Foundation, trust other than a trust to which section 46 (3) applies, or trustee of a unit trust scheme, whether or not it is a taxpayer, shall submit to the Director-General, not later than 6 months from the end of the month in which its accounting period ends, a return in such manner and in such form as he may approve specifying— (a) all income derived by it during the preceding income year; and (b) — (c) such other particulars as the Director-General may require, and, at the same time, pay any tax payable in accordance with its return. (2) Where the accounting period ends in the month of June, the due date for submission of the return and payment of tax shall be 2 days, excluding Saturdays and public holidays, before the end of December. (2A) Notwithstanding subsection (2), where the accounting period ends in the month of June and no tax is payable, or a loss is declared, in accordance with the return under subsection (1) or under section 50L, the return may be submitted on or before 15 January of the following year. (2B) Where the accounting period ends in the month of June and the company has submitted an APS Statement in respect of the fourth quarter, the due date for submission of the return and payment of tax for that accounting year shall be 31 January of the following year. (2C) Where the accounting period ends in the month of December, the due date for submission of the return and payment of tax shall be 2 days, excluding Saturdays and public holidays, before the end of June. (3) Where in an income year, a company derives gross income and exempt income exceeding 10 million rupees or is an employer submitting return and remitting tax withheld under Sub-part A of Part VII or is a corporation holding a Category 1 Global Business Licence under the Financial Services Act, it shall, unless otherwise authorised— (a) submit its return and pay any tax payable under subsection (1) electronically in accordance with section 128A; and (b) continue to submit its return and pay tax electronically until such time as it ceases to be required to submit a return under subsection (1). [S. 116 amended by s. 7 (k) of Act 13 of 1996 in relation to an individual, on 1 July 1996 in respect of the income year commencing on 1 July 1996 and in respect of every subsequent income year, and in relation to any other person or an associate in a société under section 47, on 1 July 1996 in respect of the year assessment commencing on 1 July 1996 and in respect of every subsequent year of assessment; s. 9 (t) of Act 9 of 1997 w.e.f. 1 July 1997 in respect I5 – 69 [Issue 9] Income Tax Act of income year commencing on 1 July 1997 and in respect of every subsequent year of assessment; s. 72 (c) of Act 14 of 2001 w.e.f. 1 December 2001; s. 9 (k) of Act 18 of 2003 w.e.f. 1 December 2003; s. 18 (zo) of Act 15 of 2006 w.e.f. 1 July 2007 in respect of the year of assessment commencing on 1 July 2007 and in respect of every subsequent year of assessment; s. 17 (v) of Act 17 of 2007 w.e.f. 1 July 2008 in respect of the year of assessment commencing on 1 July 2008 and in respect of every subsequent year of assessment; s. 21 (k) of Act 14 of 2009 w.e.f. 30 July 2009; s. 10 (k) of Act 20 of 2009 w.e.f. 19 December 2009; s. 9 (r) of Act 10 of 2010 w.e.f. 1 January 2011 as from the year of assessment 2011; s. 8 (zh) of Act 37 of 2011 w.e.f. 15 Dec f the year of assessment commencing on 1 July 2007 and in respect of every subsequent year of assessment; s. 17 (v) of Act 17 of 2007 w.e.f. 1 July 2008 in respect of the year of assessment commencing on 1 July 2008 and in respect of every subsequent year of assessment; s. 21 (k) of Act 14 of 2009 w.e.f. 30 July 2009; s. 10 (k) of Act 20 of 2009 w.e.f. 19 December 2009; s. 9 (r) of Act 10 of 2010 w.e.f. 1 January 2011 as from the year of assessment 2011; s. 8 (zh) of Act 37 of 2011 w.e.f. 15 December 2011 and 1 January 2013 in respect of the year of assessment commencing on 1 January 2013 and in respect of every subsequent income year; s. 51 (1) (h) of Act 8 of 2012 w.e.f. 1 July 2012; s. 9 (n) of Act 26 of 2013 w.e.f. in respect of the year of assessment commencing 1 January 2014 and in respect of every subsequent year of assessment; s. 24 (u) of Act 9 of 2015 w.e.f. 14 May 2015 and 1 July 2015 in respect of the year of assessment commencing on 1 July 2015 and in respect of every subsequent year of assessment.]