Kathmandu. The government has made a provision to give exemption to those who have not submitted income statements.
The government has made such a provision in the Finance Bill, 2082 BS. If the revised tax has been determined for any income year by the concerned tax office in the Department pursuant to Section 101 of the Income Tax Act, 2058, the person who has not submitted the income statement as per the bill will be able to avail this exemption facility if he has submitted the income statement of that income year to be submitted accordingly or if the income statement is yet to be submitted.
In order to get this exemption facility, you can submit the income statement by mid-January 2082 and pay the tax accordingly.
The government has made a provision that the revised tax can be determined again by examining the tax by the concerned tax office within mid-July 2083 regarding the income statement received or to be received in this way. There shall be no limitation in determining the tax in such a situation as per Sub-section (4) of Section 20 of the Value Added Tax Act, 2052 and Sub-section (3) of Section 101 of the Income Tax Act, 2058.
It has been clarified in the bill that the revised tax assessment order issued by the office will not be implemented except if the revised tax has been determined again after examining the tax returns so filed.
