As per Income Tax Act (ITA) 1967, payment of income tax income tax has to be settle by the due date. Penalty will be imposed for any payment made after the due date.
For individual with employment & no business income, the dateline is 30th April while individual with business income, the dateline is 30th June.
The penalties are as per the following table.
| Source of Income | Dateline | Provisions Under ITA 1967 | Penalty |
|---|---|---|---|
| Employment with no Business | 30th April | 103(3) | a) 10% increment for the tax payable
b) Additional 5% increment on the balance of (a) if payment is not made after 60 days |
| Business | 30th June | 103(4) |