I received some questions about my topic, Kakutei shinkoku. I will answer the questions for your better understanding of Kakutei Shinkoku.
Q1 Is there an extended deadline for people who will not be able to submit it from February 17 to March 16 in 2020?
A1 Yes. If you are not able to submit your final income tax return on time due to a serious natural disaster, you can submit it without any penalties. However, failure to submit your final income tax return without any valid reasons like a natural disaster and it was for tax refund, you will incur penalties.
Q2 Are there any penalties for people who fail to submit it by the deadline?
A2 Yes. If you fail to submit your final income tax return by the deadline, you need to pay for an additional tax. It is called an additional tax for no return. The rate of the tax is from 5% to 20%.
e.g. If you voluntary pay 200,000 JPY as your income tax after the deadline, 5% of 200,000 JPY, 10,000 is the amount of your additional tax for no return. When you pay 200,000 JPY as your income tax return after the dead line in the case of tax audit, 15% of 200,000 JPY, 30,000 JPY is the amount of your additional tax for no return.
Q3 Do individual taxpayers need to submit their final income tax return personally? Or can tax accounting offices do it on their behalf?
A3 Tax accounting offices can submit their final income tax return on their behalf. Business owners like self-employed and small businesses usually request a tax accounting office to submit their final income tax returns. However taxpayers like a pensioner usually submit their final income tax return personally with the help of tax office.
Q4 What happens if I miscalculate my final income tax and is now required to pay more?
A4 In case that you miscalculate your final income tax return, you would receive a contact of miscalculation by letter or call from the tax office. You need to submit corrected final tax return in the tax office and pay the correct amount.