Section 24
Penalty For Failure To Submit Statement Of Wealth
24. Penalty for Failure to Submit Statement of Wealth:
(1) Any tax payer who fails to submit a statement of wealth within the time limit as prescribed in Sub-
section (1) of section 7 shall be liable to a fine upto a maximum of Five Thousand 0 Rupees.
(2) Any person who fails to submit a statement of wealth as per the order as referred to in Section 8 shall be liable to a fine equal to an amount of ten percent of the tax payable annually by him/her.
(3) The Tax Officer may take any or all of the following actions to any Tax payer who fails to submit his statement of wealth as refereed to in Sub-section (2) unless he submits the statement of wealth,-
(a) To impound or size the movable or immovable property of the tax payer;
(b) To impound any security deposit of the tax payer with any government office or corporation owned by Government of Nepal or any amount payable to him/her by such office or corporation.
(c) To restrain from the business of the tax payer including that of import or export trade.
(4) The Tax Officer shall have to give the information of initiating of action as referred to in Sub-section (3) to the Director General within Seven days of initiating of such action.
(5) If any tax payer fails to submit the details of wealth within the time limit pursuant to Sub-section (1) of Section 7 or Section 8 and it comes to assess the tax pursuant to Sub-section 2 of Section 10, the tax payer who submits the
details of wealth only after giving the time limit pursuant to Sub-section (3) of the same section or denies to submit the details of wealth, shall be punished with a fine at the rate of Fifteen percent of tax levied on him/her annually.
(6) In fixing the figure of fine pursuant to Sub-section (2) or (5), the figure of fine shall be fixed only from the amount due to recover by deducting the withholding tax paid from the amount of levied tax.
(7) Notwithstanding anything contained in Sub-section (1), (2) and (5), in calculating the figure of fine pursuant to the said Sub-sections, the calculation shall be made from the date of exceeding three months of the expiry of fiscal year and such fine shall not exceed Fifty percent of the tax due to be paid by the tax payer
(1) Any tax payer who fails to submit a statement of wealth within the time limit as prescribed in Sub-
section (1) of section 7 shall be liable to a fine upto a maximum of Five Thousand 0 Rupees.
(2) Any person who fails to submit a statement of wealth as per the order as referred to in Section 8 shall be liable to a fine equal to an amount of ten percent of the tax payable annually by him/her.
(3) The Tax Officer may take any or all of the following actions to any Tax payer who fails to submit his statement of wealth as refereed to in Sub-section (2) unless he submits the statement of wealth,-
(a) To impound or size the movable or immovable property of the tax payer;
(b) To impound any security deposit of the tax payer with any government office or corporation owned by Government of Nepal or any amount payable to him/her by such office or corporation.
(c) To restrain from the business of the tax payer including that of import or export trade.
(4) The Tax Officer shall have to give the information of initiating of action as referred to in Sub-section (3) to the Director General within Seven days of initiating of such action.
(5) If any tax payer fails to submit the details of wealth within the time limit pursuant to Sub-section (1) of Section 7 or Section 8 and it comes to assess the tax pursuant to Sub-section 2 of Section 10, the tax payer who submits the
details of wealth only after giving the time limit pursuant to Sub-section (3) of the same section or denies to submit the details of wealth, shall be punished with a fine at the rate of Fifteen percent of tax levied on him/her annually.
(6) In fixing the figure of fine pursuant to Sub-section (2) or (5), the figure of fine shall be fixed only from the amount due to recover by deducting the withholding tax paid from the amount of levied tax.
(7) Notwithstanding anything contained in Sub-section (1), (2) and (5), in calculating the figure of fine pursuant to the said Sub-sections, the calculation shall be made from the date of exceeding three months of the expiry of fiscal year and such fine shall not exceed Fifty percent of the tax due to be paid by the tax payer