INCOME TAX CALENDAR &
SCHEDULE FOR
PAYMENT OF ADVANCE TAX
|
INDIVIDUAL, AOP
|
| Quarter |
Date of Payment |
| September |
15th September |
| December |
15th December |
| March |
15th March |
| June |
15th June |
|
|
|
COMPANIES
|
| Quarter |
Date of Payment |
| September |
15th October |
| December |
15th January |
| March |
15th April |
| June |
15th June |
|
CALCULATION OF QUARTERLY
INSTALLMENT
|
- In the case of individual or AOP, whose
last assessed income is at least 200,000.
The amount of advance tax due for a quarter
shall be computed according to the following
formula, namely:-
|
|
(A/4) - B |
Where –
A is the tax assessed to the taxpayer
for the latest tax year or latest
assessment year under the repealed
Ordinance; and
B is the tax paid in the quarter for
which a tax credit is allowed under
section 168, other than tax deducted
under section 149 or 155.
|
- In the case of a company, the
amount of advance tax due for a quarter
shall be computed according to the following
formula, namely:-
|
|
(A/4) - B
|
Where –
A. is the tax assessed to the taxpayer
for the latest tax year or latest
assessment year under the repealed
Ordinance; and
B. is the tax paid in the quarter for
which a tax credit is allowed under
section 168, other than tax deducted
under section 149 or 155.
|
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|
MANDATORY ESTIMATION OF TAX
PAYABLE BY THE COMPANIES FOR THE RELEVANT TAX
YEAR
|
|
where
the taxpayer is a company who is required to
make payment of advance tax in accordance with
sub-section (4) of section 147, shall estimate
the tax payable by him for the relevant tax
year, at any time before the last installment is
due. In case the tax payable is likely to be
more than the amount he is required to pay under
sub-section (4), the taxpayer shall furnish to
the Commissioner an estimate of the amount of
tax payable by him and thereafter pay such
amount after making adjustment for the amount
(if any) already paid in terms of section 147(4)
of the Income Tax Ordinance, 2001. |
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