Very short Questions and Answers 1. List out five blocks of depreciable assets and the rate of depreciation. Five blocks Depreciation method and rate a. Block A b. Block B C. Block C d. Block D e. Block E DBM, 5% DBM, 25% DBM, 20% DBM, 15% SLM, Cost/Life Note: DBM : Diminishing balance […]
Chapter 6 :Exempt Amounts, Concessions, Tax Rates And Withholding Payments
Very Short Question Answer Briefly state any two tax-exempt amounts. Two tax-exempt amounts are: Amount received by a person entitled to tax exemption privileges under a bilateral or a multilateral treaty or agreement concluded between the Government of Nepal and a foreign country or an international organization. Amount received by an individual from employment in […]
Chapter 2: Taxation of Income in Nepal
Very Short Question Answer Enumerate any four characteristics of Income Tax Act 2058. The four characteristics of Income Tax Act, 2058 are given below. Confinement of all tax related matters in a single act. Detailed definitions of key terminologies. Broad tax base Allowed deduction for all related expenses Explain the relationship of Income Tax Act […]