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PART I: CALCULATION OF ESTIMATED TAX PAYABLE, and PART II: CALCULATION OF QUARTERLY INSTALLMENT PAYMENTS. 1. PART 1 - CALCULATION OF ESTIMATED TAX PAYABLE Example 01: Mr. Nimal is an employee and his expected employment income is Rs. 800,000 (which is not subject to tax under PAYE since employment income is less than Rs.1, 00,000) and his estimated
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Calculation of Quarterly Installments of income tax payable. GENERAL INSTRUCTIONS. The SET consists of three parts, PART I, II and PART III. All instalment payers should complete all three PARTS of the SET. 1.1 Issuance and Submission. • Issuance.
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CALCULATION OF INCOME TAX INSTALLMENT PAYMENTS 1. GENERAL INSTRUCTIONS In terms of Sections 90, 91, and 92 of the IR Act, every person who is liable to pay income tax, is required to submit a SET Form for the year of assessment 2019/2020 on or before the 15th August, 2019. Furthermore, the estimated tax should be paid in four installments.
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