When is the final payment date for the first installment of the Income Tax Return? The deadline for paying the first installment of the income tax due on the previous year’s earnings is March 31, 2020. The first installment of the income tax return must be paid by March 31, 2020, and the second installment by August 4, 2020. According to information from the Revenue Administration, taxpayers will pay the income tax calculated on their returns in two installments.
Income tax payments can be made through the taxpayer’s contracted banks listed on the Revenue Administration’s official website and at all tax offices. In addition, income tax arising from other earnings declared through the Ready Declaration System can be paid via contracted bank and credit cards on the Administration’s website between 02:00 and 23:45. Taxpayers can also call the Tax Communication Center at Alo 189 for assistance.
Who Must File an Income Tax Return?
Who must file an Income Tax Return? Individuals subject to taxation on a real basis because of commercial, agricultural, or professional activities must electronically submit the first installment of their annual income tax return by March 31, 2020. Annual returns can also be submitted through tax offices.
Taxpayers who receive wages subject to withholding from multiple employers and whose total wages from the second and subsequent employers exceed 40,000 TL for 2019 must declare all such wage income on their annual income tax return. Those who earned more than 5,400 TL in residential rental income in 2019 are also required to file a return. Conversely, taxpayers whose annual rental income is less than 5,400 TL are not required to submit this return.
For workplace rental income subject to withholding, taxpayers must file a return if the gross amount subject to withholding exceeds 40,000 TL. If income from movable capital exceeds 40,000 TL, it must be declared. However, half of dividend income may be exempt from income tax; if the remaining half is below 40,000 TL, filing a return is not required.
When movable capital income is neither subject to tax withholding nor exempt, the return must be filed if the 2,200 TL threshold is exceeded.
Capital gains from the sale of assets and rights within five years must be declared if the exempt threshold of 14,800 TL is exceeded.