Technology

How to file taxes for an online business

2024-01-19 05:45:32

Whether you are a person selling products online or a business owner, annual taxes are required. So how must this tax be inspected and what are the procedures for filing it?

First of all, you need to understand that selling things online is considered another source of income. But many people who make a living selling products online do not just sell things. But it is also related to business processes. One of the important topics that you must adhere to when running an online business is filing online business taxes correctly. Income from online sales is considered income that is separate from regular income and must be calculated with tax filings. Merchants who have not filed business registration must file taxes 2 times, namely personal tax (P.N.D. 90) and mid-year tax (P.N.D. 94). But in the case of filing Register a company or legal entity Need to submit P.N.D. 51

So when will taxes be filed?

To file personal taxes in 2023, taxes can be filed online starting in March. – April 2024

Filing taxes is a complex process. But don't worry because we will share with you how to file your taxes. So that you know the steps you need to take when doing business buying and selling products in the online world. There will be a rough tax calculation formula. and compare tax deduction rates

-For individuals, use the formula: income - expenses - deductions = net income. -For legal entities, use the formula: total income - total expenses = net profit.

Once the net income is obtained, it is compared with the progressive tax rate.

-Net income 0 – 150,000 baht (tax rate 0% or exempt from tax)

Tax value = 0

-Net income 150,001 – 300,000 baht (tax rate 5%)

Tax fee = (Net income – 150,000) x 5%

-Net income 300,001 – 500,000 baht (tax rate 10%)

Tax cost = [ (Net income – 300,000) x 10%] + 7,500

-Net income 500,001 – 750,000 baht (tax rate 15%)

Tax cost = [ (Net income – 500,000) x 15%] + 27,500

-Net income 750,001 – 1,000,000 (tax rate 20%)

Tax cost = [ (Net income – 750,000) x 20%] + 65,000

-Net income 1,000,001 – 2,000,000 baht (tax rate 25%)

Tax cost = [ (Net income – 1,000,000) x 25%] + 115,000

-Net income 2,000,001 – 5,000,000 baht (tax rate 30%)

Tax cost = [ (Net income – 2,000,000) x 30%] + 365,000

-Net income of more than 5 million baht (tax rate 35%)

Tax cost = [ (Net income – 5,000,000) x 35%] + 1,265,000

The tax can be submitted via the Revenue Department's website. https://www.rd.go.th/272.html Once you enter the website, follow the steps.

-Choose every type of E-Gling field.

-If you have never filed taxes online, apply for membership. and log in to the system

-Choose P.N.D. 90/91

-Complete the form to submit a personal income tax return. Complete information

-Print the receipt and pay

Nowadays, filing taxes is not as difficult as before. There are many online systems supporting tax filing systems. The forms on the Revenue Department's website make it more convenient for us as well.

How to file taxes for an online business

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