Kankakee Valley Post, Volume 11, Number 10, DeMotte, Jasper County, 23 January 1941 — GROSS INCOMF TAX DUE JANUARY 31 [ARTICLE]

GROSS INCOMF TAX DUE JANUARY 31

Indianapolis, Jan. 22 Any change made by the present legislature in the gross income tax would in, no way affect he annual returns now due. Gilbert K. Howit, director of the Gross Income Tux Division reminded jthe taxpaying public today and urged that payments be made as soon as possible to avoid the last mnute rush before the deadline Jan. 31 • : |t .k “The returns . now*}.- due (‘over income received during the .calendar year 1940 and are subject to the rates and exemptions as set out in the 1933 Act and the Act as amended in 1937. Should the 1941 legislature alter the present gross income tax rates or exemptions the changes could apply only to income received on or after January 1. 1941.2 Mr. Hewitt stated. A?* it is now. all those whose tax able income or taxable gross receipt are in excess of SI,OOO for the year 1940 are required to file an annual return and report thereon their income. both taxable and non-taxable. making the proper deductions of non-taxable income in the schedule provided on the return form for that purpose. Retail merchants, however, are granted an exemption of $250 a month in the amended Gross Income Tax Act upon receipts from selling at retail on or after April 1, 1937. This yearly exemption for 1940 is not in addition to the regular exemption of 'SI.OOO. Gross income tax rates, generally speaking* are one per cent on gross receipts from sales made to the consumer^fretail stores) ; one-fourth of one per cent on gross receipts from wholesale sales, display advertising, and sub-contracts; one per cent on gross receipts from professional services. salaries or wages, sales of real estate, investment, of capital and all other sources. Returns received after January 31, or postmarked later than midnight Jan- 31, are subject to penalties for delinquency ranging from 10 per cent to 50 per cent of the tax plus interest charges of 1 per cent per month until paid.