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Tax Calendar
TAX CALENDAR - 2023
(Last Dates for Making Payments & Filing of Returns)
January
|
Date
|
Period Code
|
Description
|
| 1 |
22/23 IV
|
Betting & Gaming - Annual Levy Payment - 4ᵗʰ Quarter 2022/2023 |
| 7 |
22/23 III
|
Betting & Gaming Gross Collection payment (10% of Turnover) - December 2022 |
| 15 |
22120
|
APIT Payment - December 2022 |
|
22120
|
WHT/ AIT Payment - December 2022 |
|
2240
|
Statement of Stamp Duty Compounded –4ᵗʰ Quarter 2022 |
|
22120
|
Stamp Duty Compounded Payment –4ᵗʰ Quarter 2022 |
| 20 |
22430
|
VAT Payment – December 2022 |
|
22120
|
VAT on FS - Payment- December 2022 |
|
22232
|
VAT on FS - 2nd Interim Estimate 2022/2023 (Calendar Year Basis - CY) |
|
22403
|
SSCL Payment – December 2022 |
|
2240
|
SSCL Return – 4th Quarter 2022
|
|
22/23 III
|
Betting & Gaming Gross Collection Return – 3ʳᵈ Quarter 2022/2023 |
| 31 |
2243
|
VAT Return - Monthly (December 2022) |
|
2240
|
VAT Return - Monthly (December 2020) & Quarterly ( October - December 2020) |
February
|
Date
|
Period Code
|
Description
|
| 7 |
22/23 IV
|
Betting Gaming Gross Collection Payment (10% of Turnover) - January 2023 |
| 15 |
22233
|
Income Tax - 3ʳᵈ Instalment of Y/A 2022/2023 |
|
23010
|
APIT Payment - January 2023 |
|
23010
|
WHT/ AIT Payment - January 2023 |
| 20 |
23110
|
VAT Payment - January 2023 |
|
23010
|
VAT on FS - Payment - January 2023 |
|
23101
|
SSCL Payment – January 2023 |
| 28 |
2311
|
VAT Return - Monthly (January 2023) |
March
|
Date |
Period Code |
Description |
| 7 |
22/23 IV |
Betting & Gaming Gross Collection Payment(10% of Turnover) - February 2023 |
| 15 |
23020 |
APIT Payment - February 2023 |
|
23020 |
WHT/ AIT Payment - February 2023 |
| 20 |
23120 |
VAT Payment - February 2023 |
23020 |
VAT on FS - Payment - February 2023 |
|
23102 |
SSCL Payment – February 2023 |
| 31 |
2312 |
VAT Return - Monthly (February 2023) |
* Please note that, as the due date falls on a non working day (public or bank holiday) please make arrangements to pay or comply on or before that date.
Discount on Income Tax payable by Individuals
Any individuals who makes any quarterly self-assessment income tax payment, one month before the due date, is entitled to a 10% discount thereon (not exceeding such percentage on the installment based on the current year profits).
Illustration – I
Assume that your income tax liability (as an individual) for the year of assessment 2015/16 is Rs. 200,000/-. Then, under normal circumstances you may make quarterly self-assessment income tax payments for the year of assessment 2016/17, as follows:
| Payment Date |
Calculation |
Amount (Rs.) |
| 15th August 2016 |
200,000 x ¼ |
50,000 |
| 15th November 2016 |
200,000 x ¼ |
50,000 |
| 15th February 2017 |
200,000 x ¼ |
50,000 |
| 15th May 2017 |
200,000 x ¼ |
50,000 |
| Total |
200,000 |
However, if you make above payments one month before the respective stipulated dates, you are entitled to a 10% discount thereof (based on current year liability) and payments could be made as follows.
| Payment Date |
Calculation |
Amount (Rs.) |
| 15th July 2016 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th Oct 2016 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th January 2017 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th April 2017 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| Total |
180,000 |
If your income tax liability for the year of assessment 2016/17 is Rs. 250,000/-,
then, the balance tax payable for that year of assessment, on or before September 30, 2017, is as follows:
| Computation |
Amount (Rs.) |
| Total Income Tax payable for the Y/A 2016/17 |
250,000 |
| Less: Total of Quarterly self-assessment tax payments made |
(180,000) |
| Discount 200,000 x 10% (already deducted) |
(20,000) |
|
Balance Tax payable on or before September 30, 2017 |
50,000 |
Illustration – II
Assume that your income tax liability (as an individual) for the year of assessment 2015/16 is Rs.200,000/-.
Then, under normal circumstances you may make quarterly self-assessment income tax payments on the basis of that liability for the year of assessment 2016/17 as follows:
| Payment Date |
Calculation |
Amount (Rs.) |
| 15th August 2016 |
200,000 x ¼ |
50,000 |
| 15th November 2016 |
200,000 X ¼ |
50,000 |
| 15th February 2017 |
200,000 X ¼ |
50,000 |
| 15th May 2017 |
200,000 X ¼ |
50,000 |
|
Total |
200,000 |
However, if you make above payments one month before respective stipulated dates, you will be entitled to a 10% discount thereof (based on current year liability) and payments could be made as follows.
| Payment Date |
Calculation |
Amount (Rs.) |
| 15th July 2016 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th Oct 2016 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th January 2017 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
| 15th April 2017 |
(200,000 x ¼) less 200,000x ¼ x10% |
45,000 |
|
Total |
180,000 |
If your income tax liability for the year of assessment 2016/17 is Rs. 150,000/-, then the refund for that year of assessment, is computed as follows.
| Computation |
Amount (Rs.) |
| Total Income Tax payable for the Y/A 2016/17 |
150,000 |
| Less: Total of Quarterly self-assessment tax payments |
(180,000) |
| Discount 150,000 x 10% (entitled) |
(15,000) |
|
Refund due for the Y/A 2016/17 |
(45,000) |
Please note that the discount is limited to 10% of the current year tax liability.
|
