Business owners told to clear income tax dues by mid-March

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KATHMANDU, NOVEMBER 25

The government has asked nearly three lakh business owners to clear their income tax by mid-March.

In a public notice today, Inland Revenue Department has specially mentioned business owners who have not paid their taxes even after taking the business permanent account number.

According to the Finance Act-2020, B-PAN cardholders who have not paid income tax even after obtaining their permanent account number have been given an opportunity to do so till mid-March.

As per the department, 280,638 taxpayers have neither submitted their income statement nor paid taxes.

The IRD has directed such taxpayers across the country to pay their tax using the exemptions and facilities provided by the Finance Act.

Among the facilities provided by the act, any businessperson with an annual turnover of up to Rs 5 million who has not submitted income statement under the Finance Act, can be in the clear by submitting the income statements for the financial years 2016-17 to 2018-19 and paying the due income tax and 25 per cent interest by mid-March 2021.

They will not have to submit the income statement of the previous years.

The department will also waive income tax, fees and the remaining interest on the exempted amount.

Taxpayers with an annual turnover of more than Rs 5 million who have not paid their taxes can file tax returns from fiscal year 2016-17. Even in their case, the remaining interest and additional charges will be deducted. However, they have to submit all documents even of their previous years. As per the department, most small business owners have not paid their income tax.

According to details made public by the department, most of the taxpayers with B-PAN who do not pay income tax accordingly are owners of retail shops, small hotels and restaurants.

Only taxpayers who are conducting business with B-PAN are eligible for the aforementioned discounts and facilities.

 

The post Business owners told to clear income tax dues by mid-March appeared first on The Himalayan Times.

Written by Sureis
This news first appeared on https://thehimalayantimes.com/business/business-owners-told-to-clear-income-tax-dues-by-mid-march/ under the title “Business owners told to clear income tax dues by mid-March”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.