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Financial statements are a structured representation of the financial positions and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.
Inland Revenue Department (IRD) Nepal is the department of Nepal Government under Ministry of Finance, located in Lazimpat, Kathmandu.The IRD is currently responsible for the enforcement of Tax Laws and administration of the following taxes: Income Tax, Value Added Tax, Excise Duty and duties like Entertainment fee (Film Development Fee).
Two practising chartered accountants, Lumba Dhwaj Mahat and Umesh Prasad Dhakal, were involved in misappropriating state tax revenue through dubious tax settlements as Chairman and Member of Tax Settlement Commission involving Chudamani Sharma, Director General of Inland Revenue Department (Nepal). [6]
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
Capital Cost Allowance (CCA) is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the Income Tax Act (Canada). Similar allowances are in effect for calculating taxable income for provincial purposes.
IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
Maha Prasad Adhikari (Nepali: महा प्रसाद अधिकारी) is currently serving and the 17th Governor of Nepal Rastra Bank (NRB), the Central Bank of Nepal. He is the Chairperson of the Board of Directors of the Bank as per the provisions of the Nepal Rastra Bank Act 2002. [ 1 ]
In its 54th annual report (2017), the office raised questions on the legality of Tax Clearance Commission formed in 2015 which had provided discounts of NRS. 20.5 billion to various taxpayers. The commission was formed under Tax Clearance Commission Act, 1976 but was determined to be against the provision of the Income Tax Act, 2002 which ...