Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART V ADVANCE TAX AND DEDUCTION OF TAX AT SOURCE Division I Advance Tax Paid by the Taxpayer

Income Tax Ordinance, 2001 CHAPTER-X PROCEDURE PART V ADVANCE TAX AND DEDUCTION OF TAX AT SOURCE Division I Advance Tax Paid by the Taxpayer From: 2024-12-29 - To: 0000-00-00 147. Advance tax paid by the taxpayer.- (1) Subject to sub-section (2), every taxpayer 1[whose income was charged to tax for the latest tax year under this Ordinance or latest assessment year under the repealed Ordinance] other than - 2[***] (b) income chargeable to tax under sections 5, 6 and 7; 3[***] (c) income subject to deduction of tax at source under section 149; 4[and] 5[***] (d) income from which tax has been collected under Division II or deducted under Division III 6[or deducted or collected under Chapter XII] and for which no tax credit is allowed as a result of sub-section (3) of section 168, shall be liable to pay advance tax for the year in accordance with this section. (2) This section does not apply to an individual 7[***]] where the individual’s 8[or 9[***] latest assessed taxable income excluding income referred to in clauses 10[(b),] (c) and (d) of sub-section (1) is less than 11[one million] rupees. 12[***] 13[(4) Where the taxpayer is 14[an association of persons or] a company, the amount of advance tax due for a quarter shall be computed according to the following formula, namely 15[;] (A x B/C)-D Where - A is the taxpayer’s turnover for the quarter; 16[Provided that where the taxpayer fails to provide turnover or the turnover for the quarter is not known, it shall be taken to be one-fourth of one hundred and 16a[twenty] percent of the turnover of the latest tax year for which a return has been filed;] B is the tax assessed to the taxpayer for the latest tax year; Explanation.- For removal of doubt it is clarified that tax assessed includes tax under sections 16b[4C,] 113 and 113C.] C is the taxpayer’s turnover for the latest tax year; and D is the tax paid in the quarter for which a tax credit is allowed under section 168 17[***] 18[. 19[(4A) Any taxpayer 20[including a banking company] who is required to make payment of advance tax in accordance with sub-section (4), shall estimate the tax payable for the relevant tax year, at any time before the second installment…