Tax Compliance FY 2083/84: Key Deadlines and What the Finance Act 2083 Changedकर अनुपालन आ.व. २०८३/८४: मुख्य म्याद र आर्थिक ऐन २०८३ ले ल्याएका परिवर्तन

The income tax return for FY 2082/83 is due by the end of Ashoj 2083. If your accounts are not ready, apply to your Inland Revenue Office for an extension of up to three months (to Poush end) before the deadline. Here is your compliance calendar for FY 2083/84 and the main changes brought by the Finance Act 2083.

Key deadlines

Cost of missing a deadline

• Late return fee (Sec. 117): the higher of 0.1% a year of assessable income or Rs 1,200 a year (Rs 100 a month for part of a year).
• Interest on unpaid tax (Sec. 119): 15% a year, counted for every month or part of a month.
• Have old dues? The Finance Act 2083 discount scheme waives fees and interest if you pay by Poush end.

Main changes in the Finance Act 2083 (apply from FY 2083/84)

• Individuals: the 1% slab is raised to Rs 10 lakh and the separate couple slab is removed.
• Cash payments: any expense paid in cash above Rs 25,000 per transaction is not deductible, whatever your turnover (Sec. 21(2)).
• Capital gains on listed shares (resident individuals): 7.5% if held over 365 days, 10% otherwise. Land and buildings: 7.5% if held 5 years or more, 10% otherwise.
• Deductions: donation limit up to Rs 3 lakh (still within 5% of adjusted taxable income); CSR spending deductible up to 1% of taxable income.
• Assessment and refunds: the IRD's time limit for amended assessment is cut from 4 to 3 years, and the period to claim a refund is extended from 2 to 5 years.
• TDS: TDS on insurance agents' commission rises from 15% to 20%.
• VAT: 5% VAT on ride-sharing services and on electricity supplied to end users; ride-sharing platforms must collect VAT.
• E-invoicing: Rs 5 lakh fine for billing software that can delete or modify invoice data; the general VAT fine rises from Rs 1,000 to Rs 10,000.