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TAX CALENDAR - 2024
(Last Dates for Making Payments & Filing of Returns)

January​

February

Date
Period Code
Description
Tax Type Code
7
23/24 IV
Betting Gaming Gross Collection Payment (15% of Turnover) - January 2023
-
15
23243
Income Tax - 3ʳᵈ Instalment of Y/A 2023/2024 Corporate Income Tax
02
Individual Income Tax
05
Partnership Income Tax
09
24010
APIT Payment - January 2024
03
24010
WHT/ AIT  Payment - January 2024 on Interest
43
on Fees & Others
44
20
24110
VAT Payment - January 2024
70
24010
VAT on FS - Payment - January 2024
75
24101
SSCL Payment – January 2024
32
29
2411
VAT Return - Monthly (January 2024)
70

March

* 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.

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Last updated: 15-02-2024
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