58.1-2643 - Payment of estimated tax. - Virginia Statutes

§ 58.1-2643. Payment of estimated tax.

A. The amount of estimated tax with respect to which a declaration isrequired under § 58.1-2640 shall be paid in installments as follows:

1. If the declaration is required to be filed by April 15 of the taxableyear, twenty-five percent of the estimated tax shall be paid on the fifteenthday of April, June, September and December of said taxable year.

2. If the declaration is required to be filed by June 15 of the taxable year,one-third of the estimated tax shall be paid on the fifteenth day of June,September and December of said taxable year.

3. If the declaration is required to be filed by September 15 of the taxableyear, one-half of the estimated tax shall be paid on the fifteenth day ofSeptember and December of said taxable year.

4. If the declaration is required to be filed by December 15 of the taxableyear, 100 percent of the estimated tax shall be paid on December 15 of saidtaxable year.

B. If any amendment to a declaration is filed, the amount of any remaininginstallments shall be the amount which would have been payable if the newestimate had been made when the first estimate for the taxable year was made,increased or decreased, as the case may be, by the amount computed bydividing: (1) The difference between (a) the amount of estimated tax requiredto be paid before the date on which the amendment is made, and (b) the amountof estimated tax which would have been required to be paid before such dateif the new estimate had been made when the first estimate was made, by (2)the number of installments remaining to be paid on or after the date on whichthe amendment is made.

(Code 1950, § 58-514.6; 1968, c. 15; 1972, c. 152; 1984, c. 675.)