Section 28 : Conversion in money

1) If the income of a person and the amounts to be included and deducted in assessing the income has been quoted in other currencies except Nepali rupees, such amounts have to be converted into Nepali rupees.

2) If the amounts to be included or deducted in computing the income of any person in any income year have been quoted in other currency except Nepali rupees, such currency has to be converted into Nepali rupees as per the exchange rate prevailing at the time when the amount was received, expended, paid, or otherwise worked out for tax purposes.

3) Notwithstanding anything contained in sub-section (2), if the Department has, by issuing a notice in writing, given permission for purposes of that sub-section, any person may apply the average exchange rate prescribed by the Department.