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 7: Deductions Not Allowed
Very Short Questions and Answers 1. State any two expenses not allowed for deduction. The expenses not allowed for deduction are as follows: Fines and penalties are paid to the government or its local bodies for breach of any law regulations. Expenses incurred to derive the tax-exempted amounts or final withholding payments. For example, seeds […]