“In terms of Section 90,91 and 92 of the IR Act, Every person who is liable to pay income tax, is required to submit a Statement of Estimated Income Tax form for the year of assessment 2019/2020 on or before the 15th August 2019.”

Non submission of returns is subject to penalty Rs. 50,000 plus Rs, 10,000 for each month and maximum penalty shall be limited to 400,000 under section 179 (2) of IRD.

Every Person’s Taxable income has to be estimated for the year 2019/2020 and to be paid on quarterly basis.