Taxation in Nepal

What is tax?

What is Permanent Account Number?

Differentiate between income year and assessment year.

State the meaning of "Canon of Economy".

What do you mean by "Non Changeable Business Assets"?

Mention the exemption of individual working in a remote area.

Mr. Rai has received the salary from a company as an employee Rs. 6,00,000. The vehicle and accommodation facility is provided by office to him.

Required: The amount of vehicle and accommodation facility to be included in his income

Miss. Hira, a government employee, earned taxable income from employment Rs. 11,20,000.

Required: Tax liability of Miss Hira.

Sole Trader Organization provided the following information: The opening written down value (Block D) is Rs. 5,00,000. Addition is made in 2nd Chaitra of Rs. 3,00,000. Actual repair and improvement cost is Rs. 50,000.

Required: Allowable amount of repair and improvement cost of the year.

Susan runs small business in Kathmandu Metropolitan city annual turnover Rs. 3 Million and taxable income amount Rs. 3 Lacks

Required : Tax liability he selected presumptive taxation.