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Chapter 20: Administrative Review and Appeal

May 21, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd, bbs notes, bbs solutions, BIM Study Notes, decisions subject of Inland Revenue Department, decisions subject to administrative review, meaning of administrative review, meaning of revenue tribunal, procedure to file an appeal to revenue tribunal, studynotesnepalLeave a Comment

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 issued by the Inland Revenue Department, a decision of the department in respect of undeposited or under deposited tax and interest thereon. 2. Show your […]

Chapter 19: Collection, Remission and Refund of tax

May 21, 2022May 21, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, definition of tax certificate, definition of withholding/advance tax, meaning of departure prohibition order, meaning of Presumptive tax, meaning of tax refund, methods of tax collection, studynotesnepal, types of tax certificateLeave a Comment

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 the due amount: Recovery of tax from person owing money to the tax debtor Departure prohibition order Recovery of tax from an agent of the […]

Chapter 18: Returns of Incomes and Assessments of Tax

May 21, 2022May 21, 2022 Study Notes Nepal Posted in 3rd Year, BBS, UncategorizedTagged advantages of self-assessments, amended assessment, assessment of tax, bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, definition of tax, jeopardy assessment, meaning of self-assessment, meaning of tax assessments, Returns of income, studynotesnepal, Taxation and Auditing, types of tax assessmentsLeave a Comment

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 liability of the assessee or taxpayers. Income Tax Act, 2058 has defined the term “assessment” as an assessment of tax to be paid under this […]

Chapter 17: Official Documentation, Record keeping & Information collection

May 18, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, forms of documents, information collection, notes on defective documents, notes on maintenance of documents, official Documentation, provision related to official secrecy, provisions related to maintenance of documents, record keeping, studynotesnepalLeave a Comment

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 substance and effect in conformity with the Income Tax Act. if the person to whom the document is addressed is designated in it according to […]

Chapter 15: Special Provision For Individuals, Entities, and Retirement savings

May 17, 2022May 17, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, numerical problems, Provision for Entities, Provisions for Retirement savings, Retirement Payments, Special Provision for Individuals, studynotesnepal, Taxation and AuditingLeave a Comment

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 retirement contributions made to an approved fund in an income year not exceeding Rs. 3,00,000 or one-third of the assessable income. 2. How is retirement […]

Chapter 14: Set-off And Carry Forward Of Losses

May 13, 2022May 13, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd year, bbs notes, bbs solutions, meaning of set-off of losses, numerical problems, studynotesnepal, Taxation and AuditingLeave a Comment

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 is known as set off of losses. The three methods are: Carry forward Carry backward A combination of a method 2. Briefly state the provision […]

Chapter 13: Residential Status

May 11, 2022May 11, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged Assessee, bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, Definition of Residents, entities of Residents, non-residents, Numerical, Residents, studynotesnepal, Tribhuvan UniversityLeave a Comment

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 below: Whose normal place of abode is in Nepal. Who has resided in Nepal for 183 days or more during a continuous period of 365 […]

Chapter 12: Income From Investment

May 11, 2022May 11, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs 3rd year, bbs notes, bbs solutions, BIM Study Notes, deduction, Definition of Investment, difference between investment and business, Income From Investment, Investment income, Investment income examples, studynotesnepal, Tribhuvan UniversityLeave a Comment

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 generate income or appreciate in value in the future. Income Tax Act, 2058 has defined investment as an act of holding or investing one or […]

Chapter 11: Capital Gain Tax

May 9, 2022May 9, 2022 Study Notes Nepal Posted in 3rd Year, BBS, UncategorizedTagged bbs notes, bbs solutions, calculation f tax liability, Capital Gain Tax, define capital gain, definiton of taxations, Net Capital Gains, studynotesnepalLeave a Comment

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 is the excess of selling price over the cost (purchase) price of capital assets. 2. List out any three assets included under non-business chargeable assets. […]

Chapter 10: Income From Business

May 9, 2022May 9, 2022 Study Notes Nepal Posted in 3rd Year, BBSTagged bbs notes, bbs solutions, BIM Study Notes, definition of business, Definition of Income, Income from Business, Pollution control Cost, studynotesnepal, Taxation and AuditingLeave a Comment

Very Short Questions and Answers 1. Give a brief definition of business as defined in the Income Tax Act, 2058. The Act has defined business as an industry, a trade, a profession or the like isolated transaction with a business character and includes a past, present or prospective business. 2. List out two incomes excluded […]

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