The Federal Board of Revenue (FBR) has extended the dates for payments of adjustable advance tax on capital gains on quarterly basis. In this connection, the Board has issued a notification, here on Wednesday. According to the SRO.35 (I)/2010, to ensure timely payment of advance tax during the relevant quarter, the FBR has amended dates for payment of quarterly advance tax.
The date for payment of advance tax for first quarter ending September 30, 2010 would be January 21, 2011. The date for payment of advance tax for second quarter ending December 30, 2010, would also be January 21, 2011. Similarly, the date for payment of adjustable advance tax for third quarter ending March 31, 2011, would be April 21, 2011 and date for payment of advance tax for the fourth quarter ending June 30, 2001, would be June 21, 2011.
In budget 2010-2011, the FBR had issued the dates for payment of advance tax during the relevant quarter. At that time, the date for payment of quarterly advance tax in respect of the September quarter was on or before September 25. In respect of the December quarter, the date for payment of advance tax was on or before December 25; in respect of the March quarter, on or before March 25 and date for payment of quarterly advance tax in respect of the June quarter was on or before June 15. Now the FBR has issued new dates for payment of adjustable advance tax on capital gains to facilitate the taxpayers.