![]() Your business's sales tax return must be filed by the 20th of the month following reporting period (1) for monthly filers if average monthly sales and use tax liability in preceding year exceeded $1,000, or if filing combined sales/withholding tax return and withholding tax return is due by 20th (2) 30th of the month following reporting period if average monthly sales and use liability in preceding year did not exceed $1,000. Your Indiana Sales Tax Filing Frequency & Due Dates The discount schedule is based on how much money is earned annually. ![]() ![]() Indiana also offers discounts for those who pay their taxes early. 20 Annual taxes are due on the 31st of January if you file only once per year. If you file quarterly, your payment schedule is as follows: * Quarter 1 (Jan.-Mar.) due Apr. For example, January's receipts must be calculated and paid by February 20th. Payments for monthly taxes are due on the 20th day of the month following the close of sales. The penalty information can be found in Section IC 6-8.1-10-1 of the Indiana Tax Code. The penalties are calculated using a complex formula that encompasses factors relating to interest rates and investment yields on the state general fund. Penalties will accrue for any business that fails to pay taxes or for a business that commits fraud. This is called a Zero Return, and you can file it the same way you would if your business had generated funds. If your business did not generate any money during the tax period, you are still obligated to file a return. Keep in mind, in order to file online, you must first register and create an account. If you prefer to file online to expedite the process, you can do so at the Indiana Department of Revenue's website located at. You can locate, download, and print Form ST-103 at. ![]() If you have to file a sales tax return in Indiana, you have two choices for how to file. Your Indiana Sales Tax Filing Requirements The collection discount is 0.73% of the total annual sales tax collected, and if the complete amount is less than sixty thousand dollars 0.53% if the cp=omplete ammount is between sixty thousand and six hundred thousand and 0.26% if the complete ammount is greater than six hundred thousand. Indiana allows merchants to keep a small percentage of the sales tax they collect as a collection discount, which serves as compensation for the work required to comply with the Indiana sales tax regulations Sales Tax Collection Discounts In Indiana Indiana has a statewide rate of 7%, so despite where you live, you just collect 7% for tax in Indiana. More details at portal.ct.gov.Indiana is an easy state in which to collect sales tax. Items put on layaway are exempt from the tax as long as the layaway begins, and the first deposit is paid, in the seven-day period. Items costing less than $100 that are bought with a previously issued rain check are eligible, but rain checks issued during the tax-free week and redeemed afterward are not eligible. Items that offer rebates that lower the price below $100 do not qualify for the exemption. Items that are on sale, which usually are more than $100 and with the sale price are less than $100, qualify for the tax exemption. It also applies to mail-order, telephone and internet sales if the order is placed and paid for during the seven-day period. The tax exemption applies even if a qualified item is paid for during tax-free week but not delivered until after the week is over. “We hope that the families of Connecticut can combine this holiday with his other initiatives such as the child tax rebate to ensure their children and loved ones are ready for the start of a great new school year,” said DRS Commissioner Mark Boughton.
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