When Should You Pay Your Income Tax?

You should pay your income tax based on the payment period applicable to you. For example, if we look at the Corporate Income Tax (CIT) payment periods provided in the context, they are structured as follows:

  • For the period from 01 April to 30 June, the due date for the first installment is 15 August of the same year.
  • For the period from 01 July to 30 September, the due date for the second installment is 15 November of the same year.
  • For the period from 01 October to 31 December, the due date for the third installment is 15 February of the following year.
  • For the period from 01 January to 31 March, the due date for the fourth installment is 15 May of the same year.

Additionally, there is a final payment for the period from 01 April of the previous year to 31 March of the current year, with the due date being 30 September of the current year.

Please note that these dates are examples from the provided context and may not reflect the current tax year’s deadlines. It is always best to check with the local tax authority or the latest tax guides for the most up-to-date payment schedules.

Now you can get free answers to Sri Lanka Tax queries by Registering with LankaTAX AI: www.lankatax.net

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