(1) After receiving the property details of the taxpayer, the tax officer shall complete the tax assessment within the financial year following the receipt of the property details and if the tax cannot be determined within that period, the tax officer shall report the reason to the Director General. After receiving such notice, the Director General may extend the deadline as necessary so that the tax assessment can be completed within three years from the date of submission of the asset statement.

(2) If the taxpayer does not file the asset statement or is found to have filed a false statement, the tax officer may do any of the following: Tax can be determined by fixing the value of the property on the basis of:-

(a) Evidence obtained or collected by the tax officer regarding the property of such taxpayer,

(b) Tax on the property of the taxpayer. A report or basis with any corroborating evidence received in the office.

Explanation: For the purposes of this section, “false statement” means any or all of the conditions specified in sub-section (1) of section 20.

(4) After a person has filed the statement of assets required to be filed in accordance with this Act, if it is determined that only the assets are not included in the value of the assets as per Schedule-2, the tax-free certificate will be provided to the concerned person without determining the tax of such assets.