Very short Questions and Answers 1. Mention any two decisions that are subject to review by IRD. The administrative review may be conducted on the following decisions: a personal ruling […]
Chapter 19: Collection, Remission and Refund of tax
Very Short Questions and Answers 1. Briefly state the measures for recovery of the due amount from the taxpayer. The Act has stated the following measures for the recovery of […]
Chapter 18: Returns of Incomes and Assessments of Tax
Very Short Questions and Answers 1. What do you mean by ‘tax assessment’? List out the types of tax assessment. The term ‘assessment’ means the process of determining the tax […]
Chapter 17: Official Documentation, Record keeping & Information collection
Very Short Questions and Answers 1. Write short notes on the defective documents. A document issued as follows under this Act is not treated as defective: if it is in […]
Chapter 16: Revenue Aministration
Very Short Questions and Answers 1. State any four functions carried out by Inland Revenue Department (IRD). IRD carries out the functions related to: Tax administration (Income Tax and VAT) […]
Chapter 15: Special Provision For Individuals, Entities, and Retirement savings
Very Short Questions and Answers 1. Briefly mention the provision for deduction of retirement contribution to the approved fund by an individual. A resident individual may claim a deduction for […]
Chapter 14: Set-off And Carry Forward Of Losses
Very Short Questions and Answers 1. What is set off a loss? Mention the methods of setting off losses? An adjustment of losses subject to the certain rules against incomes […]
Chapter 13: Residential Status
Very Short Questions and Answers 1. Briefly describe the situation for an individual to be a resident individual. The situation for an individual to be a resident individual is listed […]
Chapter 12: Income From Investment
Very Short Questions and Answers 1. How an investment has been defined in the Act? Generally, investment refers to the purchase of an asset with the hope that it will […]
Chapter 11: Capital Gain Tax
Very Short Questions and Answers 1. Define capital gain. Capital gains (or losses) are any profits or gains (losses) arising from the disposal or transfer of capital assets. Technically, it […]