Company Ltd furnished the Commissioner General (CG) its statement of estimated tax payable for the year of income 2008 on the 15th December 2007. The statement declared a total estimated taxable income of Tsh.160, 000,000 and Z paid the first installment on the same date it furnished the statement. Z's year of income normally runs from 1st August of each year. On 1st March 2008, Z paid the second installment before revising its estimates to a taxable income of Tsh.190, 000,000 from 1st April 2008. The rest of the installments were paid on their due dates but Z failed to file the return of income for the year of income 2008 as required under section 91 of the Income Tax Act, 2004. On 21st May 2009, the CG made a best judgment assessment of a total taxable income of Tsh. 280,000,000. Z paid the tax on assessment within the date specified by the CG in the notice of assessment. Assume statutory interest rate is 20% p.a. 

Required: 

    a) State the due dates for submission of statement of estimated tax payable and final returns

    b) State the due dates for payments of installment taxes and final tax

    c) Calculate the amount of tax payable on the 2nd and 3rd installments.

   d) Determine the tax payable on assessment as at 21st May 2009, taking in account all taxes  payable as a result of any Z’s non-compliance. (All amounts to the nearest )

Answer rating: 100% (QA)

ANSWER A Usually the due date to file an income tax return is 31st July for individuals and nonaudit cases and 31st October for audit cases of the relevant assessment year You can easily efile your in... View the full answer