Sec. 2 (Ga) defines “Final Withholding Payment” as the payment like dividend, rent, interest and payment to non-resident person mentioned in sec.92 of the Income tax Act and which is…
Income Tax
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TDS Rates in Nepal :F.Y. 2076-77 Sec.87 to sec.93 of the Income Tax Act, 2058 requires a person making payments specified therein to withhold tax (deduct TDS ) as per…
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According to sec.2 (dha) of Income Tax Act, 2058, the following organizations are the tax exempt organizations: One of the following two organizations registered with the Inland Revenue Department as…
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According to the definition given in sec.2 (wa) of the Income Tax Act, 2058, the term “Natural Person” includes any of the following: An Individual Spouses filing as couple u/s…
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As per sec. 94, a person is required to pay the advance tax if the total amount of all three installments/advance tax is Rs. 7,500 or more or where a…
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Capital Gain arises when there is gains or profits on the transfer of capital assets – long term assets such as Land, Building, Long Term Stock Holdings, etc . Capital…
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Depreciation is allowed on the acquisition cost of the following assets where such assets are used for income producing purposes: Class Asset Included Depreciation Rate (%) A Buildings, structure and…
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Following are the disallowed expenditures as per Sec.21 under Income Tax Act, 2058: Expenditure of domestic and personal nature. Interest incurred on loan utilized for personal purpose. Expenses of personal…
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Change in Control: As per sec 57 of the Income Tax Act, 2058, 1) If the ownership of any entity changes by Fifty per cent or more as compared to…
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Residential Status of a Person Residency of Natural Person : Natural person is a resident person in Nepal for an income year, if he/she satisfies any of the following three…