Approval Deadline

The Approval Deadline in Galvix refers to the last date by which a tax return must be reviewed and approved before it is automatically submitted for filing. This deadline ensures that businesses have adequate time to verify and confirm their tax obligations before the filing process is initiated. Approval Deadlines are important because it:

• Prevents Late Filings: Approving returns before the deadline ensures they are filed on time, avoiding penalties and interest charges.
• Allows for Review & Adjustments: The deadline provides a window to check for discrepancies, correct errors, and make necessary adjustments.
• Ensures Compliance: Meeting the deadline ensures businesses remain compliant with jurisdictional tax requirements.

If a return is not manually approved before the approval deadline:

• Auto-Approval by Galvix: The system will automatically approve the return and proceed with filing based on the available data.
• Risk of Filing Errors: Any unverified data may be submitted, which could lead to discrepancies in tax filings.