(a) Any person who anticipates any taxable income which is not subject to section 880.06 or who engages in any business, profession, enterprise or activity shall file a declaration setting forth his estimated income or the estimated profit or loss from such business activity together with the estimated tax thereon, if any.
(b) Such declarations shall be filed on or before April 15 of each year during the life of this Chapter or within four months of the date the taxpayer becomes subject to the tax for the first time.
(c) Such declarations shall be filed upon a form furnished by or obtainable from the Director of Taxation, or on an acceptable generic form, which form may require a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for the Federal Income Tax, adjusted to set forth only such income as is taxable under the provisions of this Chapter.
(d) Such declaration shall be accompanied by a payment of at least twenty-two and one-half percent (22.5%) of the estimated annual tax. For taxpayers who are individuals at least a similar amount shall be paid on or before the last day of the seventh (7th), tenth (10th) and thirteenth (13th) months after the beginning of each taxable year. For taxpayers who are not individuals, at least a similar amount shall be paid on or before the fifteenth (15th) day of the sixth (6th), ninth (9th), and twelfth (12th) months after the beginning of each taxable year. The mere submission of a declaration estimating a tax liability shall not constitute filing unless accompanied by the required payment.
(e) Such declaration shall indicate that the estimated tax is being withheld under the provisions of section 880.06 or is being paid to another municipality under a similar ordinance.
(f) Any taxpayer who has a fiscal year or period differing from the calendar year shall file a declaration within four months after the start of each fiscal year or period, accompanied by payment of at least twenty-two and one-half percent (22.5%) of the estimated annual tax shown due thereon, and shall make quarterly payments each three months thereafter.
(g) An amended declaration shall be filed on or before January 31 of any year or, in the case of a taxpayer filing on the basis of a fiscal year, on or before the date fixed by regulation of the Director of Taxation, if it appears that the original declaration made for such year underestimates the taxpayer’s income by twenty percent (20%) or more. At such time a payment which, together with prior payments, is sufficient to pay the taxpayer’s entire estimated liability shall be made. If, upon the filing of the return required by section 880.05, it appears that the taxpayer did not pay eighty percent (80%) of his tax liability, as shown on such return, on or before January 31 or the date fixed by regulation, whichever is applicable, the difference between eighty percent (80%) of his tax liability and the amount of estimated tax which he actually paid on or before the date due shall be subject to the interest and penalty provided in section 880.10. However, any taxpayer whose declared tax is equal to or greater than the tax paid in the previous year shall not be assessed any interest or penalty for any increased tax found to be due in the current year.
(h) A declaration may be amended at any time. In the event that an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(i) On or before April 15 of the year following that for which such declaration or amended declaration was filed an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of section 880.05.