{"id":8117,"date":"2024-08-12T18:07:25","date_gmt":"2024-08-12T18:07:25","guid":{"rendered":"https:\/\/simplebooks.com\/srilanka\/?p=8117"},"modified":"2025-04-19T14:11:12","modified_gmt":"2025-04-19T14:11:12","slug":"income-tax-calculation","status":"publish","type":"post","link":"https:\/\/simplebooks.com\/srilanka\/income-tax-calculation","title":{"rendered":"Statement of Estimated Income Tax Payable &#8211; Income Tax Calculation"},"content":{"rendered":"\n<p class=\"has-luminous-vivid-orange-color has-text-color has-link-color wp-elements-8a44d46bfde8620932adb29fb2bf2a4e wp-block-paragraph\"><em>Updated 2024<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The article covers the following:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a href=\"#section-1\">What is a Statement of Estimated Income Tax Payable or SET?<\/a><\/li>\n\n\n\n<li><a href=\"#section-2\">How do you estimate your payable tax amount?<\/a><\/li>\n\n\n\n<li><a href=\"#section-3\">Who should submit a Statement of Estimated Income Tax Payable?<\/a><\/li>\n\n\n\n<li><a href=\"#section-4\">When do you have to submit your SET?<\/a><\/li>\n\n\n\n<li><a href=\"#section-5\">Due dates for quarterly payments<\/a><\/li>\n\n\n\n<li><a href=\"#section-6\">How do you calculate your quarterly estimated income tax installment payments?<\/a><\/li>\n\n\n\n<li><a href=\"#section-7\">Deductions and important points to remember<\/a><\/li>\n\n\n\n<li><a href=\"#section-8\">Non-compliance and it\u2019s penalties<\/a><\/li>\n\n\n\n<li><a href=\"#section-9\">Submit your SET forms with Simplebooks!<\/a><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">If it\u2019s time for you to submit your \u2018Statement of Estimated Income Tax Payable\u2019 or \u2018SET\u2019 again and you\u2019re still struggling to understand the in\u2019s and out\u2019s of the whole process, here\u2019s a comprehensive guide that\u2019ll come in handy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s start with the basics.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"epyt-video-wrapper\"><iframe loading=\"lazy\"  id=\"_ytid_39560\"  width=\"1080\" height=\"608\"  data-origwidth=\"1080\" data-origheight=\"608\"  data-relstop=\"1\" src=\"https:\/\/www.youtube.com\/embed\/VhARSWf4Wzo?enablejsapi=1&#038;autoplay=0&#038;cc_load_policy=0&#038;cc_lang_pref=&#038;iv_load_policy=1&#038;loop=0&#038;rel=0&#038;fs=1&#038;playsinline=0&#038;autohide=2&#038;theme=dark&#038;color=red&#038;controls=1&#038;disablekb=0&#038;\" class=\"__youtube_prefs__  epyt-is-override  no-lazyload\" title=\"YouTube player\"  allow=\"fullscreen; accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen data-no-lazy=\"1\" data-skipgform_ajax_framebjll=\"\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"1\">What is a Statement of Estimated Income Tax Payable or SET?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In a Statement of Estimated Income Tax Payable (SET), you basically estimate the total amount of tax you\u2019ll have to pay for the next financial year (2024\/2025).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can estimate the total payable tax by first estimating the total profits you\u2019ll make for the upcoming financial year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s important to remember that you \u2018estimate\u2019 these amounts.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is because you cannot know for certain the exact profits you\u2019ll make within a financial year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since you cannot know exact profits, you won\u2019t know the exact tax you\u2019ll have to pay on your profits.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2\">How do you estimate your payable tax amount?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Step 01: Make an estimate of your profits at the end of the 2024\/2025 financial year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Step 02 : Estimate how much tax you\u2019ll have to pay for your estimated profit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After you make these estimates, you have to mention them on your Statement of Estimated Income Tax Payable form and submit it to the Commissioner General at the Inland Revenue Department.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"3\">Who should submit a Statement of Estimated Income Tax Payable?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re an individual or a business that&#8217;s;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Registered with the Department of Inland Revenue (IRD)<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AND<\/strong><\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li>Has a <a href=\"\/srilanka\/tax-identification-number-sri-lanka\/\">Tax Identification Number (TIN)<\/a>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">you have to submit a Statement of Estimated Income Tax Payable (SET).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4\">When do you have to submit your SET?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You have to submit this form on the 15th of August every year to the Commissioner General and make payments on your income tax on a quarterly basis.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, these quarterly income tax payments are made on your estimated profits and not your real profits.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/www.tax.simplebooks.com\/register\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"620\" src=\"https:\/\/simplebooks25.wpenginepowered.com\/srilanka\/wp-content\/uploads\/sites\/6\/2023\/06\/Blog-Banner-Option-2.png\" alt=\"\" class=\"wp-image-25882\" srcset=\"https:\/\/simplebooks25.wpenginepowered.com\/srilanka\/wp-content\/uploads\/sites\/6\/2023\/06\/Blog-Banner-Option-2.png 620w, https:\/\/simplebooks25.wpenginepowered.com\/srilanka\/wp-content\/uploads\/sites\/6\/2023\/06\/Blog-Banner-Option-2-480x480.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 620px, 100vw\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"5\">Due dates for quarterly payments<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the due dates for your quarterly payments:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td>End of Quarter&nbsp;<\/td><td>Payment Due Date<\/td><\/tr><tr><td>1st Quarter<\/td><td>30.06.2024<\/td><td>15.08.2024<\/td><\/tr><tr><td>2nd Quarter&nbsp;<\/td><td>30.09.2024<\/td><td>15.11.2024<\/td><\/tr><tr><td>3rd Quarter&nbsp;<\/td><td>31.12.2024<\/td><td>15.02.2025<\/td><\/tr><tr><td>4th Quarter<\/td><td>31.03.2025<\/td><td>15.05.2025<\/td><\/tr><tr><td>Final payment (2024\/2025)<\/td><td><\/td><td>30.09.2025<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">After you make your final quarterly payment on the 15th of May 2025, you\u2019ll have to make one last final payment on or before the 30th of September 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are a couple of things you should remember when you\u2019re making your final payment :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You should only make your final payments (on or before 30th Sept 2025) after you\u2019ve audited your finance records.&nbsp;<\/li>\n\n\n\n<li>This means that the final payment you make will not be based on your estimated profits, it will be based on your actual profits.&nbsp;&nbsp;<\/li>\n\n\n\n<li>If there were any differences between the estimated payable income tax and the actual income tax amount (based on your actual profits), you\u2019ll have to pay the difference on or before the 30th of September 2025.<\/li>\n\n\n\n<li>After you\u2019ve settled your final payments on the 30th of September 2025, you have to submit a formal document that shows your audited tax returns on the 30th of November 2025.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"epyt-video-wrapper\"><iframe loading=\"lazy\"  id=\"_ytid_61468\"  width=\"1080\" height=\"608\"  data-origwidth=\"1080\" data-origheight=\"608\"  data-relstop=\"1\" src=\"https:\/\/www.youtube.com\/embed\/Ih4SQJsKL7c?enablejsapi=1&#038;autoplay=0&#038;cc_load_policy=0&#038;cc_lang_pref=&#038;iv_load_policy=1&#038;loop=0&#038;rel=0&#038;fs=1&#038;playsinline=0&#038;autohide=2&#038;theme=dark&#038;color=red&#038;controls=1&#038;disablekb=0&#038;\" class=\"__youtube_prefs__  epyt-is-override  no-lazyload\" title=\"YouTube player\"  allow=\"fullscreen; accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen data-no-lazy=\"1\" data-skipgform_ajax_framebjll=\"\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6\">How do you calculate your quarterly estimated income tax installment payments?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you don\u2019t have a dedicated accountant or a financial service calculating your SET for you, and you\u2019re doing it on your own; here\u2019s how the payment amounts are calculated for each quarter :&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/simplebooks.com\/srilanka\/wp-content\/uploads\/sites\/2\/2022\/03\/formula-01-1024x80.jpg\" alt=\"\" class=\"wp-image-17946\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve defined these terms for you:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Estimated tax payable<\/strong> &#8211; The tax amount that you think you\u2019ll have to pay for the upcoming financial year (2024\/2025). This is calculated based on the estimated tax amount you\u2019ll have to pay for your estimated profit.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Previous installment payments<\/strong> &#8211; If you\u2019ve made any advanced quarterly income tax payments up until now, you can deduct it. For example; if you\u2019ve made tax payments in June or February, you can deduct that amount for your next quarterly installment.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Advanced Income Tax (AIT)<\/strong> <strong>&nbsp;and Withholding tax (WHT) <\/strong>&#8211;&nbsp; If you\u2019ve paid any tax payments in advance, you can deduct that.&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"7\">Deductions and important points to remember&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you\u2019re calculating the upcoming quarterly installment payments, there are a few things to remember.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The estimated tax amount (SET) that you calculate will be relevant for the entire upcoming financial year.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>However, if your estimated tax amount for the next financial year either increases or decreases suddenly and you want to change the initial estimated tax amount you\u2019ve filed, you\u2019ll have to submit a revised SET to the Commissioner General with the new tax estimates.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you&#8217;ve given a tax estimate that is lower than the actual amount of tax that you have to pay for the financial year, you will have to submit a cause for the difference to the Commissioner General in your revised SET forms.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"epyt-video-wrapper\"><iframe loading=\"lazy\"  id=\"_ytid_31586\"  width=\"1080\" height=\"608\"  data-origwidth=\"1080\" data-origheight=\"608\"  data-relstop=\"1\" src=\"https:\/\/www.youtube.com\/embed\/qbUUmEuP-ZI?enablejsapi=1&#038;autoplay=0&#038;cc_load_policy=0&#038;cc_lang_pref=&#038;iv_load_policy=1&#038;loop=0&#038;rel=0&#038;fs=1&#038;playsinline=0&#038;autohide=2&#038;theme=dark&#038;color=red&#038;controls=1&#038;disablekb=0&#038;\" class=\"__youtube_prefs__  epyt-is-override  no-lazyload\" title=\"YouTube player\"  allow=\"fullscreen; accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen data-no-lazy=\"1\" data-skipgform_ajax_framebjll=\"\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n[et_pb_section global_module=\"25606 \"][\/et_pb_section]\n\n\n\n<h2 class=\"wp-block-heading\" id=\"8\">Non-compliance and it\u2019s penalties<\/h2>\n\n\n\n<h6 class=\"wp-block-heading\">Penalties for late\/missing or incorrect SET filing<\/h6>\n\n\n\n<ol class=\"wp-block-list\">\n<li>If you fail to submit the SET, you could be fined <strong>up to 1 million rupees<\/strong> under Section 185 of the IR Act.&nbsp;<\/li>\n\n\n\n<li>Underpaying taxes due to an incorrect SET and material omission in the SET, penalty will be imposed under section 180 of the IR Act in the amount of-<\/li>\n<\/ol>\n\n\n\n<ol start=\"1\" style=\"list-style-type:lower-alpha\" class=\"wp-block-list sm-blog-left-pading\">\n<li>25% of the underpayment, if (b) does not apply;&nbsp;<br>or&nbsp;<\/li>\n\n\n\n<li>75% of the underpayment, if the amount of the underpayment is-<\/li>\n<\/ol>\n\n\n\n<ol start=\"1\" style=\"list-style-type:lower-roman\" class=\"wp-block-list sm-blog-left-padingb\">\n<li>higher than ten million rupees or<\/li>\n\n\n\n<li>higher than the 25% of the person\u2019s tax liability for the period.<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li>If your SET has false or misleading information, you could be fined <strong>50,000 rupees OR the amount of tax you understated<\/strong>, whichever is higher under section 181 of the IR Act.<\/li>\n\n\n\n<li>Even worse, if you <strong>intentionally<\/strong> lied on the SET, you could face a <strong>fine of up to 1 million rupees<\/strong> or be imprisoned for <strong>up to a year<\/strong>, or even both! (Section 190).<\/li>\n<\/ol>\n\n\n\n<h6 class=\"wp-block-heading\">Penalties for late\/missed or evaded installment payments.<\/h6>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>I. Penalty for nonpayment \/late payment &#8211; (Under Section 179 (2) of the IR Act)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you don&#8217;t pay your full installment within 14 days of the due date, you&#8217;ll be charged a 10% penalty on the unpaid amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>II. Fine and imprisonment &#8211; (Under Section 189 of the IR Act)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you intentionally avoid making your installment payments, things get serious. You could face a fine of up to 10 million rupees or be imprisoned for up to 2 years, or even both!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>III. Interest on under payment (Under Section 159 (1) of the IR Act).<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On top of penalties, you&#8217;ll also be charged <strong>interest at 1.5% per month<\/strong> on any unpaid installment amount. This interest starts accruing from the original due date..<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"9\">Submit your SET forms with Simplebooks!<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hey, we\u2019re Simplebooks &#8211; a registered tax advisor.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This means that Simplebooks is capable of calculating and submitting your SET forms for you.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you need help submitting your SET forms by the 15th of August this year, you can contact us.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button ctat\"><a class=\"wp-block-button__link wp-element-button\" href=\"\/srilanka\/contact\/\">Get Free Consultation<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Updated 2024 The article covers the following: If it\u2019s time for you to submit your \u2018Statement of Estimated Income Tax Payable\u2019 or \u2018SET\u2019 again and you\u2019re still struggling to understand the in\u2019s and out\u2019s of the whole process, here\u2019s a comprehensive guide that\u2019ll come in handy.&nbsp; Let\u2019s start with the basics.&nbsp; What is a Statement [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":25473,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[18],"tags":[54,28],"class_list":["post-8117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","tag-income-tax","tag-tax-calculation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Statement of Estimated Income Tax Payable - Income Tax Calculation<\/title>\n<meta name=\"description\" content=\"Discover all you need to know about the Statement of Estimated Income Tax Payable (SET). 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