Section 50B: Advance Payment System

50B. Advance Payment System (1) Subject to subsection (2), every company shall submit to the Director-General, in respect of each APS quarter, an APS Statement in such form and manner as the Director-General may approve and at the same time pay the tax in accordance with the APS Statement, as follows— Quarter Income for the period Due date for submission of APS Statement and payment of tax First 3 months commencing on the first Within 3 months from the end of the day of the accounting year month in which the first quarter ends Second 3 months immediately following Within 3 months from the end of the end of the first quarter the month in which the second quarter ends Third 3 months immediately following Within 3 months from the end of the the end of the second quarter month in which the third quarter ends (2) Where the APS quarter ends in the month of September, the due date for submission of the APS Statement and payment of tax shall be 2 days, excluding Saturdays and public holidays, before the end of December. (2A) Where the APS quarter ends in the month of March, the due date for submission of the APS Statement and payment of tax shall be 2 days, excluding Saturdays and public holidays, before the end of June. (3) Where a change in return date has been approved under section 118 and the period immediately following the old return date and ending on the new return date is a period exceeding 12 months, an APS Statement shall be submitted in respect of the income year ending on the new return date for every period of 3 months commencing on the first day of that income year, the remaining period being covered in the return required to be submitted under section 116. (4) Notwithstanding subsection (1), a company shall not submit an APS Statement in respect of an APS quarter where in the accounting year immediately preceding the commencement of that APS quarter— (a) the company’s gross income did not exceed 10 million rupees; or (b) it had no chargeable income. (5) Where a company has an approved return date falling in the month of June and is required under this section to submit an APS Statement for the third quarter of an accounting year, it may opt to submit an APS Statement in respect of the fourth quarter. I5 – 37 [Issue 7] Income Tax Act (6) The due date for the submission of the APS Statement and payment of tax under subsection (5) shall be 30 September following the end of the quarter. (7) Notwithstanding subsection (1) and subject to subsection (4), where a company which has an approved return date falling in the month of June submits an APS Statement under subsection (5), the due date for submission of the APS Statement and payment of tax for the first quarter of the succeeding accounting year shall be 31 January following the end of that quarter. [S. 50B amended by s. 15 (d) of Act 18 of 2008 w.e.f. 1 July 2008; s. 10 (b) of Act 20 of 2009 w.e.f. 19 December 2009; s. 9 (h) of Act 10 of 2010 w.e.f. 24 December 2010; s. 8 (k) of Act 37 of 2011 w.e.f. 1 January 2013 in respect of the year of assessment commencing on 1 January 2013 and in respect of every subsequent year of assessment; s. 12 (e) of Act 26 of 2012 w.e.f. 1 January 2013 in respect of the year of assessment commencing on 1 January 2013 and in respect of every subsequent year of assessment; s. 24 (f) of Act 9 of 2015 w.e.f. 14 May 2015 and 1 July 2015 in respect of the year of assessment commencing on 1 July 2015 and in respect of every subsequent year of assessment.]