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4. COLLECTION OF TAX.

The tax is imposed directly on the taxpayer, who is required to submit an annual return on or before March 15th, if income is computed on the calendar year basis and, if computed on the fiscal year basis, the return must be submitted seventy-five days after the close of the fiscal year.

The individual taxpayer merely indicates on his return his items of taxable income and deductions, and the computation of his liability is made by the local tax assessor, who lists the assessment on a roll and delivers the roll and a bill to the collector (county treasurer), the latter forwarding the bill to the taxpayer. Notice of assessment must be served on the taxpayer on the first day of the sixth month following the close of his fiscal or the calendar year and tax is payable in full within thirty days thereafter.

In the case of corporations, the declaration of income is made by the corporation; the Tax Commission computes the tax, enters the computation on a roll and sends the roll, together with a bill, to the collector (county treasurer), who in turn forwards the bill to the taxpayer. The latter pays the tax within thirty days to the collector.

The initial assessment is made on the basis of the figures submitted by the taxpayer (individual or corporation), but if it is subsequently discovered that the taxpayer has failed to declare the whole income, additional assessments may be made up to a period within seven years after the close of the income-tax year for which the return is made.

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