Final Tax Payment – Y/A 2018/2019

Due Date

• The final tax payment for the Year of Assessment 2018/2019 is due on 30th September 2019.
• All tax-liable persons should make their final income tax payment on or before this date.

Penal Provisions

• If all or part of a tax due for a tax period is not paid within 14 days of the due date, a penalty of 20% of the unpaid amount applies (Sec. 179).
• Additionally, 1.5% interest per month is charged on the default amount (Sec. 157).
• Example: If a final tax payment of Rs.300,000 is made on 30th November 2019 instead of 30th September:
  • Penalty: Rs.300,000 × 20% = Rs.60,000
  • Interest (for 2 months): Rs.300,000 × 1.5% × 2 = Rs.9,000
  • Total Charges = Rs.69,000

Need Clarification?

• If you have any questions regarding the above article, you can raise your query via a simple SMS.