Tax Book 2023

Deduction / Payment of Tax Chapter- 23

the purpose of payment of advance tax.

Provided further that the Board may

prescribe procedure for filing and

calculation of turnover for the quarter

through an automated system.

applicable shall also be

considered for the purpose of

payment of advance tax.

2. When applicable Without considering the quantum of
   income.

If latest assessed taxable

income is equal to or greater

than Rs. 1,000,000.

3. Incomes not to be
   considered for
   advance tax

Income covered under final tax regime Income from salary and income

covered under final tax regime

4. Last date of
   payment

25 th September for September quarter

25 th December for December quarter

25 th March for March quarter

15 th June for June quarter

15 th September for September

quarter

15 th December for December

quarter

15 th March for March quarter

15 th June for June quarter

5. Estimation on the
   basis of current year
   projections

a. Shall estimate the tax payable for

the relevant tax year at any time

before the second installment is due.

In case the tax payable is likely to be

more than the amount that the

taxpayer is required to pay under

sub-section (4), the taxpayer shall

furnish to the CIR on or before the

due date of the second quarter an

estimate of the amount of tax

payable by the taxpayer and

thereafter pay 50% of such amount

by the due date of the second

quarter of the tax year after making

adjustment for the amount (if any)

already paid in terms of sub-section

(4). The remaining 50% of the

estimate shall be paid after the

second quarter in two equal

instalments payable by the due date

of the third and fourth quarter of the

tax year.

b. If the said taxpayers of the view that

his income for the current tax year

would likely to be less than this

latest tax year then he may file an

estimate of his income to the CIR for

his examination purposes and shall

pay advance tax accordingly. But if

advance tax paid according to this

estimate is less than 90% of tax

liability of the relevant tax year he

shall be liable to pay default

surcharge.

Section is silent on this issue

Same as in column 2.

6. Advance tax in the
   absence of latest

Shall be on the basis of quarterly

estimated profit / turnover including the

Not applicable