olzaim.blogg.se - 1065 tax act

An entity established under the provision of the treaty.

Foreign government and political sub-divisions of foreign government established in Nepal.Established in Nepal under the provision of law.Partnership firm/company (like joint venture).Effective management in Nepal during the income year.Incorporated under the provision of the law of Nepal.Government officials working in Nepal and posted abroad.Who lives at least 183 days in Nepal in the income year.Source of income – Employment remuneration, Business, Investment, Windfall Gain.

An income year is a fiscal year (Shrawan 1 – Asar Last).

Nepal government and its bodies like municipality, District Coordination Committee (DCC), etc.

Microfinance that carries social motives.

Political parties registered in the election commission (No need to register in Inland Revenue Department (IRD).

Registered as a tax-exempt organization in the Inland Revenue Department (IRD).

Social religious, education, charitable organizations (registered with the non-profit motive).

Tax Exemption Organizations Defined by Income Tax 2058

Taxpayers are categorized as a resident and a non-resident person.

Separate provision for baking and insurance business.

Less discriminatory power to tax administrator.

Provision of loss-set-off and carrying forward.

Simplification to depreciation calculation.

Carious tax related facilities or concessions are outlined.

Specialization in tax-rates – use of different tax rates in different fields.

Focuses on self-assignment tax system/method.

To harmonize the tax system, rate, and facilities.

To protect the rights of the taxpayer, define the responsibility of the admin.

To integrate the Nepalese tax system with foreign practice.

To develop the taxpayer-friendly environment.

To confine all the matters of income in a single law.

Tax Revenue – Direct Tax(Income Tax) and Indirect Tax.

Income Tax Act 2058 acts for regulating all the tax-related matters in Nepal.