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Elective Taxation In Nepal

Taxation In NepalTU Board 2082

Bikram, a resident of Nepal furnished the following particulars of his income for the previous year. a. Assessable income from garment business Rs. 500,000 b. Assessable loss from trading business…

2

Bikram, a resident of Nepal furnished the following particulars of his income for the previous year. a. Assessable income from garment business Rs. 500,000 b. Assessable loss from trading business Rs. 100,000 He has claimed the following deductions: Pollution control cost Rs. 225,000 Required: a. Adjusted taxable income and allowable Pollution control cost.

Answer

· Based on the official syllabus and past papers
Updated

Solution

a. Adjusted Taxable Income and Allowable Pollution Control Cost

  1. Total Assessable Income

    • Income from garment business: Rs. 500,000
    • Loss from trading business: (Rs. 100,000)
    • Net assessable income = Rs. 500,000 – Rs. 100,000 = Rs. 400,000

  2. Pollution Control Cost Deduction

    • As per Nepal’s Income Tax Act, pollution control costs are deductible up to 10% of assessable income (or actual cost, whichever is lower).
    • 10% of Rs. 400,000 = Rs. 40,000
    • Claimed pollution control cost = Rs. 225,000 (exceeds 10% limit)
    • Allowable deduction = Rs. 40,000

  3. Adjusted Taxable Income

    • Rs. 400,000 – Rs. 40,000 = Rs. 360,000

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