395 Added by the Economic Ordinance, 2078, and continued as added by the Economic Act, 2078. 396 Omitted by the Economic Act, 2079. Previously contained the words "Inland Revenue". 397 Added by the Economic Act, 2079. 398 Amended by the Economic Act, 2075.
(1) Provision of the original Act: "(1) If a person fails to do the following, such person shall be charged a fee of the amount that is the higher of one point five percent per annum of the assessable income computed without deducting any amount deductible and including any amount required to be included for any month and part of a month in computing income for any income year, or one thousand rupees per month:-
(a) For not filing an income return for any income year under subsection (1) of Section 95, or
(b) For not filing an income return for any income year under subsection (1) of Section 96."
(2) By the Economic Ordinance, 2059, the words "one point five percent" in subsection (1) were replaced with "zero point one percent" and "per month" with "per annum".
(3) Clause (a) was omitted by the Economic Ordinance, 2062.
(4) By the Economic Act, 2064, the following was determined: "(1) If a person fails to file a return as follows, such person shall be charged a fee as follows:-
(a) For not filing an income return for any income year under subsection (1) of Section 95, two thousand rupees per return, and
(b) For not filing an income return for any income year under subsection (1) of Section 96, in the case of a person mentioned in subsection (4) of Section 4 of the Act, an amount at the rate of one hundred rupees per month, and in the case of other persons, the amount that is the higher of zero point one percent per annum of the assessable income computed without deducting any amount deductible and including any amount required to be included for that income year, or one hundred rupees per month."
(5) Provision as amended and continued by the Economic Act, 2067: "(1) If a person fails to file a return as follows, such person shall be charged a fee as follows:-
(a) For not filing an income return for any income year under subsection (1) of Section 95, two thousand rupees per return, and
(b) For not filing a return under subsection (5) of Section 95ka. by a person required to collect advance tax, for each month and part of a month from the date the return was due until the date of filing, an amount at the annual rate of one point five percent of the amount of advance tax required to be collected,
(c) For not filing an income return for any income year under subsection (1) of Section 96, in the case of a person mentioned in subsection (4) of Section 4 of the Act, an amount at the rate of one hundred rupees per month, and in the case of other persons, the amount that is the higher of zero point one percent per annum of the assessable income computed without deducting any amount deductible and including any amount required to be included for that income year, or one hundred rupees per month."
(6) Provision as amended and continued by the Economic Act, 2071: "(1) If a person fails to file a return as follows, such person shall be charged a fee as follows:-
(a) For not filing an income return for any income year under subsection (1) of Section 95, two thousand rupees per return,
(b) For not filing a return under subsection (5) of Section 95ka. by a person required to collect advance tax, for each month and part of a month from the date the return was due until the date of filing, an amount at the annual rate of one point five percent of the amount of advance tax required to be collected,
(c) For not filing an income return for any income year under subsection (1) of Section 96, in the case of a person mentioned in subsection (4) of Section 4 of the Act, an amount at the rate of one hundred rupees per month, and in the case of other persons, the amount that is the higher of zero point one percent per annum of the assessable income computed without deducting any amount deductible and including any amount required to be included for that income year, or one hundred rupees per month,
(d) For not filing financial statements within the prescribed period by a tax-exempt organization, an amount at the rate of zero point one percent per annum of the amount shown as income."
399 Amended by the Economic Act, 2076.