Section 50E: Return and payment of tax at end of income year

50E. Return and payment of tax at end of income year (1) Every company paying tax under this Sub-part shall, at the end of an income year, submit to the Director-General the return required to be submitted under section 116. [Issue 7] I5 – 38 Revised Laws of Mauritius (2) Where the amount of tax payable on the chargeable income in accordance with the return referred to in subsection (1) exceeds the sum of— (a) the aggregate amount of any tax paid under this Sub-part, excluding any penalty under section 50F; and (b) any amount of tax withheld under Sub-part BA, the company shall pay the difference at the time the return is submitted under section 116. (3) Subject to subsection (4), where the amount of tax payable on the income falling under this Sub-part exceeds the amount of any tax paid in accordance with the APS Statement by more than 35 per cent of the amount of tax payable, the company shall, at the time the return under section 116 is submitted, pay, in addition to the difference referred to in subsection (2), a penalty representing 25 per cent of the amount in excess of the amount representing 35 per cent.. (4) The penalty under subsection (3) shall not apply where, in respect of the APS quarter in an income year— (a) the taxpayer has opted to compute his chargeable income in accordance with section 50C (a); or (b) where the amount in excess is solely attributable to income derived in the period immediately following the end of the third APS quarter of the income year [S. 50E amended by s. 8 of Act 37 of 2011 w.e.f. 1 January 2013.]