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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).
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
Under the Old Tax Regime, individuals earning up to ₹5 lakh were exempt from paying income tax. There is an increase in the rebate limit by ₹2 lakh within the framework of the New Tax Regime. This would effectively exempt individuals with incomes up to ₹7 lakh from any tax obligations under the new system.
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
National Code (Twelfth Amendment) Act, 2007 Status: Repealed The National Code ( Nepali : मुलुकी ऐन; Muluki Ain, literally: Nation's Code) is a single comprehensive code that includes criminal and civil code along with the code of procedures of Nepal .
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.
[18] [19] The Revenue Act included a deduction for state and local taxes, as well as national taxes. [17] [20] This Civil War-era income tax was repealed in 1871. A federal income tax was again introduced in 1894, and again included deductions for state and local taxes, [19] but in 1895 the Supreme Court ruled the income tax unconstitutional in ...
Nepali Congress: 25 February 2014: 12 October 2015 2: Bishnu Prasad Paudel: Communist Party of Nepal (Unified Marxist–Leninist) 5 November 2015: 1 August 2016 3: Krishna Bahadur Mahara [5] Communist Party of Nepal (Maoist Centre) 4 August 2016: 31 May 2017 4: Gyanendra Bahadur Karki [6] Nepali Congress: 7 June 2017: 15 February 2018 5: Yuba ...