How to compute income tax payable for the Y/A 2018/2019 who has obtained the approval for calendar year basis ?
Taxpayers who have obtained the approval to make up their accounts for calendar year basis, the ascertainment of Income Tax payable for the year of assessment 2018/2019 has to be computed following manner;
- For the period from 01.01.2018 to 31.03.2018 – Ascertain the income tax payable based on the provisions of the Inland Revenue Act No. 10 of 2006.
- For the period from 01.04.2018 to 31.12.2018 – Ascertain the income tax payable based on the provisions of the Inland Revenue Act No. 24 of 2017.
Transitional provisions which are going to be specified in the future, will also be applicable in the same way with effect from 01 April 2018.
Dear Sir,
This refers to the recent post published on Ascertainment of Income Tax Payable for the Year of Assessment 2018/2019.
As per my understanding, this notice has issued to the Bankers Association. I want to know can we apply the same notice for the other companies.
Dear Mohamed,
This notice also will applicable all Calender year basis companies.