Form It-65 - Indiana Partnership Return Booklet - 2013 Page 12
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32located, and sales tax was not paid. This rate is 7 percent. Examples of
Caution: Two separate calculations of interest and penalty might be
taxable items include
required:
•
Magazine subscriptions;
•
Office supplies;
1. Interest is computed on the net amount of the composite
•
Electronic components; and
tax on line 13 paid after the 15th day of the third month
•
Rental equipment.
following the end of the partnership’s taxable year. Interest is
calculated from the day following the due date for payment
Any property purchased free of tax by use of an exemption certificate
of the composite tax to the actual date the balance is paid
is subject to the use tax. In addition, any property purchased from
with the IT-65 return.
out of state and converted to a nonexempt use by the business is
subject to the use tax. Complete the Sales/Use Tax Worksheet on
2. Interest on use tax is calculated on the amount of use tax on
page 16 to compute any sales/use tax liability. For more information
line 13 that is paid after the original due date of the IT-65
about use tax, call (317) 232-0129.
return.
Note: If you are a registered retail sales or out-of-state use tax agent
Contact the department for the current rate of interest by calling
for Indiana, you must report your nonexempt purchases used in
(317) 232-0129, or you can get Departmental Notice #3 at
your Indiana business. You do this on Form ST-103, Indiana Annual,
Quarterly, or Monthly Sales and Use Tax Voucher. If you do not pay
Line 15. Enter the total penalty due. The penalty for late payment is
your use tax by the original due date of the return, interest will be
added to the amount due. A 10 percent penalty or $5, whichever is
10 percent of the amount (but not less than $5) of any composite tax
greater, is charged on each unpaid use tax liability.
due on line 13 paid after the 15th day of the third month following
the end of the partnership’s taxable year. (See the caution note for line
Caution: Do not report your totals from Form ST-103 on this
14.) The penalty is still due on use tax paid after the original due date
worksheet or on Form IT-65.
of the return.
Line 5. Enter the use tax due from the Sales/Use Tax worksheet.
If a return showing no liability on line 7 is filed late, the penalty for
failure to file by the due date is $10 per day the return is past due, up
Line 6. Enter the total tax liability of the nonresident members from
to a maximum of $250. In addition, a separate $10 penalty is assessed
line 15G of Schedule IT-65COMP (columns D plus E minus F).
on each Schedule IN K-1 information return that is filed late.
Enclose composite Schedule IT-65COMP.
Line 16. A penalty of $500 is assessed to any partnership that fails to
Line 7. Total tax: Add the tax shown on lines 5 and 6.
file a composite return for all its qualifying nonresident partners*
(PL 211-2007 SEC. 27, 44, 58). If you fail to include all your
Line 8. Enter the total amount of withholding. Be sure to attach any
qualifying nonresident partners on your composite return, please
WH-18 statements.
remit that penalty here.
Line 9. Enter the total composite withholding payments from Form
*Exception: Certain partners will not be included in the composite
IT-6WTH. Amounts withheld from nonresident individual partners
filing. See the exceptions listed under “Filing Requirements for
included in the composite return may be remitted using Form
Composite Return” on page 19.
IT-6WTH.
Keep track of the names of the partners not included on the
Line 10. Enter any other payments and credits belonging to the
composite return and who do not meet the above exception because
partnership. A detailed explanation must be enclosed for any credits
the department may request this information at a later date.
claimed on this line.
Line 17. Amount due: If line 13 is greater than zero, add lines 13 – 16
Line 11. Economic Development for a Growing Economy credit:
and enclose a separate remittance for the total amount owed for each
Enter the amount of Economic Development for a Growing
Form IT-65 filed. Please pay in U.S. funds. If paying by check, make
Economy (EDGE) credit you are claiming from line 19 of Schedule
your check payable to Indiana Department of Revenue.
IN-EDGE. You must complete Schedule IN-EDGE and enclose it
with your return. Otherwise, this credit will not be allowed.
Line 18. Overpayment: If the total of lines 8 – 12 exceeds line 7,
subtract the total of lines 14 – 16 from line 13. If the result is less than
Line 12. EDGE-R credit: Enter the amount of EDGE-R credit you are
zero, this is your net overpayment. If penalties and interest are due
claiming from line 19 of Schedule IN-EDGE-R. You must complete
because of a delinquent filing or payment, the overpayment must
Schedule IN-EDGE-R and enclose it with your return. Otherwise,
be reduced by these charges. If the result is a balance due, enter the
this credit will not be allowed.
difference on line 17.
Line 13. Subtotal: Subtract lines 8 – 12 from line 7. If a balance due
Line 19. Enter the same amount from line 18 to be refunded directly
remains, proceed to lines 14 – 16.
to you. An overpayment credit may not be carried over to the
following year.
Line 14. Enter the total interest due.
12
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