Kathmandu. The Finance Act 2082 has given tax exemption on 10 different heads. A total of 10 exemptions have been announced in the tax levied under the Income Tax Act 2058, Value Added Tax Act 2052 and Excise Act 2058.
Interest and penalty will be exempted if the tax determined pursuant to Sub-section 1 of Section 57 of the Income Tax Act, 2058 is paid by Mid-July, 2082. According to the provision of exemption, “If another resident body of Nepal, which has the interest of the resident body which has changed the ownership in accordance with sub-section (1) of Section 57 of the Income Tax Act, 2058, is determined on the basis of that change of ownership and is due, then the interest and fee as per such revised tax assessment will be waived if such body submits the prescribed tax amount by the end of Ashadh 2082 BS.” “It is mentioned. This arrangement will be of great help to taxpayers who want to pay taxes. Because expensive interest and penalty will be waived.
Section 57 of the Income Tax Act is a very sensitive section. According to this section, billions of rupees are due after tax assessment. Former Finance Minister Barshaman Pun had tried to indulge in policy corruption by changing the basic tenets of the clause. However, Finance Minister Bishnu Prasad Poudel immediately changed the change.
The Financial Act 2082 bs has exempted the cost of transportation. In the financial years 2078/79, 2079/80 and 2080/81, the transport service provider has paid the amount for such rent by renting the transport vehicle from a natural person who does not have a permanent account number for the operation of his business. They will be able to deduct expenses. This provision, however, declares exemption against the tax principle. The government has made permanent account number (PAN) mandatory for every work. But this discount has increased the facility of deducting expenses indiscriminately.
Similarly, advance income tax will not be deducted on the transfer of retirement contribution. According to the provision regarding exemption, “According to the Income Tax Act, 2058, the retirement fund approved by the Department of Internal Revenue in 2083 BS, the Employees Provident Fund Established in accordance with the Employees Provident Fund Act, 2019, the Citizen Investment Fund established pursuant to the Citizen Investment Fund Act, 2047, the Retirement Fund or Retirement Fund Act run by the Social Security Fund established in accordance with the Contribution Based Social Security Fund Act, 2074. It is mandatory to join the retirement fund run by the retirement fund established pursuant to 2075 BS. “It is mentioned.
Similarly, if the retirement contribution deposited by the contributor to the erstwhile Retirement Fund in the course of affiliation referred to in Sub-section (1) and the lump sum amount added thereto is transferred to the Fund pursuant to that Sub-section within the same period, the amount so transferred shall not be deducted in advance as per Section 88 of the Income Tax Act, 2058. “It is mentioned. It has been clarified that there will be no advance tax deduction as per Section 88 in the long-standing dispute over the amount of retirement fund.
Similarly, tax penalty, additional fees and interest levied on social organizations have been waived. If the community hospital or health institution or transport-related organization registered pursuant to the Organization Registration Act, 2034, is determined by the concerned tax office before June 1, 2082, the Tax Act, 2052, the Income Tax Act, 2058 and the Salvasali Economic Act. Fees, additional fees and fines will be imposed.
Special provisions have been made regarding penalty, additional fees and interest waiver of VALUE Added Tax (VAT). According to the bill, if you submit the VAT details and tax returns to be submitted by mid-Chaitra 2081 BS and if you have not paid the tax, if you submit twenty-five percent of the tax and interest according to that statement by mid-December 2082 BS, then the penalty, additional fees and remaining interest as per the VALUE Added Tax Act, 2052 WILL be waived.
There is also a special provision regarding waiver of penalty and late fee in excise duty. Section 10A of the Excise Act, 2058. According to the bill, if the licensee, who has the responsibility to determine and recover the excise duty, submits the details of the excise duty to be submitted by mid-Chaitra, 2081 BS, the excise duty amount to be paid according to that statement and the amount of 50 percent of the late fee by mid-January 2082 BS, then the penalty and the remaining late fee will be waived.
International air transport service providers and those selling air tickets have been exempted from vat. According to the Value Added Tax Act, 2052 BS, international air transport service providers who are yet to be registered in accordance with the Value Added Tax Act, 2052 BS have to be registered and collected in the transaction from October 1, 2080 BS, or if the VALUE Added Tax (VAT) is filed by mid-September, 2082 BS, then the interest, penalty and additional fees will be waived.
There is a provision to exempt taxpayers who have not submitted income statements, according to Section 101 of the Income Tax Act, 2058, in accordance with Section 101 of the Income Tax Act, 2058, the revised tax has been fixed for any income year in the past. Accordingly, there is a provision to file tax accordingly. There is no time limit for submitting such details.
For the purpose of deducting the records of public or private vehicles older than 20 years or not in operation, income tax and interest for the financial year 2081/82, 2082/83 will be waived if the income tax for the financial year 2081/82 is submitted by the end of December 2082.
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