RETAX Meaning and
Definition
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The term "retax" primarily refers to the process of revising or reassessing the amount of tax owed by an individual or organization. When someone is subjected to a retax, it means that the tax authorities have identified an error, discrepancy, or new information that necessitates a fresh evaluation of the taxpayer's obligations.
Retaxation can occur for various reasons, including the discovery of previously unreported income, the reevaluation of deductions or exemptions claimed, or the correction of mistakes made in the initial tax assessment. In such cases, the tax authorities may initiate the retaxation process to ensure that the taxpayer's liability is accurately determined and their fair share of taxes is paid.
The retax process typically involves a detailed examination of financial records, income statements, deductions, and other relevant documentation. Tax authorities may issue a revised tax assessment, which would either increase or decrease the taxpayer's original tax liability. Consequently, the individual or organization may be required to pay an additional amount of tax owed or receive a refund if they overpaid initially.
It is essential for taxpayers to cooperate fully during a retax procedure, providing all requested records and cooperating with any investigations or audits. Failure to do so may result in penalties, fines, or legal consequences. Taxpayers also have the right to challenge the revised assessment or dispute the findings if they believe there are errors or inaccuracies in the retaxation process.
Etymology of RETAX
The word "retax" is a combination of the prefix "re-" and the noun "tax". The prefix "re-" in Latin means "again" or "anew", indicating repetition or a return to a previous state. The noun "tax" comes from the Latin word "taxare", which means "to assess" or "to censure". Therefore, the etymology of "retax" suggests the act of assessing or taxing something again, possibly due to a previous miscalculation or error.
Conjugate verb Retax
CONDITIONAL
I
would retax
you
would retax
he/she/it
would retax
we
would retax
they
would retax
CONDITIONAL CONTINUOUS
I
would be retaxing
you
would be retaxing
he/she/it
would be retaxing
we
would be retaxing
they
would be retaxing
CONDITIONAL PERFECT
I
would have retax
you
would have retax
he/she/it
would have retax
we
would have retax
they
would have retax
CONDITIONAL PERFECT CONTINUOUS
I
would have been retaxing
you
would have been retaxing
he/she/it
would have been retaxing
we
would have been retaxing
they
would have been retaxing
FUTURE
I
will retax
you
will retax
he/she/it
will retax
we
will retax
they
will retax
FUTURE CONTINUOUS
I
will be retaxing
you
will be retaxing
he/she/it
will be retaxing
we
will be retaxing
they
will be retaxing
FUTURE PERFECT
I
will have retaxed
you
will have retaxed
he/she/it
will have retaxed
we
will have retaxed
they
will have retaxed
FUTURE PERFECT CONTINUOUS
I
will have been retaxing
you
will have been retaxing
he/she/it
will have been retaxing
we
will have been retaxing
they
will have been retaxing
IMPERATIVE
you
retax
we
let´s retax
to retax
PAST
I
retaxed
you
retaxed
he/she/it
retaxed
we
retaxed
they
retaxed
PAST CONTINUOUS
I
was retaxing
you
were retaxing
he/she/it
was retaxing
we
were retaxing
they
were retaxing
PAST PARTICIPLE
retaxed
PAST PERFECT
I
had retaxed
you
had retaxed
he/she/it
had retaxed
we
had retaxed
they
had retaxed
PAST PERFECT CONTINUOUS
I
had been retaxing
you
had been retaxing
he/she/it
had been retaxing
we
had been retaxing
they
had been retaxing
PRESENT
I
retax
you
retax
he/she/it
retaxes
we
retax
they
retax
PRESENT CONTINUOUS
I
am retaxing
you
are retaxing
he/she/it
is retaxing
we
are retaxing
they
are retaxing
PRESENT PARTICIPLE
retaxing
PRESENT PERFECT
I
have retaxed
you
have retaxed
he/she/it
has retaxed
we
have retaxed
they
have retaxed
PRESENT PERFECT CONTINUOUS
I
have been retaxing
you
have been retaxing
he/she/it
has been retaxing
we
have been retaxing
they
have been retaxing
