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7. Statement of Income

7. Statement of Income :

(1) A Contractor shall submit the following  statements of income from Petroleum Industry in the form prescribed by
Government of Nepal by a Notification published in the Nepal Gazette:
(a) Estimated quarterly statement of income within Thirty days after the expiry of each Calendar Quarter.
(b) Annual statement of income within three months after the expiry of each Accounting Period.
(2) A Contractor shall pay estimated quarterly income tax when  submitting each quarterly statement of income under Clause (a) of Sub-rule  (1).
(3) Subject to Sub-rule (2) a Contractor shall pay any income tax due, or submit an application for refund of any over payment of income tax,  within Three months after the expiry of each Accounting Period.

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