30th September 2019

As you are aware final tax payment for the Y/A 2018/2019  is due on 30th September 2019. Accordingly all tax liable persons should make their final income tax payment on or before 30th September 2019.

Penal provisions 

• If  all or part of a tax due for a tax period is not paid  within 14 days of the due date such person shall be liable to a penalty equal to  20% of the amount of tax due but not paid (Sec.179)
• Additionally 1.5%   interest per month should be paid on default amount (Sec.157)

Ex: If a final tax payment of a person is Rs.300,000 and the payment was not made by 30th September and made it on 30th November 2019.His penalty and interest charges will be (Rs.300,000*20%+Rs.300,000*1.5%*2)=Rs.69,000

If you have anything to be clarified with regard to the above article, you can raise your question through a simple SMS