Sales Tax Return SRO 350
– as per Sales Tax Return SRO 350 Automatic registration is no longer available for individuals, AOPs, and single member companies
– The (LRO) will review and approve registration applications to ensure all required information and documents are submitted.
- Balance Sheet:
(a) Only individuals, associations of persons, and single member companies (excluding manufacturers) shall file a balance sheet.
(b) The balance sheet shall be filed for a specific date, namely:
(i) For persons registered before June 30, 2023, as of June 30, 2023.
(ii) For persons registered after June 30, 2023, as of the date of filing.
(c) No further balance sheet shall be required unless the registration is modified as per Sales Tax Return SRO 350
- Sales Tax Return:
– The Commissioner can reject sales tax returns without a balance sheet.
– The Commissioner may disallow returns with sales exceeding five times business capital if:
– Business capital is not declared.
– Sales don’t arise from bank-financed or credit purchases.
– If you can’t provide information on business capital, loans, and credit purchases, your transactions may be considered suspicious, and the Commissioner may not allow filing
How to submit balance sheet in IRS
How to submit balance sheet in IRS
If you are unable to file march 2024 sales tax retrun and facing error (You have not provided your balance sheet u/r 5(2)(f). Please add the balance sheet or submit a request to your commissioner for approval).Its mean you have not submitted balance sheet as per SRO (350) 2024.How to submit balance sheet in IRS
Please update your registration form to provide balance sheet details u/r 5(2)(f), in order to file sales tax return without approval of commissioner.
How to file balance sheet application 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) Sales Tax?
- Got to registration tab
- forms
- Open 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) (Sales Tax
- Fill all forms
- attach balance sheet
- submit
How to resolve error You have not provided your balance sheet u/r 5(2)(f). Please add the balance sheet or submit a request to your commissioner for approval?
If you are facing error the you should file application 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) Sales Tax.
What are the consequences of not submitting a balance sheet?
- fines
- Suspension of their tax registration.
If you are unabel to know how to submit balance sheet in IRS.Astro Associates will help you to file sales tax retrun and accounts