Sunday, December 11, 2011

Fine and Interest as per Nepal Income Tax Act 2058

chapter 22 Fine and Interest

section

Default

Fine

117

records not kept and non submission of return

 
 

non submission of estimated returns (sec 95)

2000.00

 

non submission of final return sec 96-self assessment

 
 

natural person

100 per month

 

other person

0.1 % of assesable income or Rs 100 per month whichever higher

 

if record not retained for 5 years

0.1 % of assesable income or Rs 1000 whichever higher

 

if monthly TDS return not submitted in time

1.5% of amount due for each part of month

118

if estimated tax paid as per sec 94 is below defined limit(80% of actual)

15% (general interest rate for each month upto date of return) on the difference amount

119

if tax not paid in time

15%(general interest rate for each month upto date of non payment)

120

false return filing

 
 

if non voluntary and by mistake

50% of the differential tax

 

if voluntary done with malafide intension

100% of differential tax

121

supporting for tax evasion

100% amount of evaded amount

   
 

For More Details

 
 

Contact

 
 

Paxton Accounting Consultancy

 
 

Thamel, Nepal

 
 

Tel :9771 4258070, 4249611

 
 

www.paxton.com.np

 

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