What Is An IT34 Notice?
The South African Revenue Service (SARS) issues a number of different notices to taxpayers, and one such notice is an IT34. This stands for ‘Income Tax 34’ and it is issued when SARS believes that you have not paid enough tax on your income. It is essentially an assessment of taxes due from the taxpayer and should be taken very seriously.
Why Are You Issued An IT34 Notice?
You can be issued with an IT34 by SARS for any number of reasons, including under-declaration or non-declaration of income, incorrect deductions claimed or overstated losses incurred during the year in question. If there are discrepancies between what you have declared to SARS and what they believe should have been declared then they will issue an IT34 as a way to settle this discrepancy.
What Does An IT34 Notice Require Of You?
When you receive an IT34 notice, it will include details about how much additional tax money must be paid by you in order to rectify the situation outlined in the notice. The amount payable may differ depending upon your particular circumstances; however all payments must be made within 30 days after receipt of the notice from SARS or else penalties may apply and/or interest charged on late payments. Additionally, certain documents may need to accompany payment instructions as proof that payment has been made correctly; these usually include bank statements showing relevant transactions relating to taxes owed by yourself or your business entity if applicable.
How Can I Challenge My Assessment?
If you feel that your assessment is inaccurate then this can also be challenged through various channels available at SARS offices throughout South Africa; these would involve attending hearings where decisions regarding appeals against assessments would ultimately rest with them alone having heard both sides’ arguments – yours included! Alternatively though more informal channels discussions could take place with officials which could potentially result in some sort of compromise being reached without needing formal proceedings taking place firstly before reaching any conclusions on such matters being discussed between parties concerned hereof too so long as outcomes thereof remain fair ones indeed throughout entire process itself thus ensuring everyone’s rights are respected fully hereunder respectively speaking too given context associated thereto likewise hereinabove mentioned accordingly!
Conclusion
An IT34 notice requires careful consideration from those who receive it since failure to pay additional taxes owed within set timeframe stipulated therein could result serious penalties being applied against taxpayers involved – something no person wishes occur after already receiving said notification either!! Therefore understanding concept behind each document received along with its implications important ensure compliance requirements met all times going forward too hence why researching related topics online beforehand highly recommended especially when dealing complex financial matters likes ones associated taxation laws affecting businesses & individuals alike across board nationally now today evermore so than ever before!
